Hi Guys,

Not trying to get political, but this takes the cake for me.

I just found out about this.

To improve the national debt situation, the government will be asking banks and super companies to transfer all monies in these accounts to ASIC that have had no transactions made by the account holder for a much shorter term.

This will raise them $784 MILLION DOLLARS.

Its happening soon, so watch out and spread the word. See the article from the Australian Financial Review below.

http://www.afr.com/p/national/budget_grab_for_inactive_bank_accounts_L7FcFwa3...

w.t.f. this must be a joke? cant be for real. im diggin a f#%*N big hole an im gonna put my dough in it. the theiving @$%TS!

Was discussed on today-tonight for any accounts where no transactions have occured within 3 years.

Google for details.

still not ok though .imagine if we did it.we would end up guests of her majesty.shifty barstards.

WTF, so who knows where we voice our opinion

the ballot box

dunno,maybe your local honest pollie?.in writing?

F#%Ken Government!!

If you read the whole story, the government is collecting the money that sits in financial institutions collecting no interest and being eroded by fees and charges.
The government will pay interest on this money and will not impose any fees or charges. It also means that if you are looking for lost monies, you only have to search one place to find it all. All you have to do is prove that it is yours to collect it. I don't see a problem. There is already a system like this where companies will charge you for finding lost money for you or deceased relatives. You would be amazed how much 'lost' money is out there, and if it can help the country, why not.

Do you want to leave the unclaimed cash with the Banks or with the Govt?

Do you want to leave the unclaimed cash with the Banks or with the Govt?

Its a beatup. For superannuation at least we are always doing unclaimed money reports n stuff. Anyone who has this money lying around doesnt even know they have the money. You are lost! Chances are you would never see it again anyway. I'd rather see it go to the government. At least then I might see some of it in govt services, rather than have it land in the wallets of finance industry executives. Not only that, you are 10 times better off under the new law. Before you only had to have $200 left before the bank rescued your money. Now it has gone up to $2000. If for some reason you return from the dead you can get the money back. And Westpac advising you to add or withdraw $1 is bullshit. All you have to do is make sure your mailing address is current. But then Westpac probably dont charge you a fee for that do they!

Many things make a superannuation member lost. You have to have had 2 lots of mail returned. No activity on the account for years. That means no money in or out. No contact at all. No address updates, phone calls, tfn updates... nuffin. Currently these lost people are losing all of the money they dont know they have in fees and commissions. When it gets down to a low enough figure your superannuation fund doesnt even want it. Costs more money to keep, maintain, create statements, report to ATO etc. (I know this because I have spent the last few days working out how much money a certain fund is going to lose). $784 million isnt that much money. A big number compared to what is in our wallets but nothing at all when playing in this league. There is $75billion worth of accounts sitting on our server alone. $784 mill I think it works out to be the equivalent of 3 weeks worth of PBS subsidy. Less than $20 per person averaged out across australia. How much did we voluntarily gamble away permanently on Melbourne cup last year.

Yes,

It's the Media we all need to be cautious and cynical about,
much more than governments.

The media are the real bastards, leading the public around by the nose creating dissatisfaction and unrest just so they can sensationalise stories in order to turn a quid.

Regards,

Matt.

ok ...i confess .im not very well educated .and a tad simple. i forgot there are always two sides to any story.

It's all good, Stinkbug we all get de-sensitised over the years and start believing first and questioning (and doing our own research) later.

I wish the education system would teach us to be more critical of the media and general propaganda. Shit, you would have thought the nazi experience would have ensured that, but no, the dollar reigns supreme.

Occaisionally the media get it right and do us a favour, but only because there is a quid in it for them. I'm thinking "watergate" and every other "gate" scandal since.

Regards,

Matt.

hard to believe anyone these days. keep your mates close and your enemys closer!

Current legislation is for 7years
They've just shortened it to three....
The rule has always been there- never bothered anyone in the past
And if it means they don't raise taxes I say go for it

taxes ....arrrrrrhhhhhgggghhhhh oh dont get me started.

Mmmmmmm Pineapples and Avocados

The real currency

I've got to laugh, someone put up 'Honest politician' ! Isn't that an oxymoron Over time though all governments do is find new ways to take the taxpayers money, the attraction years ago with superannuation was that it was tax free, then they taxed that. Up here in Noosa we used to pay less rates than the rest of the Sunshine coast and had free passes to the local tip and yearly kerbside rubbish collection then the government forced a super council upon us not only did it cost a hell of a lot more but we got less services AND it charged the ratepayer a bundle for the priviledge! Now after years of mismanagement it's going to cost us to get out!!!! I have a sneaking suspicion that our rates wont go down though

Superannuation is a great thing when managed correctly etc..

which it isn't at the moment...

I thought the idea was to have enough money when You retire so You wouldn't need to go on the pension...

but many people have lost a lot of money..
and most have NOT received a good deal as the companies or persons Who are supposed to invest and make money for You are NOT getting it right...

I saw figures recently in a newspaper...

Very poor showing for the money invested ...
plus all the charges many funds charge ...

a bit like the roof insulation scheme.. lol..
supposed to be good... but wasn't regulated good enough...

LEE

just My thoughts... how I see it...

local Tip fees have escalated... everywhere...
plus the carbon tax.. added...
sooner it goes.. the better...
but nothing ever goes down.. lol LEE

I feel a lot better now knowing that it's media manipulation about the mess this country is in.

You could always move to china or Malaysia and pay around 15% tax. You pay tax in Australia so all of us can live in a society like ours. People whinging about paying tax shit me to tears, from the people I know every one of them is earning more money than they ever have, but the level of whinging is going up at about the same rate.

Quote:

Originally posted by donn Quote: Originally posted by bitemeoz You could always move to china or Malaysia and pay around 15% tax. You pay tax in Australia so all of us can live in a society like ours. People whinging about paying tax shit me to tears, from the people I know every one of them is earning more money than they ever have, but the level of whinging is going up at about the same rate. X2