Aussies beware ATO wants your super

[Expat Brad]

I have a superannuation fund with QSuper in Oz & yesterday I was able to stop an attempt by the ATO & only by chance that is to acquire my money. The reason being that I have not contributed to said fund since 2009 & as I have been overseas for a long period I am seen as "not an ordinary citizen" so they classed it as a dead fund. The thing is this whilst overseas I am not allowed to make contributions as they are scared of money laundering blah blah blah. I was not sent any communication prior to this so what would happen to my investment in the care of the ATO.....0% return probably. So Aussies be vigilant, they want your money.

[midas]

Jim Rogers warned about this kind of behaviour back in 2013. This is just the tip of the iceberg. When governments are financially desperate they will do anything

Jim Rogers: “I Suspect They’ll Take The Pension Plans Next; I For One Am Worried, And I’m Taking Preparations”

April 5, 2013 | By Tekoa Da Silva

With respect to which assets governments will likely be coming for next, Jim said, ”401k plans, IRA’s, and pensions plans which the government knows about [may be next]…They’re rationale would be, ‘Well most people haven’t been doing well in their IRAs and pension plans for the past several years, so we’re going to help you. We’re going to take your pension plan and give you government bonds so that you have a guaranteed return.”

http://bullmarketthinking.com/jim-rogers-i-suspect-theyll-take-the-pension-plans-next-i-for-one-am-worried-and-im-taking-preparations/

Edited December 22, 2014 by midas

[aarn]

I was sent a message by firststatesuper last year, advising me to make a transaction or ATO would swoop.

Just transfer, say, $10 electronically from time to time, at least that way ATO shouldn't presume you died intestate.

As to the problem of not being incountry, ATO can take 34% of any earnings if you've been outside for 2+ years,

plenty of threads on thaivisa concerning aussie nonresidential status. AA

[Expat Brad]

As to the problem of not being in the country, ATO can take 34% of any earnings if you've been outside for 2+ years.

With regards to this Superannuation is for a persons retirement so surely that should be exempt from a grab of 34%. I think that they are just dirty on us because we haven't paid any income tax in Oz whilst O/S & they figure that we owe them !!!!.....Despicable desperation !!!!