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I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC


Super Facts and Tips

What about the reports that tax-exempt super ought to be removed?

In February 2015, the reports have scattered again that tax-exempt super for folks over 60 may be altered. However, the Liberals had reached a point and announced that tax-free super for folks over 60 will remain forever.

That was so yesterday. There is now a Prime Minister and a new treasurer, anything's possible, but the vox populi that made by the current Liberal leadership states that the government will be aiming the accumulation phase instead of the tax-exempt status of payments for people over 60. Nonetheless, the persistent lack of definite direction from the government on such policy is extremely disappointing.

Tax Exempt Super

The general note you can get from the position of the Liberal government is that tax-exempt super for people over 60 will remain in the future. On the other hand, in late 2012, the past ALP government did start a rumor that tax-exempt treatment of super received by folks over 60 would be altered. The stories gradually faded when the ex- ALP government realized that it'd be political suicide to eliminate the tax-exempt status of superannuation benefits, and for little monetary reward.

Good luck to anyone that plan to win a vote by removing tax-free super for people over 60, or misinforms the voters into believing that the government will not alter this rule, and then does change it following the election!

Background: The intention to introduce tax-free superannuation in 2007 by the past Liberal federal government is that the ex-treasurer Peter Costello realized, at that time, a small number of retirees were only paying the income tax, and the fee to the budget wasn't as huge as the political benefits of bringing tax-exempt super to folks over 60.

The rather new Liberal government (elected in 2013 and restructured in 2015) had assured "no alterations to super" during the initial period of government, and recently promised that no changes to superannuation taxes will happen, ever. The new PM and new treasurer have backpedaled from this pledge; hinting alterations are going to be made to superannuation taxes.

Remember that Scott Morrison, the new treasurer, while Minister for Social Services, was accountable for the permanent alterations to the rules for Age Pension beginning from January 2017 (as well as changes that affect defined benefit pension members starting from January 2016). Perhaps these strong Age Pension alterations were merely changes to the superannuation rules in reverse because it intensely affected the super benefits' treatment for part Age Pensioners.

Every industry body and think tank is pursuing media coverage for the newest "solution" to the budgetary woes of Australia. What we require from both parties of the parliament, as well as from think tanks, is an attention to the long-term superannuation wishes of Australians, and deciding what's fiscally possible, instead of locating a financial lever and then jerking the super chain.

In the future, the tax rules for folks over 60 stay in place. I explicate how tax-exempt super benefits for folks over 60 run in the following section.

If you have more questions about this news, visit our site at www.australiansuperfinder.com.au and we will answer your questions for you.

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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