Money magazine Comments - ASIC seeks $27 million penalty against Australian Super

Comment by Lily Lin ()

Lily Lin () — Sat, 12 Oct 2024 08:36:39 +1100

Great information!

However, has ASIC ever investigate how many of those affected members purposely want to keep multiple accounts?

Also is the penalty a penalty be shared out of members' accounts? If so, how is that fair?

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Comment by Christine Hoy ()

Christine Hoy () — Sat, 12 Oct 2024 09:15:54 +1100

Hi Eliza

Will the penalty to Australian Super affect members?

Thanks

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Comment by Helen Anderson ()

Helen Anderson () — Sat, 12 Oct 2024 09:43:14 +1100

Will Australian Super payback admin charges to those customers that had duplicate superannuation accounts with them?

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Comment by Wendy Willgoose ()

Wendy Willgoose () — Sun, 13 Oct 2024 12:05:14 +1100

After losing 69 million of members monies , will it not be the super members that end up forking out the 27million to ASIC in admin fees.

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Comment by Robert McElveney ()

Robert McElveney () — Tue, 15 Oct 2024 08:53:26 +1100

Taking $27 mil out of Aussie Super to pay a fine that affects members investments is crazy, there has to be another form of penalising the perpetrators without hitting the members with a double whammy?

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Comment by helly ripphin ()

helly ripphin () — Tue, 15 Oct 2024 16:44:57 +1100

agree Lilly. THere are valid reasons to have multiple accounts, such as separating taxable from non taxable. This is due to the massive Death Tax that is imposed on those who cannot pop out kids or don't have a spouse or ex spouse to donate the money to, TAX FREE. You can even give it to an ex spouse who doesn't even live with you !! How ridiculous and discriminatory is that !! Everyone else is whacked a massive 17% (15 plus Medicare levy) just because they don't have a spouse or kids. Forcing accounts to merge means you mix up taxable with non taxable. The only way around it is to have accounts with different super funds. Which also means more fees. merging accounts is a way for the ATO to get more money out of super that can't be gifted without it being taxed. Note your estate is taxed at 17%, even if you leave the entire amount to CHARITY. If you gifted it to charity when you are alive, you get a tax deduction at your marginal rate. But try that when you are dead and you will be taxed at 17%.

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