Connect and engage

Dr. Chalmers, thank you for DIV 296. 

Complexity = higher fees. I’m so happy, I can hardly contain myself.

Perhaps, you should refrain from assuming all 400 advisers can't get licensed elsewhere - I chose Interprac because of Garry Crole

Very proud and happy Interprac Adviser.

Can't wait to see the first adviser banned because a form didn't have super account number on it.

I would have thought if the only dedcutible bit of the fee is the tax advice, then this will be lucky to be more than 10 -to 15 %, as after all, the advice given is generally about investing in product, not about tax.

I have read on a previous IFA article that this company had thousands of clients invested in these funds through the Macquarie, upon reading a Reddit thread on this it seems the super platforms seemed to be happy to accept the funds until it became an issue via the media coverage. No doubt this company seemed to have been operating outside of what is acceptable, however what responsibility lies with the superfund trustee when they accept such a high level of business from one company.

It 100% is...  State Plus enforceable undertaking was paid by the membership collective.
The 1 billion dollar loss from the Australian Super plurasight investment loss will be paid for from the collective funds e.g member funds.

because superannuation funds are not regular "companies", they are beholden to a very particular set of regulations to manage what is effectively something akin to a trust fund held. it is akin to claiming a golden Rolex on your tax return, cos you wore it to work once.

Yes not good..$6707 left of very close to $500k, so now all income protection and all associated insurances all now non existent  and 41 yrs of super all up in the air with no information.l've pretty much confirmed in my mind that its all gone, and just have to accept it..no funds for fighting anything, and now fully aware, that l will indeed have to work until the day l drop..I've become so bamboozled trying to take in all l can on the www. that l really have no idea what to expect, but just wish to convey my best regards to all those involved, in such a hideous turn of events, and no one held to account..
Special mention must go to AGAT, Venture Egg, and eternal scumrats Chiodo, and Merhi..

Yes, me also..40 and a bit years of super, looking like its gone..back to square 1 at age 57..
How mystifying, any and all emails from Venture Egg, just gone from my computer, so now l have nothing, and know nothing..all calls to 4 or 5 different numbers and an email, to get no response..
After reading some of these reports, its no wonder why..
Grin and bare it probably the best we can hope for.

Yeah, I didn’t see AustralianSuper making any refunds from its failed Billion dollar investment overseas

How is this relevant here. Interprac, Ferras do not own keystone. 

Perhaps you should be questioning the professional. If Ferras was a doctor should you be blaming the doctor or hospital. It’s about time advisors in the industry take full responsibility for their actions as an advisor/financial planner & in Ferras case a business owner. 

We can’t always just blame the licensee, product provider. 

Why? People need to take their own risks when investing. Not ever investment works out the way we want it to. 

+40% of all income and superannuation tax is paid by the top 10% of tax payers. Such is the equal taxation realisation and support for government services by top income earners. We need them!

The statement taxes have to be raised shows no economic growth plan to support our kids and grandkids. Proposed taxing of unrealised gains will have significant impact on farmers, our food supply, also when the housing expands across cities eating into limited good farming land. Labor statement that these only effects 80,000 is so so wrong and flippant. It introduces capital gains tax at the personal tax return that adds to personal tax rates and bracket creep then increasing at marginal tax rates on all other income. It also introduces double taxation on superannuation accounts that receive in the first instance dividends as a part of earnings in franking credits. Then that earnings are added to capital gains taxed amount - which is then also taxed, being double taxation. On top of Labors commitment not to tax superannuation in the previous election. If anyone voted for Labor and the Greens my question is "did they even think" about their kids and grandkids. Labor state and federal Government record debt - whilst employees save for retirement - so now they want to tax/steal/limit the legal family savings.  

In Labor Victoria - the interest on state debt is aggregating at the rate of $1 million an hour. There is no plan to pay this. In Labor Victoria the new Labor Emergency Services Levy was said to be all (every dollar) to be sent on local support for emergency services with the largest portion of the tax on farmers. Now in the Labor budget $12 million to be collected will be on administration of the new Labor tax. 

Labor - state and Federal - have no economic idea. 

Heaven help our kids and grandkids - if anyone cares!

I've lost everything.  I'm turning 50 this year and have $6,800 in superannuation. 

The Federal Government needs to commence a Royal commission into the financial sector. With the commission having the power to issue arrest warrants and lodge criminal charges.  

The new minister may have industry knowledge, but what matters are his real intentions. FOFA was when the rot really started in the industry.

Guess we'll see in the next few months if Mulino is good, or just a patsy for third party interests who are 'friends of the ALP'. 

It should be opt out re fee arrangements.
Other than for the initial fee and any change/increase, there should be no requirement for an OFA.
It's overkill and assists no one.
Clients detest the things.