Got to love Australian superannuation funds

[xZExROx]

ok so after sorting through all my myriad of bills and paper today i came across the following REST superannuation account letter.... tell me what you think and potentially recommend someone better as clearly i need to change..

IT READS:

PLUS Employer contributions $542.78
PLUS interest $8.00
PLUS member protection rebate $1.43
LESS Administration fees -$9.43
LESS Federal government CONTRIBUTIONS TAX -$80.20

Now, i would like to point to several points of 'interest':

1- the interest and member protection rebate strangely add to exact same price as the administartion fees - shocked.

2- How can the Government get away with a FEDERAL CONTRIBUTIONS TAX - are they unaware this is an oxymoron?

3- by May 2012, my super account will have grown to a staggering ZERO. (nickname coming in handy again) [the use of the word grown would be permitted by the Government in this case]

any body else bothered by this? So everyone check that weird super letter u get once a year - they are F*%&^ing us!

[Cbroods]

tl;dr

[samjjones]

Just throw another shrimp on the barbie and take it easy, mate!

[wdcbooks]

Please explain to an American what this is. I am a financial planner here in the US and this sounds like a real piece of garbage plan.

[xZExROx]

superannuation is a fund that is supposed to save money (non-voluntarily ) for your retirement, however clearly here my fees and "contributions tax" are killing me faster than my money is growing..

any advice would be appreciated lol

[Brainwalter]

[ QUOTE ]
superannuation is a fund that is supposed to save money (non-voluntarily ) for your retirement, however clearly here my fees and "contributions tax" are killing me faster than my money is growing..

any advice would be appreciated lol

[/ QUOTE ]

Still sounds better than Socialist Security.

[The DaveR]

No one in the US cares about rugby or footy either.

[Mr_J]

Talk to a financial advisor.

[emon87]

Sounds a lot like social security