Tag Archives: small business superannuation clearing house

“I Call It Stealing” – Pensioner Shock At Bank Savings Grab

22 May

From the Herald Sun (h/t reader Richo):

Adrian Duffy emerged from a quintuple heart bypass only to find his wife's $20,000 Suncorp account empty because the bank gave it to the government. PIC: David Kelly Source: The Courier-Mail

Adrian Duffy emerged from a quintuple heart bypass only to find his wife’s $20,000 Suncorp account empty because the bank gave it to the government. PIC: David Kelly Source: The Courier-Mail

A QUEENSLAND pensioner emerged from a quintuple heart bypass only to find his bank had emptied his account, handing more than $22,000 to the Federal Government.

Legislative changes rushed through Parliament late last year mean money can now be identified as “unclaimed” after an account has been inactive for more than three years, instead of seven years.

Banks have already begun searching for inactive accounts that fit the new definition and transferring the cash to the Australian Securities and Investments Commission, as required. ASIC then passes the money to the Commonwealth of Australia Consolidated Revenue Fund.

This scheme is not dissimilar to the government’s new Small Business Superannuation Clearing House system. A (for now) optional system, news of which was broken right here on BiR*, where employers are now being “encouraged” to send all their employees’ SGC Superannuation payments, along with their company BAS payments, direct to the A.T.O., and not direct to the employees’ super fund. In effect, the government is trying to use employers, and now ASIC, to do its dirty work; enabling the government to earn extra usury by diverting millions / billions in citizens’ superannuation via the ATO, on the way (hopefully) to their super fund; or, in the case of “unclaimed” bank accounts, using the banks to steal citizens’ money outright.

The Australian Bankers’ Association has accused the Government of putting its “own financial circumstances” ahead of customers’ needs, leaving them facing “months of delays trying to reclaim their own money”.

Er … the ABA would say these things, wouldn’t they; the banks can hardly be thrilled at having the government confiscate those “unclaimed” bank savings, four years earlier than was their previous practice. I wonder how much in the way of additional earnings (usury) the banks expect to lose out on as a result of the government’s greed overriding their own?

ASIC says the money can be claimed “at any time by the rightful owner”, but banks have pointed out the process can take as long as six weeks.

Toowong resident Adrian Duffy is now looking at a lengthy battle to have his savings restored.

The 75-year-old spent 21 days in hospital following quintuple heart bypass surgery and a second operation in April.

When he and his wife, 57-year-old Mary-Jane, went to check their Suncorp account, they discovered their balance had plummeted from $22,616 to zero. A note on the May 1 entry read: “Closing WDL Govt unclaimed monies.”

The couple had saved for 14 years in preparation for major health-related costs.

Suncorp claims a letter was sent at the end of March notifying the account – held in Mrs Duffy’s name – had been inactive for more than three years and would be closed if no action was taken.

It says attempts were made to call the couple on April 16, followed by an “account closed” letter on April 30.

Mr and Mrs Duffy are adamant they received no warnings of the closure of the account.

“I called it stealing,” Mr Duffy said.

“My understanding of the definition of stealing is to take something without somebody’s knowledge and not tell them. As far as I’m concerned, that’s exactly what happened – (the Government) took it without telling us.”

The couple are working to recover the money, but say they were lucky to have other savings.

“If we didn’t have the money elsewhere, we would now have to be paying for cardiologists, visits to surgeons, ECGs, x-rays, whatever is involved in the follow up,” he said.

“We would have to find money to pay them, because those people aren’t going to say to you, ‘we’ll wait six weeks’.”

While many people believe they have until May 31 to act on their dormant accounts, banks in fact must finalise their lodgements by that date.

A Treasury spokesman said the reforms were designed to “help reunite Australians with their lost money sooner, and protect them from being eroded by fees, charges and inflation”.

Oh?

To “help” “reunite” Australians with their “lost” money sooner?

So, that is what this “reform” is really all about.

Hello George Orwell.

As I have warned for years, look around the globe at what governments have been doing in other nations since 2008, and expect ever more of these kinds of creeping, sneaky government schemes. All designed to steal your money, under the smokescreen of “reform”, or “helping” someone.

* See also: It Has Begun – Labor Steals Liberal’s Idea To Steal Your Super

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Another Government Raid On Citizens’ Super

5 Dec

Yet another government has joined the ever-growing list of those stealing their citizens’ super to plug holes in their budgets:

Portugal has raided €5.6bn (£4.8bn) of pension fund assets in a controversial scramble to meet its deficit targets.

The cabinet agreed to transfer the assets from four of Portugal’s biggest banks to the state balance sheet.

The assets will be used to bridge a gap needed to meet the fiscal deficit target of 5.9pc of GDP set by the terms of the country’s €78bn bail-out from around 10pc in 2010.

“This measure is more than sufficient to meet the budget deficit goal in 2011,” said Helder Rosalino, secretary of state for central administration, on Friday.

Portugal said it had informed the EU and IMF and assured them it would be a “one-off”. However the 2010 budget was met by shifting three pension plans from Portugal Telecom on to the public social security system. The liabilities don’t count, yet.

What is particularly noteworthy, is that this blatant theft of Portuguese citizens’ superannuation is being done in order to meet an IMF-imposed deficit reduction target.

Just like Ireland earlier this year, when it too was ‘forced’ to raid its citizens’ super.

Your humble blogger has been documenting the wave of largely unreported super thefts that has been rolling around the world since the GFC began in 2007-08.

And warning that Australia’s politicians are already firmly on track to do the same here as well.

Indeed, the Green-Labor government has already quietly introduced a new policy directing your employer to send your future super payments to the ATO.

A sneaky policy neatly stolen from the Liberal Party.

No need to wonder why both “sides” of Australian politics want to increase the super rate from 9% to 12%.

To glimpse the truth – that government theft-by-stealth of your super is inevitable here too – all you need do is look at our ever-rising debt trajectory …

Commonwealth Government Securities On Issue | Source: Australian Office of Financial Management (AOFM)

… note that Wayne’s latest budget update predicts a 57% blowout in net debt this year alone, observe the ‘slow-motion train wreck’ occurring in the global economy as a consequence of massive over-indebtedness in the USA, UK, Europe, and China, and above all, remember that our government is on the hook to bail out our Too Big To Fail ponzi banks.

Just like everyone else.

The list of countries that have already stolen citizens’ super to finance government spending, includes some that won’t surprise you (Argentina, Bolivia, Hungary, Ireland, and more), and others that might shock you (USA, UK, France).

If you have not familiarised yourself with the ever-growing global trend of government theft of citizens’ super, and especially the evidence that the first steps have already begun here too, then I urge you to read some of my many previous articles on this topic:

It Has Begun – Labor Steals Liberal’s Idea To Steal Your Super

Labor Begins To Steal Your Super

Stealing Our Super – I DARE You To Ignore This Now

Now The UK Government Is Stealing Super Too

RBA Says Our Banks Are Stuffed … In Other Words

Our Banks Racing Towards A “Bigger Armageddon”

Why They Are Planning To Steal Our Super, Explained In 4 Simple Charts

Fresh Evidence Our Banks In “Race To The Bottom” Means You Can Kiss Your Super Goodbye

No Super For You!!

“Grand Theft Pēnsiō – Europe’s ‘Economic Superstar’ Steals 5% Of Private Super Funds”

A very wise man said long ago, that “the borrower is the servant to the lender”.

Thanks to our foolish willingness to accept the Big Lie that debt is a “necessary evil” (it’s not), not just citizens, but entire nations, are now rendered servants to obey.

Slaves to bankers.

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It Has Begun – Labor Steals Liberal’s Idea To Steal Your Super

27 Sep

Ever heard of the ATO’s “Small Business Superannuation Clearing House”?

You have now.

It’s new.

And it is a title that should make the hairs on the back of your neck stand up.

Because what it is, is the beginning of the end of your chances of ever seeing all of your super.

Or possibly … worst case scenario, but ever the more likely the younger you are … the beginning of the end of your chances of ever seeing any of it.

Exactly as predicted and forewarned by this very blog for months now.

Your humble blogger found a very interesting letter in his In tray on arriving at work yesterday.

From the Australian Tax Office (ATO).

It is proof positive of what I have been repeatedly warning readers is coming, in our near future.

Our government … both “sides” … are planning to steal our super.

There is something particularly interesting about this letter (copy below) from the Australian Tax Office to my own small business.  It proves that the Green-Labor government are now going to steal your super by means of a policy idea that they have stolen from the Liberal Party.

Yes, that’s right.

The lazy incompetent useless public-trough-swilling bastards presently “running” our country (into the ground) can’t even come up with an original way to thieve and pillage your retirement savings – so they’ve resorted to stealing a Liberal Party plan instead.

That story was broken right here on barnabyisright.com on June 7th, just 4 days after the Liberal Party quietly announced it as their policy – “Liberal Party’s Sneaky Plan To Steal Your Super To Pay Labor’s Debt”.

I strongly urge you to first read the article linked above.

And for a full background of a world in which governments across the globe – including the USA, UK, France, Ireland, and many more – are all sneakily stealing their citizens’ super, please read “Stealing Our Super – I DARE You To Ignore This Now”.

It will help you to be properly prepared for today’s shock news.

…

…

Finished? You now understand what is happening in the big bad world of superannuation theft, and what the Liberal Party’s sneaky plan is?

Good.

Read on, dear reader, for clear evidence of why you simply cannot trust either “side” of politics in this country:

(Click to enlarge)

Get the picture?

The government’s new Small Business Superannuation Clearing House is an ATO department. The government plans to have your employer send your superannuation directly to their ATO “Clearing House” … not directly to your super fund, as it is now.

It’s all so well-intentioned, you know. Really. It’s all so very innocent … a “helpful” “reform”, only intended to save your boss time and hassle, of course.

And this is unquestionably a Liberal Party policy.

The only difference, is that the ALP’s version of this policy to steal your super is … surprise surprise … less efficient than the Liberal’s version.

Because the Liberal’s version planned to encourage employers to send your super to the ATO, along with their quarterly GST (BAS) payment. Your super, and their GST.  All in one easy payment … to the ATO. That’s Liberal Party efficiency for you.

By using the deceitful disguise of a great “helpful” “reform” to “cut red tape” for small business, the Liberal’s policy sneaks under the radar with the attractive appeal of killing two birds with one stone … saving the employer even more time and hassle.

And both sides of politics present their sneaky scheme scam to steal your super using exactly the same kind of warm and fuzzy, butter-wouldn’t-melt-in-our-mouths and you-can-trust-us-we-wouldn’t-harm-a-fly language style.

Check out the Orwellian language of the ALP’s letter from the ATO announcing this wonderful new scheme:

Are you a small business or organisation with fewer than twenty employees?

If so, you are eligible to use the Small Business Superannuation Clearing House (Clearing House).

This service offers a number of benefits to small businesses as:

  • it is free
  • it is simple to use
  • it reduces the time and paper work involved in making multiple payments to different superannuation funds and
  • it helps you meet your superannuation guarantee obligations.

Arrrrrrgggghhh! Am I in the presence of one of those pathetic spruikers standing outside a low-rent retail shop wearing a gaudy suit and brandishing a microphone whilst annoying the passersby? I think I’m drowning in snake oil!

This is pure propaganda – the doublespeak language of perception management. It is remarkably akin to that used in those patheticly transparent Readers Digest-style junk mail scams – “Congratulations, you are eligible to win a mansion on the Gold Coast … just send your money here.”

I’m “eligible” to use this wonderful new service of the ATO?  Wow! I feel so blessed, so honoured, to be a chosen one.

Now compare to the Orwellian language of the Liberal Party’s policy announcement back on June 3rd … starting with the Orwellian title –

Further relief for small businesses

…

For small business men and women, less paperwork means higher profits, boosted sales and more time with the family.

If we want stronger and more cohesive communities, we need stronger and more prosperous businesses: …

Oh wow! Yes please Mr Abbott! I want relief from the terrible burden of conscientiously looking after the best interests of my wonderful, hard-working, loyal employees, who are really more like family … I really really do!

How could we employers not all leap and dance with exultant rejoicing about that!

All that terribly challenging and time consuming “red tape” work … of clicking “print” and printing off several different envelope address labels to different super funds (or sacre bleu! hand writing each one!!) … once every 3 months … saved!

Now, all thanks to our wise and caring government, we employers can just print one envelope every 3 months. Make one electronic funds transfer.

And send all your super, dear employed reader, straight to the ATO.

Naturally, we can all completely trust the ATO to pass it all on immediately to your super fund.

And not, perchance, happen to sit on those tens of billions per quarter for (let’s say) a few weeks, and thus siphon off some short-term money-market interest for themselves first.

Yes, oh yes, dear reader … of course we can trust the ATO to do the right thing with your super.

Just like we can trust Green-Labor and the Liberals not to cast their greedy eyes over Australia’s existing $1.3 Trillion pool of citizens’ superannuation, and concoct oh so reasonable-sounding, “helpful” “reforms” that just happen to steer your retirement savings into their own coffers.

To pay down the debts they have accrued.

To fund their lavish, all-expenses-paid, high flyer lifestyles.

And … to finance their index-linked, high 6-figure retirement in the lap of luxury, after they’re done ruining the country for all the “little people”.

The new ATO “Small Business Superannuation Clearing House“.

Oh, yes. It’ll be “clearing” out your super all right.

Don’t you worry about that.

Here’s roughly how it will go, dear reader.

Mark my words.

Stage 1 – it’s already here … a “helpful” option, just for small business (who employ 60% of all Australian workers).

Stage 2 – this “helpful” option extended to include larger businesses.

Stage 3 – the option is no longer an option.

Stage 4 – a financial crisis or other plausible-sounding excuse is used to justify compulsory acquisition of some (or all) of your super. Exactly like what has already happened in the USA, UK, Ireland, France et al. Once again, it will be touted loudly by our political overlords as a “helpful” “reform” … perhaps to “preserve” what is left of your super after another market crash, via putting your super into a (compulsory) “government-guaranteed” “safe” “investment”.

Drip drip drip drip.

Fabian socialist tactics at their finest.

And most obvious.

WAKE UP AUSTRALIA.

It’s long past time for real change in our political system.

Beginning with … bringing to an end the entrenched “Two Major Party” political system.

A perverse system that is ably supported and sustained by its lifeblood – our wholly undemocratic compulsory voting system.

(Achtung! You vill vote in our vonderful “free” and “open” democracy, dear reader … yes, you vill. ‘Coz if you do not vote for one of de useless self-serving cretins that our taxpayer-financed party machines offer you as “choice” in your electorate, then ve vill fine your miserable arse … and ve vill throw you in der cooler if you don’t pay!)

There is a way to change the system, dear reader.

And your humble blogger will have more news on how you can get involved in making it happen … soon.

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