Friday, July 17, 2009

Lucia Friday night free for all

Friday again. It's the end of the school holidays. Term 3 will be great!

The NZ Government has signed an agreement with Australia to allow the transfer of superannuation from Australian accounts to Kiwi Saver. There is this expectation of billions of dollars pouring across the ditch. Except somehow, I don't think so.

I have money in an Australian super account. And I'm not moving it across to Kiwi Saver, because I think that over the long term, it will do far better in my Australian account than in Kiwi Saver. I have no incentive to move it over, as I'm not allowed to access it until I'm 65, no matter what side of the Tasman it's on. So, the money is staying where it is.

Anyone else decide the same?

24 comment(s):

Ozy Mandias said...

No money in aussie but heard today that their lower tax rate means there is an advantage to keep it in Aussie!! does that sound right???

ZenTiger said...

Superannuation funds in Australia are not taxed at source, and then taxed at 15% whilst in the fund, I think. I'm not exactly sure of the NZ tax rate on the profits from the actual fund - potentially it is at the business tax rate. does anyone know?

Diversified funds in Oz are performing better over the long term I suspect, and the current exchange rate probably means you will lose out if money is transferred at this time - historically it can dip far more, so it would be a matter of waiting for that.

The rest will depend upon what the fees are on a specific fund in aus - some of them are steep if there are no regular ongoing contributions, so it would be worth it for people to find out and review the history of the rate of return.

Mind you, all of this is theoretical as nothing has been signed yet, as far as I know.


Anyway - Hi Ozy and good evening all.

ZenTiger said...

Hang on - haven't caught up with the news. Lucia - are you saying its signed now? Knock me down with a feather, if so.

Lucia Maria said...

Yeah, an agreement was signed yesterday, but legislation needs to be passed (by both countries?) before it can actually take effect.

ZenTiger said...

Ah, could take a while then.

Ozy Mandias said...

Hi all.
How have our weeks been??? I have been on school holidays so enjoying the break. work again next week AGGGGHHHHHH!!!!

ZenTiger said...

I resonate with your AGGGGHHHHHH!!!! I too have been off and have a very full week next week because of this. Still, the break was much needed and most excellent. Diod a bit of manual labour in the overgrown jungle I call a garden.

Now, it more resembles a rugby field after a muddy game. Everything cleared and leveled and ready for some grass growing in spring. I can then convert it to a more suitable use than rugby. Soccer. Cricket, if need be and a bit of chipping with the 9 iron.

Looks like you've got a fair swag of good posts for me to go through a bit slower, Madeline. Will have a good read this weekend I hope.

ZenTiger said...

Hey, where did Madeline go?

ZenTiger said...

Him, I think I need a drink. Maybe I read your comment Ozy and saw "Madeline" instead of Mandias? Well, I'm all caught up on your posts, at least. A more manageable volume for me!

ZenTiger said...

Hey, I've just done three comments in a row. I wonder what the record is?

ZenTiger said...

Make that 4. Doh. 5.

Ozy Mandias said...

I am no 'Madeline', although do read that blog a bit. Their content is excellent but above my level of brain power. I usually get lost in the first sentence and it takes me 45mins to read a paragraph.

FAIRFACTS MEDIA said...

Greetings from Bangkok everyone.
next friday i will be back in Nz.

ZenTiger said...

Howdy, FFM.

Just one night in Bangkok (and the world's your oyster). I hear the bars are temples but the pearls aint free.

In any event, I hope No Minister are billing you as their "foreign correspondent" FFM.

FAIRFACTS MEDIA said...

Actually 6 nights Zen.
More than i would have preferred, but that was necessary to get the cheaper airfare.
I will probably head off to Pattaya for a few days as i fancy a swim in the sea, not being able to do that in the UK.
It was hot and suny when i first got there, but the heatwave only lasted a week.
I will be back in Auckland next Friday morning.

ZenTiger said...

Gee, it sounds like torture FFM.

I'll try a bit harder and see if I can generate more sympathy.

(I've got a whole pile of work to complete tonight due to the rather annoying concept called "deadline")

Trying...
Trying...

Nope.

ZenTiger said...

Six nights in Bangkok makes a hard man humble
Not much between despair and ecstasy
Six nights in Bangkok and the tough guys tumble
Can't be too careful with your company
I can feel the devil walking next to me...

Madeleine said...

We just posted another one for you Zen - this one was a record for Matt, it only took up two and a half pages in Word! It is short, sharp and punchy too. (Just teasing Matt because he knows how much I hate it when he asks me at 10 pm to "quickly edit a blog post" and then I come downstairs and find 12 pages...)

Madeleine said...

We are frantically trying to get the new Wordpress MandM site ready for our big move before Uni starts up next week.

Lots to do and our main code man was suddenly taken to hospital which sucks for him but from my point of view I have all this complex coding to suddenly handle on my own...

Madeleine said...

LOL at Ozy - try editing it!

ZenTiger said...

Hi Madeline, must have had a premonition you would drop by :-)

I've enjoyed the Hassall post and subsequent thread. I'll have a good poke around when I finish an annoying chunk of work....on a Friday yet!

Madeleine said...

Apparently Bob McCoskrie is going to link to it (and the Mayman one) so the comments thread should get another surge...

Work on a Friday and this late? That sucks. What line of work are you in?

ZenTiger said...

Ye olde Software Industry. BPM, KM, ECM, EDRMS, and those sorts of letters.

I.M Fletcher said...

Gidday all, from the unemployed Fletch...ugh.

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