Well well well. The Labor party now want to stop people from pulling their super out of industry or retail funds so they can manage it themselves through SMSF’s. Meanwhile Industry funds can blow up billions of dollars on dodgy foreign venture capital investments or invest members funds in places like India. It’s time to allow people to manage their own savings. Australia had one of the highest rates of home ownership and much lower household debt before superannuation was created. It’s time to face the facts that Labor want to control your savings so they can control you! Sign up to the party that has always been consistent when it comes to putting you first - Peoplefirstparty.au •••••••••••••••••••• “The Tax Office will be given the power to veto people from moving money from a large super fund into a self-managed superannuation fund, under sweeping changes announced by Assistant Treasurer Daniel Mulino on Wednesday. The changes will also require SMSF trustees to pass “basic knowledge requirements”, maintain a “uniquely identifiable bank account”, pre-write their investment strategy and force newly established SMSFs to disclose whether a financial adviser was involved in their establishment and the fees charged.” V “AustralianSuper, the country’s largest superannuation fund, has been forced to write off more than $1.1 billion in equity and loans tied to an American online education start-up, marking it as its single worst investment in venture capital. The fund, which manages $341 billion in retirement savings for more than 3 million people, has aggressively expanded its investments in private credit and private equity, including in the United States. But it has worn a loss of $US757 million on Pluralsight, an Utah-based video training firm once valued at more than $US5 billion.”