I'm not sure how long it takes Google to list and link my blog posts up to various topics so I'm doing my best in informing any potential buyers that AA Trans is a shipping container scam and do not under any circumstances, pay this swindler for shipping containers. It is a scam of evolving identities and this same fraudster keeps altering his/her identity slightly before going on ebay and online sale sites again to sell this fraud.
How do I know? I know someone who is a victim of this scam and it serves to remind me and everyone else to be wary when transacting your shopping online. I've researched into this scam and have discovered a few things. There are a few issues involved here:
1) Identity theft of Andrew Avis from the legitimate AA Transport Pty Ltd business by fraudster/scam artist "Alex Anderson" (highly likely a faked name). He stole Andrew Avis' company name and ABN number to document his invoice. Address theft by using a fake address 44 Botany Road. However a quick Google (map & streetview) and a phone call from me confirms that the business at that address is Community Broadcasting Association of Australia and they have nothing to do with shipping containers.
2) The scam artist has a bank account with Bank of Queensland (BOQ) (bsb: 124 036, account: 21472696) - do NOT under any circumstances, deposit your payment into this account because you will be scammed. I contacted BOQ yesterday and Sharon at their WA/Perth call centre said that it wasn't any of their business to deal with third parties (myself) and that they can't do anything about it. This is why fraudsters/scammers continue to proliferate. If banks such as the BOQ can't be pro-active in tackling the first mention of scam involvement then these scammers can keep conning many victims until the police can get their act together and interfere- this may take a long time since they have so many cases on hand.
Beware because it appears that this shipping container fraudster has been operating a string of frauds along the exact same line since last year. And no-one has stopped them yet! The same things occur again and again based on my investigation of the latest scam.
3)The domain http://aatrans.net/ was registered only on 7th July this year. So only 1 month ago. You can check it up yourself on a popular IT domain search site whois.com.au
A website so newly registered should scream out beware.
4)This "http://aatrans.net/" scam appears to be the third shipping container scam devised by the same person/group who scammed over 90 people last year and this year with "freight.forward" , "vicremovals - http://www.vicremovals.com and now aatrans.net scam.
Unfortunately for the person I know, they have already transferred funds to the BOQ account and that $2,500 is most likely a write off. If you have found yourself the victim of a scam, the steps you should take to sort out the mess and try to recover your funds will be:
1)If you paid by paypal or credit card, then you can dispute the transaction with paypal or your bank and request a chargeback
2)If you paid by direct deposit or cash then it's highly likely that you have unfortunately lost your money and the avenue of refund is very minimal
3)Contact your bank ASAP regardless of whatever means you used to pay the transaction or dodgy invoice
4)Contact your local police and report the theft/crime/fraud/scam
5)Contact the government agencies ASIC and ACCC to report the fraud/scam so that they can start investigations
To read further materials on how to spot and identify scams you can visit the following sites:
* http://www.consumerfraudreporting.org/
*http://www.scamwatch.gov.au/content/index.phtml/itemId/693900Some basic checkups that you can do yourself before you pay anyone when shopping online is:
1)Check their selling history or lack of history
2)Warning signs:
*A product is advertised at a very low price.
*The seller and any initial bidders have a very poor rating on an auction site.
*The other party wants to complete the sale outside of the auction site (if you do this, you lose any protections that the site operator offer to their users).
*The other party insists on immediate payment, or payment by electronic funds transfer or a wire service.
*The online shopping website does not provide adequate information about privacy, terms and conditions of use, dispute resolution or contact details.
3)If they issue you an invoice, do a thorough search on government databases(eg: ASIC) on the company name, who it is registered to, whether the address matches the company name, check Google map/streetview to give you a better idea (warning flags if you are buying from a shop yet the Google map/streetview points you at a residential house that looks nothing like a shop!)
4)Google the business and check whitepages/yellow pages registrations and call the number on those listings to verify
5)Check their domain on http://www.whois.com.au/ and if it has been newly registered then that may also be a warning sign
6)You can also check their IP Address with http://ip-lookup.net/(this can be found by looking at where emails originated from). For example, an email that I received from Amicroe Pty Ltd had the following IP numbers "211.26.140.226" and when searched it came back with the right match which you can see here http://ip-lookup.net/index.php?ip=211.26.140.226
7)Be careful when you are buying from a company that is supposed to be local, however after your research, you see that the domains/IP Addresses are registered in some foreign countries
8)Check that the ABN is valid and still active and matches the company name. You can do this with ASIC -http://www.search.asic.gov.au/gns001.html
9)Ask yourself if the claims made about the product are reasonable or just too good to be true. Be suspicious of online shopping websites that do not give their full contact details (physical or street address as well as phone and fax numbers).
10)Be very careful about paying by credit card and make sure the website used for payments is secure. Look for an unbroken key or lock at the bottom(this can also be at the top) of the browser window, or a web address beginning with ‘https//:’
11)Be wary when the person or company that you're transacting with has a sense of urgency about them when they try to get you to pay. This 'AA Trans' scam fellow used the following words to invoke a sense of urgency "I only have a few spots left this week so I'm really running out of time" - yep he was definitely running out of time...time to collect the funds and hurry off to the next scam victim before someone catches wind of the scam and the police is on their trail
Anyway, I hope that my recap of my investigations may shed light on how you can also investigate a business, person or transaction before you deal with them to verify that it is indeed, authentic and that you are not being scammed. Unfortunately for the poor victims swindled, it was painful for them to actually drive out to 44 Botany Road, Alexandria in search of their undelivered shipping containers only to discover that there is no shipping container site. It is infact the site of office buildings and takeaway food shops and urban development.
It is too late to regret after you've been scammed. All you can hope for is to protect yourself against future scams.
[Edit 12/05/12: The shipping container scammer appears to be making the rounds in the United Kingdom and London this time around- pls visit this post and have a read so that you don't get scammed: http://smartmoneyguide.blogspot.com.au/2012/05/united-kingdom-beware-of-shipping.html ]
Monday, August 2, 2010
Tuesday, July 13, 2010
How to lose your life savings
Bernie Madoff Ponzi Scheme (Bernard L Madoff Investment Securities LLC): $65 billion with losses to investors of $18 billion
Roger Munro Ponzi Scheme (RG Munro Futures): $100 million with the money missing, either lost or spread around the world
We all think we are indomitable and are too smart to be victims of fraudsters and ponzi schemes. But if we're all so smart then how come ponzi schemes continue to flourish and every time there's a downturn in the economy, another bunch of folks have lost thousands, millions or their life savings due to these ponzi schemes? It's not just your typical neighbour next door that gets caught by these sophisticated swindlers but also multi-millionaires. Don't they have a swag of accountants and lawyers working for them? Is that just blatant greed or blatant stupidity?
I mean, how can you entrust anyone or any single investment firm with your life savings?! Haven't they heard of the term diversification? Or being responsible for your own funds? Don't they realise that if it's too good to be true then it usually is or the greater the returns, the higher the risks. So if someone approached you with an investment opportunity that returned yields of 20% -40% annually with minimal risks, kick them out. Even 15% return year on year with minimal risk is asking a lot...especially in these uncertain times with the stock market behaving like a moody teenager.
Ponzi schemes and Nigerian schemes are usually everywhere...from the investments where you're required to outlay a few hundred bucks to a few thousand dollars upfront to beable to become 'privy' to rort your friends and relatives. Or the emails telling you that they require your bank account to hide or deposit some money. If people became a lot smarter and stopped falling for these scams then I wouldn't have to spend so much time cleaning the spam out of my inboxes.
Beside the most recent frauster Bernie Madoff, Australia has it's own fraudster in Roger Munro. Reading about how he managed to scam his victims made me feel as if I was living in the twilight zone. Munro is crazy enough to even try blackmailing his victims to support him in getting ASIC to return his passport (don't do it guys, he will just jet off to some country like Christopher Skase), pay his legal costs and drop all allegations against him.
Madoff is quoted saying "People just kept throwing money at me."
Susan Chenery's article on Munro examined their similar attitude and 'exclusive' style of investing. If it's too exclusive to join...you shouldn't join, if any investment adviser or investment firm can't or won't answer your questions, then you won't like the answers - moral of the story.
Tim Swallow, one of Munro's victim says:
Roger Munro Ponzi Scheme (RG Munro Futures): $100 million with the money missing, either lost or spread around the world
We all think we are indomitable and are too smart to be victims of fraudsters and ponzi schemes. But if we're all so smart then how come ponzi schemes continue to flourish and every time there's a downturn in the economy, another bunch of folks have lost thousands, millions or their life savings due to these ponzi schemes? It's not just your typical neighbour next door that gets caught by these sophisticated swindlers but also multi-millionaires. Don't they have a swag of accountants and lawyers working for them? Is that just blatant greed or blatant stupidity?
I mean, how can you entrust anyone or any single investment firm with your life savings?! Haven't they heard of the term diversification? Or being responsible for your own funds? Don't they realise that if it's too good to be true then it usually is or the greater the returns, the higher the risks. So if someone approached you with an investment opportunity that returned yields of 20% -40% annually with minimal risks, kick them out. Even 15% return year on year with minimal risk is asking a lot...especially in these uncertain times with the stock market behaving like a moody teenager.
Ponzi schemes and Nigerian schemes are usually everywhere...from the investments where you're required to outlay a few hundred bucks to a few thousand dollars upfront to beable to become 'privy' to rort your friends and relatives. Or the emails telling you that they require your bank account to hide or deposit some money. If people became a lot smarter and stopped falling for these scams then I wouldn't have to spend so much time cleaning the spam out of my inboxes.
Beside the most recent frauster Bernie Madoff, Australia has it's own fraudster in Roger Munro. Reading about how he managed to scam his victims made me feel as if I was living in the twilight zone. Munro is crazy enough to even try blackmailing his victims to support him in getting ASIC to return his passport (don't do it guys, he will just jet off to some country like Christopher Skase), pay his legal costs and drop all allegations against him.
Madoff is quoted saying "People just kept throwing money at me."
Susan Chenery's article on Munro examined their similar attitude and 'exclusive' style of investing. If it's too exclusive to join...you shouldn't join, if any investment adviser or investment firm can't or won't answer your questions, then you won't like the answers - moral of the story.
Tim Swallow, one of Munro's victim says:
"I observed everybody for about four years and everybody
seemed to be making a lot of money. It was easy money. If you make money quickly and easily, you think it is going to go on forever... All people like Munro do is play to people's greed, which is the root of it all."
Trevor King supposedly lost $31 million and an American Oil Consortium lost $23 million. Other investors (about 68 of them) lost varying amounts. Don't they have accountants and lawyers who help draft documents and audit figures before they allow their clients to invest? It's amazing that Jim Thompson, one of Munro's victim even decided to invest after being quoted as stating:
"We asked for some confirming documents regarding the results
he was claiming to achieve consistently and his reaction gave the impression that we were casting doubts on his assertions- no way to behave if we wanted the privilege of being allowed to join his circle of investors...He also told us he traded using a secret system he himself had devised, in currencies, securities, options and indices in international markets; he had live feeds set up which told him what
was going on...We had to leave it entirely up to him to decide what to do. He didn't want to be questioned or asked to prove anything. He demanded unquestioning respect."
So Munro was rather secretive, rude and provided no evidence or supporting documents of his success yet Thompson invested $1,005,000 with RG Munro Futures? Some investors need to get their heads checked. Why on earth would anyone entrust their life savings or a few million to an 'investment' where they don't get any reports or investment break down of how the fund returned 20% plus for several years.
Not only that, but for someone to amass a few millions, you would think they would be more thorough about where they invest their funds. It also raises the question of Munro's supposed expertise across several investment categories (currencies, securities and options) when most specialised traders find it hard to even master and predict what is going to happen in a single category such as currencies.
Also, the reliance on a 'trading system' that he had devised... the problems with most trading systems are that they neglect or cannot account for human fear nor greed. They can't program human pyschology and behaviour with accuracy. Human behaviour and how we all react collectively as a group determines the direction in which the market moves.
Greed allows fraudsters to flourish and unfortunately, the inability or poor ability of the SEC, ASIC and ACCC means that we, as the investor, have to watch out for our own bacon and ensure we don't get fleeced.
Bills, bills, bills and the crazy months
Don't you just hate it when you go through months of never-ending bills?! Or even periods of never ending bills?!
A few months that I'm not particularly keen on are January, June, July & December for those reasons. I never like paying my bills monthly so I elect to pay them upfront and annually if that option is applicable. Less hassles and no need to think about them for a year after they're paid. When I was young, my parents told me that once you pay your bills, that's it. No more time wasted on thinking about it. Time is valuable. Each bill occupies about two minutes of my life. Two minutes is the time it takes me to open up the envelope, check the bill, note the due date on my calender and the time it takes to pay the bill online on that due date.
The problem with setting bills aside and paying them later is that you have to keep thinking about them until the moment you pay them. Same with monthly bills. You have to keep thinking about paying them monthly and if it's on automatic debit then you have to ensure you keep sufficient funds in your transaction account to pay for them. So an annual bill will consume two minutes of my time and a monthly bill will consume 24 minutes of my time in a year.
For those in financial trouble, not only do you waste time thinking about the bills, you waste time when you have to open up overdue reminder letters and emails, you waste your time calling up to re-connect services that got disconnected or suspended due to not paying your bills and you also waste time when you have debt collectors calling to hassle you. That could be 15 to 30 minutes per bill. So if you have lots of bills, think of all that time you waste on them!
Not sure why this year feels any different but it does. Maybe it's because the price of everything has escalated. Inflation- food/groceries, insurances, energy prices, transport, blah blah blah. I've been keeping an exact tally of my expenses out of curiousity in trying to determine what I spend on each typical 'budget' category since I don't have a budget and was curious after reading a few bloggers insight into their spending.
So how can I write a financial/money blog if I don't have a budget? I'm more interested about the strategies to investing and how to invest for the future rather than the baby steps of saving money since that is not a major issue for me. I guess you could say I have a rough budget. A simple one. If I earn $x per week, then I have to spend less than $x per week. You know, the wise idea of spending less than you earn. I've never bothered with the tiny details because I knew that I have savings and investments that I could liquidate to meet any massive emergency bills.
The main strategy that I believe works really well is to transfer any excess savings to a high interest savings account. When you have sufficient savings - move them into investment vehicles (my personal preferences are stocks and real estate). Any new bills that arrive, they are to be deducted out of your current income so you just spend less for that week or the next few weeks until they you pay them.
Very rarely do I spend my previous savings. Only in real emergencies and they are rare and more the exception. Most large annual bills are recurring anyway so you should know when they're going to be issued and when they should be paid.
Eg: I knew I had car bills due every June that amounted to roughly $2724 and that's just car bills(pink slip, green slip, insurance, rta road rego, car servicing and replacing tyres)...ouch. So I had to cut back on discretionary expenses a bit in May to pay the expected bills out of current income and not use previous savings. That way, my investments and savings are left alone to re-invest and compound without me interfering with them.
The aim is to never erode your previous savings and investments. That's the secret to building wealth and growing your assets. If you own your own business, even better.
We all have those months where the bills are never-ending and the goal is to not give into temptation and reach into your savings or emergency funds to pay for them. Try to adjust your discretionary expenses so you can pay your bills out of your current income until those expenses are paid for.
A few months that I'm not particularly keen on are January, June, July & December for those reasons. I never like paying my bills monthly so I elect to pay them upfront and annually if that option is applicable. Less hassles and no need to think about them for a year after they're paid. When I was young, my parents told me that once you pay your bills, that's it. No more time wasted on thinking about it. Time is valuable. Each bill occupies about two minutes of my life. Two minutes is the time it takes me to open up the envelope, check the bill, note the due date on my calender and the time it takes to pay the bill online on that due date.
The problem with setting bills aside and paying them later is that you have to keep thinking about them until the moment you pay them. Same with monthly bills. You have to keep thinking about paying them monthly and if it's on automatic debit then you have to ensure you keep sufficient funds in your transaction account to pay for them. So an annual bill will consume two minutes of my time and a monthly bill will consume 24 minutes of my time in a year.
For those in financial trouble, not only do you waste time thinking about the bills, you waste time when you have to open up overdue reminder letters and emails, you waste your time calling up to re-connect services that got disconnected or suspended due to not paying your bills and you also waste time when you have debt collectors calling to hassle you. That could be 15 to 30 minutes per bill. So if you have lots of bills, think of all that time you waste on them!
Not sure why this year feels any different but it does. Maybe it's because the price of everything has escalated. Inflation- food/groceries, insurances, energy prices, transport, blah blah blah. I've been keeping an exact tally of my expenses out of curiousity in trying to determine what I spend on each typical 'budget' category since I don't have a budget and was curious after reading a few bloggers insight into their spending.
So how can I write a financial/money blog if I don't have a budget? I'm more interested about the strategies to investing and how to invest for the future rather than the baby steps of saving money since that is not a major issue for me. I guess you could say I have a rough budget. A simple one. If I earn $x per week, then I have to spend less than $x per week. You know, the wise idea of spending less than you earn. I've never bothered with the tiny details because I knew that I have savings and investments that I could liquidate to meet any massive emergency bills.
The main strategy that I believe works really well is to transfer any excess savings to a high interest savings account. When you have sufficient savings - move them into investment vehicles (my personal preferences are stocks and real estate). Any new bills that arrive, they are to be deducted out of your current income so you just spend less for that week or the next few weeks until they you pay them.
Very rarely do I spend my previous savings. Only in real emergencies and they are rare and more the exception. Most large annual bills are recurring anyway so you should know when they're going to be issued and when they should be paid.
Eg: I knew I had car bills due every June that amounted to roughly $2724 and that's just car bills(pink slip, green slip, insurance, rta road rego, car servicing and replacing tyres)...ouch. So I had to cut back on discretionary expenses a bit in May to pay the expected bills out of current income and not use previous savings. That way, my investments and savings are left alone to re-invest and compound without me interfering with them.
The aim is to never erode your previous savings and investments. That's the secret to building wealth and growing your assets. If you own your own business, even better.
We all have those months where the bills are never-ending and the goal is to not give into temptation and reach into your savings or emergency funds to pay for them. Try to adjust your discretionary expenses so you can pay your bills out of your current income until those expenses are paid for.
Tuesday, June 1, 2010
Entrepreneurial Traits
Lucinda Smidth (BRW):
Studies(#) have shown that successful character traits shared by very successful entrepreneurs such as Warren Buffet, Bill Gates, Donald Trump, Frank Lowy, the Vanderbilts etc include:
* risk takers
* amazing ability to spot opportunities
* desire to dominate and win
* amazing personal drive to succeed
* vision - product, market, technology
* an active mind - ability to look ahead with the aim of improving, expanding and growing your skills and your business
* competence and confidence - maths, sales, technical & practical knowledge
* drive - desire to take action, impatience, ambition, set goals, tenacity
* passion - to achieve the vision and to create wealth
Do you have what it takes to be an entrepreneur? With the internet (eg: Ebay, Etsy, Craigslist) as a gateway for many business start ups, the barrier to entry is lower than ever.
(#)James Carlopio (AGSM), Kenneth Preiss (UTS), Edwin Locke (University of Maryland's school of business)
"If you believe the publicity, the key to vast wealth lies in six one-hour
tapes, or a three-part lecture series, or a book such as The Inner
Winner. However, psychologists say that multi-millionaire status cannot be bought for $49.95 with a money-back guarantee. The answer lies within."
Studies(#) have shown that successful character traits shared by very successful entrepreneurs such as Warren Buffet, Bill Gates, Donald Trump, Frank Lowy, the Vanderbilts etc include:
* risk takers
* amazing ability to spot opportunities
* desire to dominate and win
* amazing personal drive to succeed
* vision - product, market, technology
* an active mind - ability to look ahead with the aim of improving, expanding and growing your skills and your business
* competence and confidence - maths, sales, technical & practical knowledge
* drive - desire to take action, impatience, ambition, set goals, tenacity
* passion - to achieve the vision and to create wealth
Do you have what it takes to be an entrepreneur? With the internet (eg: Ebay, Etsy, Craigslist) as a gateway for many business start ups, the barrier to entry is lower than ever.
(#)James Carlopio (AGSM), Kenneth Preiss (UTS), Edwin Locke (University of Maryland's school of business)
Monday, May 31, 2010
100 ways to help the world and yourself
Sarah Wilson (the ex-Masterchef Sarah Wilson or a different one?!) gave a few examples of gestures that you can undertake to help make the world a better place. I'll post up a few of my favourites and some of my own.
1. If you buy something from a charity shop, pay double
2. Apologise
3. Instead of using teabags, heat your tea leaves in a pot, leave them to steep and then enjoy your tea while contemplating about the good things in life
4. Stop honking your horn
5. Switch off your mobile phone before going into cinemas and restaurants
6. If you see someone's label sticking out, tell them
7. Stop yourself saying "I"
8. Say thank you to your bus or tram driver when you alight
9. Volunteer. Give Means on Wheels a call or do a Lifeline counselling course
10. Make your own compost with vegetable peelings, lawn clippings, leaves from your gutters and tea leaves. Hardware shops stock convenient compost bins that can fit neatly in your backyard
11. If you're buying a car, consider the low-emission vehicles
12. Put a brick in your toilet's cistern to reduce the amount of water used in flushing
13. Drink green tea instead of coffee. Less caffeine and more antioxidents.
14. Don't push
15. Cut back on watching tv. Go to the park. Go for walks. Join friends for activities or organise them
16. Make a fuss...Take action on things you think are wrong or inhumane. Complain. Participate. Get organised.
17. Introduce single friends to potential partners
18. Plant a tree and dedicate it to someone special. Contact Greening Australia (1900 950 854) and find out how to become a volunteer, helping with local bush regeneration projects
19. Ditch the gym and join a team instead
20. Listen to children as you listen to adults
21. Take responsibility for your actions; don't blame others
22. Walk to your local shops rather than driving tothe larger chain store in the next suburb. The money you save in petrol and parking will pay for any price differences
23. Take a mug (or thermos) into work instead of using styrofoam cups
24. Say yes
25. Don't backstab; be honest, but not bitchy with your colleagues
26. Support your local theatre group. Nex time you contemplate a movie, check out the theatre section of the paper first.
27. Learn a new language
28. Cycle to work. Help reduce emission levels, save money and lessen your chance of getting heart disease. Learn to cook. Invite friends arund to try new dishes.
29. Walk up escalators. Or take the stairs.
30. Walk
31. Watch The Insider - Russell Crowe's new movie documenting corruption in the tobacco industry- and give up smoking
32. Buy birthday presents from the National Geographic shop, which donates a proportion of its profits to environmental and wildlife protection projects
33. Relax
34. Wash your clothes in cold water (helping the environment and your clothes last longer too)
35. Bring your re-usable bags shopping and reduce your plastic bag consumption
36. Write a letter to a friend you haven't seen in a long time, or email them rather than forwarding jokes
37. Buy organic fruit and vegetables
38. Make a stand against genetically modified food. Eat fruit and vegetables in season.
39. Read your newspaper's international pages
40. Laugh at yourself
41. Dog owners: do the right thing
42. Take up yoga
43. Learn to commit
44. Give some loose change to the busker you pass each day. Even if they can't sing.
45. Take a plant into your office. Or some home-baked biscuits to share at afternoon tea
46. Move out of the city. Grow your own herbs
47. Write thank you letters
48. If you live in a chaotic household, plan regular times to eat together. Turn off the television.
49. Ring your mum
50. Buy music or a dvd
51. Save energy by pulling your curtains over windows on hot and cold days
52. Don't shout at children, or anyone for that matter
53. Replace all your light bulbs with compact fluorescent bulbs which are more energy efficient than normal bulbs
54. Pray and give thanks at the end of each day
55. Sign up as a volunteer for Clean Up Australia
56. Take a first aid course
57. Don't cheat
58. Stop saying: "I've been meaning to..." It really isn't an excuse
59. Give blood. For the nearest Red Cross bloodbank
60. Vist an elderly neighbour. Stop for a chat, take out their rubbish bins
61. Get rid of clutter in your workplace and at home
62. Give way to cyclists and allow them their space on the road
63. Use re-usable washable nappies because disposable nappies take about 500 years to decompose and account for about 2% of landfill
64. Don't be too obsessive about 'dryclean only' labels. Often handwashing in cool water can be just as effective ad cuts down on harmful cleaning chemicals
65. Take an elderly relative out for a drive in the country. Pack a picnic
66. Get more sleep. Don't drive when you're tired
67. Keep a bowl of fruit on your desk at work
68. Visit museums and galleries
69. Take time off when you're ill
70. Smile at strangers and talk to shop assistants
71. If you see someone who is lost, show them the way (but also be wary of stranger danger)
72. Forgive and move forward
And a few extras of mine:
73. Use stainless steel cutlery instead of disposable cutleries
74. Take time to plan your meals out for the week and cook healthy, nutricious meals
75. Don't overbuy your groceries and end up with wastage
76. Tell your loved ones you appreciate them and spend time with them
77. Do something special for your parents; cook for them, help clean, take them out
78. Visit your local libraries and borrow books rather than buying
79. Share your books with others or pass them on once you've finished reading them
80. Be patient
81. Instead of grimacing and getting frustrated in traffic, listen and relax to your favourite music and enjoy the moment
82. Volunteer to help
83. Try new foods, cuisines, restaurants and flavours
84. Set time to sort your finances out and save money for a rainy day
85. Buy from your local butchers, greengrocer or delis rather than supermarkets all the time
86. Eat less meat and more fruit and vegetables
87. Organise a fundraising(or donate) for your favourite charity
88. Have a relaxing weekend at home without any plans to go out
89. Find a hobby, and if you have one, make time for your hobby
90. Separate your rubbish and recycle as much as you can
91. Eat less junk food, chips and take aways
92. Click to give to The Animal Rescue Site - sponsors donate for every click
93. Visit your doctor for a checkup on your overall health
94. Make a habit of waking up 1 hour earlier and use that time for your own projects/interests
95. When you're working, work hard, when you're having a night out, relax and enjoy it. Don't bring personal worries into your work hours and work worries into your personal hours
96. Go to bed early every now and then
97. Drink tap water. Consume less bottled soft drinks and water. Not only are they bad for your health but also bad for the environment in terms of landfill
98. Instead of buying more cheap items (clothes, goods, furniture etc), buy less items with greater quality
99. Tidy up your house/office desk and it will create good feng shui
100. Enjoy every single day, not just the weekends and you will learn to enjoy life a lot more
1. If you buy something from a charity shop, pay double
2. Apologise
3. Instead of using teabags, heat your tea leaves in a pot, leave them to steep and then enjoy your tea while contemplating about the good things in life
4. Stop honking your horn
5. Switch off your mobile phone before going into cinemas and restaurants
6. If you see someone's label sticking out, tell them
7. Stop yourself saying "I"
8. Say thank you to your bus or tram driver when you alight
9. Volunteer. Give Means on Wheels a call or do a Lifeline counselling course
10. Make your own compost with vegetable peelings, lawn clippings, leaves from your gutters and tea leaves. Hardware shops stock convenient compost bins that can fit neatly in your backyard
11. If you're buying a car, consider the low-emission vehicles
12. Put a brick in your toilet's cistern to reduce the amount of water used in flushing
13. Drink green tea instead of coffee. Less caffeine and more antioxidents.
14. Don't push
15. Cut back on watching tv. Go to the park. Go for walks. Join friends for activities or organise them
16. Make a fuss...Take action on things you think are wrong or inhumane. Complain. Participate. Get organised.
17. Introduce single friends to potential partners
18. Plant a tree and dedicate it to someone special. Contact Greening Australia (1900 950 854) and find out how to become a volunteer, helping with local bush regeneration projects
19. Ditch the gym and join a team instead
20. Listen to children as you listen to adults
21. Take responsibility for your actions; don't blame others
22. Walk to your local shops rather than driving tothe larger chain store in the next suburb. The money you save in petrol and parking will pay for any price differences
23. Take a mug (or thermos) into work instead of using styrofoam cups
24. Say yes
25. Don't backstab; be honest, but not bitchy with your colleagues
26. Support your local theatre group. Nex time you contemplate a movie, check out the theatre section of the paper first.
27. Learn a new language
28. Cycle to work. Help reduce emission levels, save money and lessen your chance of getting heart disease. Learn to cook. Invite friends arund to try new dishes.
29. Walk up escalators. Or take the stairs.
30. Walk
31. Watch The Insider - Russell Crowe's new movie documenting corruption in the tobacco industry- and give up smoking
32. Buy birthday presents from the National Geographic shop, which donates a proportion of its profits to environmental and wildlife protection projects
33. Relax
34. Wash your clothes in cold water (helping the environment and your clothes last longer too)
35. Bring your re-usable bags shopping and reduce your plastic bag consumption
36. Write a letter to a friend you haven't seen in a long time, or email them rather than forwarding jokes
37. Buy organic fruit and vegetables
38. Make a stand against genetically modified food. Eat fruit and vegetables in season.
39. Read your newspaper's international pages
40. Laugh at yourself
41. Dog owners: do the right thing
42. Take up yoga
43. Learn to commit
44. Give some loose change to the busker you pass each day. Even if they can't sing.
45. Take a plant into your office. Or some home-baked biscuits to share at afternoon tea
46. Move out of the city. Grow your own herbs
47. Write thank you letters
48. If you live in a chaotic household, plan regular times to eat together. Turn off the television.
49. Ring your mum
50. Buy music or a dvd
51. Save energy by pulling your curtains over windows on hot and cold days
52. Don't shout at children, or anyone for that matter
53. Replace all your light bulbs with compact fluorescent bulbs which are more energy efficient than normal bulbs
54. Pray and give thanks at the end of each day
55. Sign up as a volunteer for Clean Up Australia
56. Take a first aid course
57. Don't cheat
58. Stop saying: "I've been meaning to..." It really isn't an excuse
59. Give blood. For the nearest Red Cross bloodbank
60. Vist an elderly neighbour. Stop for a chat, take out their rubbish bins
61. Get rid of clutter in your workplace and at home
62. Give way to cyclists and allow them their space on the road
63. Use re-usable washable nappies because disposable nappies take about 500 years to decompose and account for about 2% of landfill
64. Don't be too obsessive about 'dryclean only' labels. Often handwashing in cool water can be just as effective ad cuts down on harmful cleaning chemicals
65. Take an elderly relative out for a drive in the country. Pack a picnic
66. Get more sleep. Don't drive when you're tired
67. Keep a bowl of fruit on your desk at work
68. Visit museums and galleries
69. Take time off when you're ill
70. Smile at strangers and talk to shop assistants
71. If you see someone who is lost, show them the way (but also be wary of stranger danger)
72. Forgive and move forward
And a few extras of mine:
73. Use stainless steel cutlery instead of disposable cutleries
74. Take time to plan your meals out for the week and cook healthy, nutricious meals
75. Don't overbuy your groceries and end up with wastage
76. Tell your loved ones you appreciate them and spend time with them
77. Do something special for your parents; cook for them, help clean, take them out
78. Visit your local libraries and borrow books rather than buying
79. Share your books with others or pass them on once you've finished reading them
80. Be patient
81. Instead of grimacing and getting frustrated in traffic, listen and relax to your favourite music and enjoy the moment
82. Volunteer to help
83. Try new foods, cuisines, restaurants and flavours
84. Set time to sort your finances out and save money for a rainy day
85. Buy from your local butchers, greengrocer or delis rather than supermarkets all the time
86. Eat less meat and more fruit and vegetables
87. Organise a fundraising(or donate) for your favourite charity
88. Have a relaxing weekend at home without any plans to go out
89. Find a hobby, and if you have one, make time for your hobby
90. Separate your rubbish and recycle as much as you can
91. Eat less junk food, chips and take aways
92. Click to give to The Animal Rescue Site - sponsors donate for every click
93. Visit your doctor for a checkup on your overall health
94. Make a habit of waking up 1 hour earlier and use that time for your own projects/interests
95. When you're working, work hard, when you're having a night out, relax and enjoy it. Don't bring personal worries into your work hours and work worries into your personal hours
96. Go to bed early every now and then
97. Drink tap water. Consume less bottled soft drinks and water. Not only are they bad for your health but also bad for the environment in terms of landfill
98. Instead of buying more cheap items (clothes, goods, furniture etc), buy less items with greater quality
99. Tidy up your house/office desk and it will create good feng shui
100. Enjoy every single day, not just the weekends and you will learn to enjoy life a lot more
Positive employees versus negative employees
It's not easy being an employee. But then it's not easy being the employer either.
We've all worked with various people over the years. After a few years of working, you start to notice that there is a stark difference between positive and negative co-workers. Which category do you fall in?
The positive co-workers:
Can-do attitude, take pride in their work, give their best effort, highly engaged with a can-do attitude, apply effort in achieving their personal and organisational goals, pro-active with their work, adaptable to new ideas and experiences, achievemen orientated, passion for their work, emotionally mature during frustrating and problemmatical situations with clients and co-workers, positive disposition and willing to go the extra mile to help customers or co-workers, exhibit confidence in their ability to succeed
The negative co-workers:
being consistently late(work, meetings, functions), making a lot of personal calls during work hours, lacks motivation/aspirations, does not take responsibility for their work, inability to meet deadlines, watches the clock and counting down to the weekend every week, always making negative and unhappy comments about customers or other co-workers, constantly taking breaks (coffee, smoke, toilet), consistently taking long lunches, tries to avoid work, resist changes, lazy, requires someone to manage them regularly or else they lack initiative to complete their work
So which type of co-worker would you prefer to work with? In answering that question, if you notice that you possess a few of the negative traits, perhaps you should consider changing so that you're not the one that co-workers dislike working with.
We've all worked with various people over the years. After a few years of working, you start to notice that there is a stark difference between positive and negative co-workers. Which category do you fall in?
The positive co-workers:
Can-do attitude, take pride in their work, give their best effort, highly engaged with a can-do attitude, apply effort in achieving their personal and organisational goals, pro-active with their work, adaptable to new ideas and experiences, achievemen orientated, passion for their work, emotionally mature during frustrating and problemmatical situations with clients and co-workers, positive disposition and willing to go the extra mile to help customers or co-workers, exhibit confidence in their ability to succeed
The negative co-workers:
being consistently late(work, meetings, functions), making a lot of personal calls during work hours, lacks motivation/aspirations, does not take responsibility for their work, inability to meet deadlines, watches the clock and counting down to the weekend every week, always making negative and unhappy comments about customers or other co-workers, constantly taking breaks (coffee, smoke, toilet), consistently taking long lunches, tries to avoid work, resist changes, lazy, requires someone to manage them regularly or else they lack initiative to complete their work
So which type of co-worker would you prefer to work with? In answering that question, if you notice that you possess a few of the negative traits, perhaps you should consider changing so that you're not the one that co-workers dislike working with.
Thursday, May 27, 2010
Ratings agency - Is there a conflict of interest?
If you were a rating agency and company XYZ was paying you a fee for your service...you know that company XYZ's securities/bond offerings were of a poor quality, would you really write a report about them that would expose the securities/bonds as junk or report them as investment grade in order to raise additional fees?
Imagine it's mid 2007 today.
Pre-Global Financial Crisis (GFC). Before the worldwide market crashed. Before your retirement funds literally halved in market value. And if you live in the US, before your house valuation plummeted below your mortgage.
Would you behave differently knowing what you do now? We all would, if we could. As for Lehman Brothers, Bear Stearns and all those large investment banks, they would as well. After you read this, I hope you realise how important it is to perform your own research, investigation, analysis and due diligence on any fund, stock or security that you wish to invest in. Don't just rely on rating agencies guidance.
So what does 'credit rating' refer to? According to the definition provided by Wikipedia: "
A Fortune magazine article (23 July 2007 edition) about Ohio attorney Marc Dann was quoted stating...
A different report by Alec Klein suggest that:
Back in 2007, Moody's code of conduct was:
What's the whole point of using the ratings if the rating agencies don't perform 'due diligence'?! Not only have they absolved themselves from being responsible but they are saying we will rate the bonds/security/etc however we don't have to perform thorough checks and have no obligation to do so.
Katie Benner and Adam Lashinsky wrote:
If there's anything to be learnt from the past 3 years recently, it's to perform your own due diligence and don't just rely on 'expert' opinion. If it's your own funds at stake, take control and do your research prior to investing in anything.
Imagine it's mid 2007 today.
Pre-Global Financial Crisis (GFC). Before the worldwide market crashed. Before your retirement funds literally halved in market value. And if you live in the US, before your house valuation plummeted below your mortgage.
Would you behave differently knowing what you do now? We all would, if we could. As for Lehman Brothers, Bear Stearns and all those large investment banks, they would as well. After you read this, I hope you realise how important it is to perform your own research, investigation, analysis and due diligence on any fund, stock or security that you wish to invest in. Don't just rely on rating agencies guidance.
So what does 'credit rating' refer to? According to the definition provided by Wikipedia: "
I've been tidying up my room, the massive piles of random articles, newspapaper clippings and magazines. Things that I found interesting at that time and wanted to re-read later. I found a few articles about the possible conflict of interest that undermine the rating agencies independence. These articles range between 2004 and 2007.A credit rating estimates the credit worthiness of an individual, corporation, or even a country. It is an evaluation made by credit bureaus of a borrower’s overall credit history.[1] A credit rating is also known as an evaluation of a potential borrower's ability to repay debt, prepared by a credit bureau at the request of the lender (Black's Law Dictionary). Credit ratings are calculated from financial history and current assets and liabilities. Typically, a credit rating tells a lender or investor the probability of the subject being able to pay back a loan. However, in recent years, credit ratings have also been used to adjust insurance premiums, determine employment eligibility, and establish the amount of a utility or leasing deposit.
A poor credit rating indicates a high risk of defaulting on a loan, and thus leads to high interest rates, or the refusal of a loan by the creditor."
A Fortune magazine article (23 July 2007 edition) about Ohio attorney Marc Dann was quoted stating...
"The ratings agencies cashed a check every time one of these sub-prime pools was created and an offering was made...continued to rate these things AAA...among the people who aided and abetted this continuing fraud..."Standard & Poor's, Moody's and Fitch Ratings. The three main credit rating agencies that came under Dann's attack. Pensions and Mutal funds in the U.S hold only investment grade bonds so they are unable to invest in these bonds unless the bonds are rated. Below is a guideline of S&P and Moody's ratings structure:
A different report by Alec Klein suggest that:
"...they are free to set their own rules and practices, which sometimes leads to abuse, according to many inside and outside the industry...they have strong armed clients by threatening to withdraw their ratings- a move that can raise a borrower's interest payments"He cites some examples of the rating agencies doing a bit of bullying in order to maintain their fees: Hannover Re (a German insurer), Compuware (a Detroit computer software maker).
Back in 2007, Moody's code of conduct was:
"Moody's has no obligations to perform, and does not perform, due diligence."The Fortune article went on to state that '...the other two agencies [S&P and Fitch Ratings] have similar provisions...'
What's the whole point of using the ratings if the rating agencies don't perform 'due diligence'?! Not only have they absolved themselves from being responsible but they are saying we will rate the bonds/security/etc however we don't have to perform thorough checks and have no obligation to do so.
Katie Benner and Adam Lashinsky wrote:
"Dann and a growing legion of critics contend that the agencies dropped the ball by issuing investment-grade ratings on securities backed by subprime mortgages they should have known were shaky...In addition to receiving fees from bond issuers that want ratings, S&P, Moody's and fitch do not vet data provided by these customers..."If only people took more notice of Marc Dann's foresight, his allegations and his opinion. Perhaps pension funds wouldn't have lost so much if they did. Even in 2007, ripples of the sub-prime problem was reaching the pages in our own Australian newspapers, albeit a small section hidden in the midst of the stockmarket 'boom' articles.
If there's anything to be learnt from the past 3 years recently, it's to perform your own due diligence and don't just rely on 'expert' opinion. If it's your own funds at stake, take control and do your research prior to investing in anything.
Tuesday, May 11, 2010
Help, my builders are crap and my neighbours are a$$holes!
So you've contracted builders to build your house or extend the house. Everything is going along swimmingly when you sign them up. Suddenly, as they start building, you notice that there hasn't been any mandatory council inspection during the builders progress. You also notice that the builder is flying along with his construction and some of their work is misaligned or simply, crap.
You've got problems and where can you go for help?
1)Consumer, Trader & Tenancy Tribunal - online application fo a dispute can be lodged with application fees ranging from $31-$167 (www.fairtrading.nsw.gov.au/cttt.html)
2)NSW Office of Fair Trading - www.fairtrading.nsw.gov.au/building There's helpful information and tips on how to construct contracts, decide on builders and resolving disputes
3)Insurance claim- All building work valued over $12,000 must be covered by home warranty insurance and builders must supply the owner with a certificate of insurance when the contract is signed. If your builder is insolvent you can direct your claim to the insurer specified onth certificate of insurance.
4)Legal action- www.lawsociety.com.au A directory of solicitors with a current practising certificate. This site is maintained by The Law Society of NSW
Vicious and unpleasant neighbours. I had a work colleague with a nasty neighbour. Their relationship deteriorated daily and he would start up his lawn mowing and drilling tools early in the morning every weekend just to drive my colleague insane. So what can you do about unpleasant neighbours?
1)NSW Department of Lands- www.lands.nsw.gov.au/land-management/dividing-fences They administer the Dividing Fences Act 1991. If you give your neighbour a written notice and there's no agreement reached after one month, the Local Land Board can adjudicate
2)Community Justice Centres- www.cjc.nsw.gov.au Available in NSW, they provide free mediation and conflict management services to assist with dispute resolution
3)Local courts- Civil issues valued up to $60,000 can be dealt with by the Chamber Magistrates
4)Local council- Councils can have compulsory notice powers for any disputes covered by the Local Government Act
5)Private legal action- www.lawsociety.com.au for solicitors
There's not really much you can do with annoying or unpleasant neighbours if they aren't breaching any laws. You can't really trade your neighbour too if you don't like them. It's always best to try and maintain a good relationship from the start.
You can however, ensure to some extent that you don't contract a crappy builder by ensuring they have all the relevant licences and registrations. That they have insurance covering their work. Don't pay the entire balance up front but in stages of completion. Check for references. See what work they have done in the past. Doing the legwork before contracting them can prevent a lot of headaches later.
You've got problems and where can you go for help?
1)Consumer, Trader & Tenancy Tribunal - online application fo a dispute can be lodged with application fees ranging from $31-$167 (www.fairtrading.nsw.gov.au/cttt.html)
2)NSW Office of Fair Trading - www.fairtrading.nsw.gov.au/building There's helpful information and tips on how to construct contracts, decide on builders and resolving disputes
3)Insurance claim- All building work valued over $12,000 must be covered by home warranty insurance and builders must supply the owner with a certificate of insurance when the contract is signed. If your builder is insolvent you can direct your claim to the insurer specified onth certificate of insurance.
4)Legal action- www.lawsociety.com.au A directory of solicitors with a current practising certificate. This site is maintained by The Law Society of NSW
Vicious and unpleasant neighbours. I had a work colleague with a nasty neighbour. Their relationship deteriorated daily and he would start up his lawn mowing and drilling tools early in the morning every weekend just to drive my colleague insane. So what can you do about unpleasant neighbours?
1)NSW Department of Lands- www.lands.nsw.gov.au/land-management/dividing-fences They administer the Dividing Fences Act 1991. If you give your neighbour a written notice and there's no agreement reached after one month, the Local Land Board can adjudicate
2)Community Justice Centres- www.cjc.nsw.gov.au Available in NSW, they provide free mediation and conflict management services to assist with dispute resolution
3)Local courts- Civil issues valued up to $60,000 can be dealt with by the Chamber Magistrates
4)Local council- Councils can have compulsory notice powers for any disputes covered by the Local Government Act
5)Private legal action- www.lawsociety.com.au for solicitors
There's not really much you can do with annoying or unpleasant neighbours if they aren't breaching any laws. You can't really trade your neighbour too if you don't like them. It's always best to try and maintain a good relationship from the start.
You can however, ensure to some extent that you don't contract a crappy builder by ensuring they have all the relevant licences and registrations. That they have insurance covering their work. Don't pay the entire balance up front but in stages of completion. Check for references. See what work they have done in the past. Doing the legwork before contracting them can prevent a lot of headaches later.
Thursday, April 1, 2010
Financial woes and getting help through counselling
Financial counselling and how it can help your financial woes.
If you're struggling with financial problems then it can help to have an objective, third party assist you. Financial difficulties may arise when you lose your job, have had your hours reduced, have an illness or have over committed. Don't wait until the problem is catastrophic, seek help early and you will have more options available. There are a few agencies around Australia that provide face-to-face counselling and also counselling by phone.
1)Financial Ombudsman Service (www.fos.org.au) 1300 78 08 08- Fair and independent dispute resolution for consumers and financial service providers
2)Care Inc Financial Counselling Service (www.carefcs.org) - Based in Canberra, offering drop-in programs and limited hours phone service
3)MoneyHelp Financial Counselling (www.moneyhelp.org.au) 1800 149 689 - A Victorian State Government initiative offering tools and advice for those who lost their jobs and struggle with bills and debts.
Some solutions that they may help you to negotiate if you don't know how to negotiate yourself include: budgeting assistance, negotiating a revised repayment schedule, extension of time on bills and debts due on certain dates, reduced interest rates, moratorium on payments for a period of time until you are able to meet your repayments in full.
It's may be too late to seek help when you're being serve a 'default notice' (borrowers have to pay overdue amounts within 30 days) or a 'statement of claim' which is calling in the loan due to failure to pay the default notice previously issued.
Never ignore your financial problems.
1) Contact your creditors straight away and request hardship variation. Most creditors will either assist you with organising a payment plan or a moratorium on their bills.
2) Prepare an income and expenditure statement (budget) list for your creditors. Submit your requests in writing.
3) Keep your creditors in the loop regarding your financial situation and do not ignore their correspondence. Seek help for anything you do not understand anything.
4) If they refuse to negotiate, request them to review their decision. If you are unhappy with their response, contact the financial counselling services listed above for assistance.
5) If they threaten legal action, ensure you see legal or financial assistance/counselling immediately.
6) Your Financial Services Provider may not alter your repayments and they don't have to. However, they 'must look at your current financial postion' and possibly ask you for more information 'to asses how they may be able to assist you.'
7) The Financial Ombudsman Service can award compensation on fees and interest if the Financial Services Provider has not followed procedures correctly.
Starting from January 2010, as a last resort, the Financial Ombudsman Service can now make the credit provider change the repayments for some credit contracts depending on the type and size of the credit facility:
* Most credit card contracts
* Personal loans
* Car loans
* Some home loans from January 2011 (if they are less than $500,000)
The will only pursue this option after they have analysed your financial situation and ability to meet a variation to the credit contract. Seek help as soon as you start experiencing financial difficulties. With a bit of good planning, you may beable to avert bankruptcies and financial disaster by negotiating new arrangements with creditors unti you can resume payment again.
If you're struggling with financial problems then it can help to have an objective, third party assist you. Financial difficulties may arise when you lose your job, have had your hours reduced, have an illness or have over committed. Don't wait until the problem is catastrophic, seek help early and you will have more options available. There are a few agencies around Australia that provide face-to-face counselling and also counselling by phone.
1)Financial Ombudsman Service (www.fos.org.au) 1300 78 08 08- Fair and independent dispute resolution for consumers and financial service providers
2)Care Inc Financial Counselling Service (www.carefcs.org) - Based in Canberra, offering drop-in programs and limited hours phone service
3)MoneyHelp Financial Counselling (www.moneyhelp.org.au) 1800 149 689 - A Victorian State Government initiative offering tools and advice for those who lost their jobs and struggle with bills and debts.
Some solutions that they may help you to negotiate if you don't know how to negotiate yourself include: budgeting assistance, negotiating a revised repayment schedule, extension of time on bills and debts due on certain dates, reduced interest rates, moratorium on payments for a period of time until you are able to meet your repayments in full.
It's may be too late to seek help when you're being serve a 'default notice' (borrowers have to pay overdue amounts within 30 days) or a 'statement of claim' which is calling in the loan due to failure to pay the default notice previously issued.
Never ignore your financial problems.
1) Contact your creditors straight away and request hardship variation. Most creditors will either assist you with organising a payment plan or a moratorium on their bills.
2) Prepare an income and expenditure statement (budget) list for your creditors. Submit your requests in writing.
3) Keep your creditors in the loop regarding your financial situation and do not ignore their correspondence. Seek help for anything you do not understand anything.
4) If they refuse to negotiate, request them to review their decision. If you are unhappy with their response, contact the financial counselling services listed above for assistance.
5) If they threaten legal action, ensure you see legal or financial assistance/counselling immediately.
6) Your Financial Services Provider may not alter your repayments and they don't have to. However, they 'must look at your current financial postion' and possibly ask you for more information 'to asses how they may be able to assist you.'
7) The Financial Ombudsman Service can award compensation on fees and interest if the Financial Services Provider has not followed procedures correctly.
Starting from January 2010, as a last resort, the Financial Ombudsman Service can now make the credit provider change the repayments for some credit contracts depending on the type and size of the credit facility:
* Most credit card contracts
* Personal loans
* Car loans
* Some home loans from January 2011 (if they are less than $500,000)
The will only pursue this option after they have analysed your financial situation and ability to meet a variation to the credit contract. Seek help as soon as you start experiencing financial difficulties. With a bit of good planning, you may beable to avert bankruptcies and financial disaster by negotiating new arrangements with creditors unti you can resume payment again.
Superannuation contribution limits
Were you planning to make extra contributions to your super fund by salary sacrificing? Beware that you do not exceed your Contributions Cap.
Working Australian Residents:
There are strict penalties if you exceed your Contributions Cap - you will be personally liable for the new tax - Excess contributions Tax. It is your responsibility to monitor your contributions.
Calculating the amount of your voluntary concessional contributions allowable to prevent the Excess contributions tax:
2009/2010 Concessional contributions cap for individuals under 50 years of age = $25,000 - 9% SG portion
2009/2010, 10/11, 11/12 Concessional contributions cap for individuals aged 50 and over = $50,000 - 9% SG portion
2009/2010 Non-concessional contributions cap is $150,000/annum. In future, the cap will be calculated as 6 times the level of the indexed concessional contributions cap.
Temporary Residents in Australia
If you hold an eligible temporary resident visa (Visa), you must claim your super benefit from your super fun within 6 months after the Visa being cancelled/expiring and you have left Australia. If this is not done within 6 months after the Visa ceases to be in effect and you have left Australia, then the money will be paid to the Commissioner as 'unclaimed money'. This can still be claimed from the ATO on 13 10 20. Your super fund is not obliged to notify orgive an exit statement to you when they transfer your superannuation to the ATO after you depart from Australia.
There are also limited conditions of release available to all temporary resident members (irrespective of whether or not they have left Australia):
* Death
* Terminal medical condition
* Permanent incapacity
* Departing Australia permanently to Temporary Residents who apply in writing for the release of their benefits
* Trustee payments to the ATO under the Superannuation (Unclaimed Money and Lost Members) Act 1999
* Temporary incapacity and/or
* Release Authorities under the Income Tax Assessment Act 1997
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