Superannuation: Coverage and Financial Characteristics

Superannuation: Coverage and Financial Characteristics

Thought we’d start off with some staggering statistics that really amazed us this week… One in six people has no superannuation. The Australian Bureau of Statistics recently released a report called “Superannuation: Coverage and Financial Characteristics, Australia” which revealed that approximately one in six people between the age of 25 – 54 who have not yet retired have no superannuation. Of those with superannuation 54% currently had employer or business contributions only. 23% currently had both employer or business contributions and personal or spouse contributions. 5% currently had personal or spouse contributions and 18% had superannuation to which no contributions were currently being made.

As we have discussed before, many people are using their homes as their superannuation. The principal place of residence is tax free and many are reaping the rewards. This was further evidenced by the State Government collecting a staggering $1.8 billion from Land Tax and Stamp Duty last year alone. Whilst on that dirty Land Tax subject, were you aware that Land Tax will be abolished from 1 July 2002 – for investors holding properties with unimproved land value of (wait for it…) of less than $50,000! Such a generous announcement. The ‘principal place of residence’ exemption will be removed in respect of properties owned by companies and trusts after 1 July 2002. And now for the big one – (the Government just can’t help themselves!) up goes the rate, yes from 1 January 2002 a new Premium Property Tax will be applicable to any principal place of residence with an unimproved land value in excess of $1 million. The tax being levied at a flat rate of 1.7% on a threshold to $1,414,000 on such excess. Thanks Bob you are doing a great job!! I am sure the Land Tax rate will be like the bridge toll up, up and away.

More interesting statistics… Are you aware how many cigarette butts are thrown away to pollute the environment each year in Australia? Take a moment to guess the number in N.S.W. alone, then think how long it would take for a single butt to biodegrade. In Australia it is one of the, if not the biggest, environmental issues of concern. Now that you have your thinking caps on, what industry in Mosman employs more people than any other? (excluding the Navy) Yes, the real estate industry!! In Mosman alone look at all the agencies then look at the number of staff employed – you are talking very big numbers, so we decided to literally ‘kick some butt!!’

In N.S.W. annually there are around 9 billion butts thrown away that are polluting our environment! With the recent anti-smoking laws, the smokers are going outdoors to smoke. It can take up to fifteen years for a single butt to biodegrade, an amazing statistic. So when “BUTTsOUT” approached us asking us to sponsor their great cause, we jumped at the chance! The official launch will be at Balmoral Beach very soon. Basically, this new campaign is all about making containers to hand out to smokers for them to deposit their cigarette butts into. On the beach, most smokers use the sand as their ashtray and their butts end up in the harbour, where you swim. This sponsorship represents the largest ever individual financial contribution for our local community and we could not be happier about it! Later launches will happen at Manly and Bondi Beaches. We love our beaches, especially our beloved Balmoral, Clifton Gardens and Chinamans Beaches and this is our opportunity to put something back. Over the years we have sponsored Little Athletics, art prizes and most of the schools. Many agencies put nothing back into the community. Whilst a few do offer sponsorships, it was only when we looked at who sponsored what, that we were amazed to find out that a few agencies out there spend nothing on helping our community.

Those waiting for the first auctions last week were left shaking their heads in disbelief! A home in Brightmore Street, situated on approximately 360 square metres of land, sold for a record price of $1,410,000!!! Auctioned by Richardson & Wrench of course. We commence our auction run this coming Tuesday night with the launch of the ‘First Eight’ and have already sold a few properties. It is shaping up very well. If you are in the area please drop in. When our Chief Auctioneer inspected the venue at Mosman Rowing Club, he commented “without doubt the finest auction venue in Sydney”. We start at 6.30pm and all the way through the auctions we will be serving hors-d’oeuvres, and I will say this, the food at Rowers Restaurant is sensational. Once again we will be breaking new ground in property auctions and no doubt will see a few red faces from our competitors, when they see how it really should be done. After all, it is all about service for the vendors and purchasers, not about what is best for the agency. The days of the big auction lists could well become a thing of the past.

So much to do and not enough time, onto the menu at The Rowers. I think we will start with asparagus lightly steamed and wrapped in prosciutto, with a 1996 Howard Park chardonnay hmmmm, no wonder we are seen as the ‘smart choice’ agency…. bon appetit!! ^_^.

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