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1、Lecture 3INTRODUCTION TO SUPERANNUATION,Overview,What is SuperannuationHistory of SuperContribution RulesRegulatory BodiesLegislationFund StructureRole of ProfessionalsInvestmentAdministration,Introduction,There are a number of ways people can save for their retirement;for example,a person may inves
2、t in shares or property or use the proceeds from the sale of a business,or save for retirement through superannuationSuperannuation is a long-term savings method designed to provide money to live on in retirement,History,Superannuation in Australia can probably be traced back to the mid-1800s.At tha
3、t time,superannuation was provided to senior employees of banks and insurance panies.The large industrial panies began providing superannuation to senior employees in the 1940s.,History(Cont),It was not until the 1980s when industrial awards required that an employer contribute a minimum amount of s
4、uperannuation for employees.Because of the difficulties with enforcing awards and because not all employees were covered by an award,the government introduced the superannuation guarantee system in 1992.,Superannuation has gone through Three Main Stages,Pre 1988Government EmployeesSenior Executives1
5、988Provisions Extended Via Award provisionsTrade Union 1992Introduction of the SGContinuous Change,History(Cont),2005Superannuation ChoiceTransition to retirementSuperannuation SplittingChanges to SMSFJuly 2007 Major ChangesContribution Limits Abolition of RBLsTaxation Changes(Nil Tax over 60)Change
6、s to pension rules,What is Superannuation?,Savings StructurePurposeTax AdvantagesAccessSecond Largest Asset owned By Australians,Stages of Super,Superannuation has three main stagesContributionsAccumulationBenefits/Withdrawal,Contributions,The contributions stage usually involves cash being paid int
7、o the superannuation fund for its members.Contributions may be made:by an employer for employees;by employees;by people who do not receive superannuation support,for example,self-employed people and those who receive ine solely from investments;for a persons spouse;for children under 18;By anyone un
8、der age 65(or up to 75 if certain work tests are met);or by the government as a co-contribution,Accumulating Super,If you are between the ages of 18 and 70 and earn at least$450 in a calendar month,you are entitled to Superannuation Guarantee Contributions(SGC)the pulsory 9 per cent of salary that e
9、mployers must contribute as super for their employees.This is the case whether you are full-time,part-time or casual.,Accumulation,During the accumulation stage,contributions are invested by the fund trustees for the benefit of members.The trustees of a superannuation fund who have the responsibilit
10、y for its operation are required to invest the money in the fund.Investments may be in shares,fixed interest investments or property.A financial planner can play an important role to assist the client if the fund allows a choice of investments.,Top up your Super,On top of employer contributions,you
11、can also make personal contributions to super.The most effective way to do this is through“salary sacrifice”,with the money ing out of your pre-tax pay.This means that instead of the money being taxed at your highest rate(45%),you pay only a 15%contributions tax.,Benefits,The benefits stage of super
12、annuation occurs when contributions and the ine earned by the fund are paid to the member or,if the member has died,to the members dependants,such as his or her spouse or child.pension,or a bination of both.,Benefits(Cont),Benefits may also be paid from the fund in other circumstances,such as the pe
13、rmanent invalidity of the member.The type of benefit which may be paid from the fund depends on the fund rules and the preference of the member or his or her dependants.Benefits may be paid as a lump sum.,Our Aging Population,Today there are five and a half working persons for each person aged over
14、65.By 2031,it is predicted that this will reduce to just under three!,The Lifecycle 30 years ago,The Lifecycle Today,Australians Projected Life Expectancy(years),LIFE EXPECTANCY AT BIRTH 2010 2020 2030 2040 2050MEN 80.1 82.5 84.5 86.1 87.7WOMEN 84.4 86.2 87.8 89.2 90.5LIFE EXPECTANCY AT AGE 60 MEN 2
15、3.4 25.2 26.7 28.0 29.2WOMEN 26.6 27.9 29.2 30.4 31.4LIFE EXPECTANCY AT AGE 67 MEN 17.6 19.1 20.4 21.6 22.6WOMEN 20.4 21.6 22.8 23.8 24.8SOURCE:TREASURY INTERGENERATIONAL REPORT,Imagine your superannuation as a rain tank,Things that will fill your super tank:9%super guaranteeSalary sacrificed superA
16、fter tax personal contributionsIne from super investments,Imagine your superannuation as a rain tank,Things that will empty your super tank:Inflation TaxLow risk/returns(market volatility)Spending(in retirement)Fees,Superannuation Guarantee Scheme,Introduced in 1992Compulsory Payments by employersMi
17、nimum levels to support employeesBegan at 3%Currently 9%,Who can contribute to Superannuation?,Under 65No Restrictions applyBetween 65 69SG or awardPersonal contributions can be made provided the member remains employed for at least 40hours in a consecutive 30 day period Between 70 and 74No SG award
18、 onlyPersonal contributions can be made provided the member remains employed for at least 40hours in a consecutive 30 day periodContinuous ChangeOver 74Only award contributions can be made,Regulators and Regulations,APRAASICATOSuperannuation Complaints Tribunal(SCT)Superannuation Industry(Supervisio
19、n)Act 1993(Cth)(SIS Act),Regulator Bodies,APRA(Australian Prudential Regulation Authority)Provides overall supervision and pliance with SISExamines prospectuses and approves trusteesFunded by a levy of on all Superannuation funds,Regulator Bodies,ASIC(Australian Securities and Investments Commission
20、)Consumer protectionDisclosure and reporting under SIS Monitors advice standards,Regulator Bodies,ATO(Australian Tax Office)Monitor fund returns and tax lawsAdministers SG system and co-contributionIssues RBL LimitsMaintains register of lost superRegulates SMSF&funds with fewer than 5 membersSTC(Sup
21、erannuation Complains Tribunal)Deals with client plaintsWorks together with fund plaints process,Superannuation Legislation,Trust LawMust ply with trust deedAct impartially for the benefit of BeneficiariesEach state has its own trust legislationSole purpose test(provide retirement benefits),Superann
22、uation Legislation,SIS Regime Superannuation Industry(Supervision)ActMost funds are supervised by APRATrustees must lodge app with APRA:Corporate/PensionRequirement include:-Protection of member Benefits-Members are informed about the fund-Funds are managed prudently-Members can help manage(certain
23、fundAPRA annual returnsPenalties for non-pliance,Superannuation Legislation,Sole Purpose TestSuperannuation is to be access At retirement In the event of death Due to termination of employment due to ill health In the event of severe financial hardship On passionate grounds,Superannuation Legislatio
24、n,Complying Superannuation FundFund elects to be a regulated resident fundComplies with SIS regimeQualifies for concessional tax treatmentRegulated Superannuation FundTrust deed specifies retirement purposeIncorporated TrusteeSelf Managed Superannuation FundHas fewer than five membersGreater investm
25、ent controlsMonitored by ATO,Superannuation Legislation,Ine Tax Assessment ActUsed to monitor the payment of taxEnsures correct level of tax and administrationFamily Law ActTreated as normal propertyUsed to facilitate division in marriage breakdownsSuperannuation(Resolution of Complaints)ActProvides
26、 guidelines to the tribunal,Fund Structure,TrustMoney and Assets included in the fundBeneficiaryMembers or individuals who will receive the benefitsTrust DeedLegal documentOutlines how the fund is to be managed,administered and alloctedMust be updated in line with changes in lawTrusteeManagers the f
27、und in accordance to the trust deedMust act in accordance to legislation,Role of Professionals,ActuaryMeasures fund performanceAdvise on future strategyAccountants,administrators and auditorsMaintain all contributions and keep recordsBook keeping servicesLodge appropriate returns and monitor pliance
28、Asset Consultants and Investment ManagersEnsure funds meet investment objectives and asset MixFinancial Planners/AdvisersStrategy of fundMeet client short,medium and long term goals,Investment of Fund Assets,Investment strategy must be put in placeAppropriate level of risk&returnDiversificationAdequ
29、ate liquidityAbility to discharge current and future amountsMust be monitored on a regular basisRecently introduced Legislation allows Super funds to borrow(Conditions apply!),Acquiring Assets from Members,Funds cannot acquire directly from a related party Unless:It is a listed security on an approv
30、ed exchangeUnits held in a widely held unit trustSmall fund can acquire 100%real business propertyStamp Duty and GGT may apply5%in-house asset Rule,Fund Administration,Trustees must keep for a minimum of 10 years:Minutes of all trustee or directors meetingsAll Changes to trusteesCopies of all genera
31、l reports to members,Fund Administration,Accounting Records must be kept for 5 yearsSubmit an annual each yearAccounts must be audited on an annual basisActuarial reports may be required,Complaints Procedures,All Funds must have and internal plains schemeFirst port of call us usually the adviserInte
32、rnal plaints procedureSuperannuation Complaints tribunalCourts,Penalties,Penalties for non pliance can include:Removal of tax concessionsFund Given non plying statusFinesCourt orders,Super vs Non super,Why Super?,Super Investments concessionally taxed,Ine,45%,CGT,22.50%,15%,10%,30%,12.50%,Top MTR,Su
33、per,Saving,Wealth Creation I,Multiple Ine Streams including passive ine.Earn and Save more.Investing makes your savings work harder and helps create wealth.,Multiple Ine Streams,Your salaryIne from own businessRent ines from property investmentsDividends from share-market investmentsOthers,Who wants
34、 to be a Millionaire?,As you age,the value of your human capital declines.You need to secure more of your savings.Pay non-deductible debts first.,Inflation Risk,Whether inflation is high or low,the cost of goods has always increased over time.If the chosen investment does not grow at least the same rate then the real purchasing power of the money is being eroded.,
