《长期财富增长计划》PPT课件.ppt

Lecture3INTRODUCTIONTOSUPERANNUATION Overview WhatisSuperannuationHistoryofSuperContributionRulesRegulatoryBodiesLegislationFundStructureRoleofProfessionalsInvestmentAdministration Introduction Thereareanumberofwayspeoplecansavefortheirretirement forexample apersonmayinvestinsharesorpropertyorusetheproceedsfromthesaleofabusiness orsaveforretirementthroughsuperannuationSuperannuationisalong termsavingsmethoddesignedtoprovidemoneytoliveoninretirement History SuperannuationinAustraliacanprobablybetracedbacktothemid 1800s Atthattime superannuationwasprovidedtosenioremployeesofbanksandinsurancecompanies Thelargeindustrialcompaniesbeganprovidingsuperannuationtosenioremployeesinthe1940s History Cont Itwasnotuntilthe1980swhenindustrialawardsrequiredthatanemployercontributeaminimumamountofsuperannuationforemployees Becauseofthedifficultieswithenforcingawardsandbecausenotallemployeeswerecoveredbyanaward thegovernmentintroducedthesuperannuationguaranteesystemin1992 SuperannuationhasgonethroughThreeMainStages Pre1988GovernmentEmployeesSeniorExecutives1988ProvisionsExtendedViaAwardprovisionsTradeUnion1992IntroductionoftheSGContinuousChange History Cont 2005SuperannuationChoiceTransitiontoretirementSuperannuationSplittingChangestoSMSFJuly2007MajorChangesContributionLimitsAbolitionofRBL sTaxationChanges NilTaxover60 Changestopensionrules WhatisSuperannuation SavingsStructurePurposeTaxAdvantagesAccessSecondLargestAssetownedByAustralians StagesofSuper SuperannuationhasthreemainstagesContributionsAccumulationBenefits Withdrawal Contributions Thecontributionsstageusuallyinvolvescashbeingpaidintothesuperannuationfundforitsmembers Contributionsmaybemade byanemployerforemployees byemployees bypeoplewhodonotreceivesuperannuationsupport forexample self employedpeopleandthosewhoreceiveincomesolelyfrominvestments foraperson sspouse forchildrenunder18 Byanyoneunderage65 orupto75ifcertainworktestsaremet orbythegovernmentasaco contribution AccumulatingSuper Ifyouarebetweentheagesof18and70andearnatleast 450inacalendarmonth youareentitledtoSuperannuationGuaranteeContributions SGC the compulsory 9percentofsalarythatemployersmustcontributeassuperfortheiremployees Thisisthecasewhetheryouarefull time part timeorcasual Accumulation Duringtheaccumulationstage contributionsareinvestedbythefundtrusteesforthebenefitofmembers Thetrusteesofasuperannuationfundwhohavetheresponsibilityforitsoperationarerequiredtoinvestthemoneyinthefund Investmentsmaybeinshares fixedinterestinvestmentsorproperty Afinancialplannercanplayanimportantroletoassisttheclientifthefundallowsachoiceofinvestments TopupyourSuper Ontopofemployercontributions youcanalsomakepersonalcontributionstosuper Themosteffectivewaytodothisisthrough salarysacrifice withthemoneycomingoutofyourpre taxpay Thismeansthatinsteadofthemoneybeingtaxedatyourhighestrate 45 youpayonlya15 contributionstax Benefits Thebenefitsstageofsuperannuationoccurswhencontributionsandtheincomeearnedbythefundarepaidtothememberor ifthememberhasdied tothemember sdependants suchashisorherspouseorchild pension oracombinationofboth Benefits Cont Benefitsmayalsobepaidfromthefundinothercircumstances suchasthepermanentinvalidityofthemember Thetypeofbenefitwhichmaybepaidfromthefunddependsonthefundrulesandthepreferenceofthememberorhisorherdependants Benefitsmaybepaidasalumpsum OurAgingPopulation Todaytherearefiveandahalfworkingpersonsforeachpersonagedover65 By2031 itispredictedthatthiswillreducetojustunderthree TheLifecycle30yearsago TheLifecycleToday Australians ProjectedLifeExpectancy years LIFEEXPECTANCYATBIRTH20102020203020402050MEN80 182 584 586 187 7WOMEN84 486 287 889 290 5LIFEEXPECTANCYATAGE60MEN23 425 226 728 029 2WOMEN26 627 929 230 431 4LIFEEXPECTANCYATAGE67MEN17 619 120 421 622 6WOMEN20 421 622 823 824 8SOURCE TREASURYINTERGENERATIONALREPORT Imagineyoursuperannuationasaraintank Thingsthatwillfillyoursupertank 9 superguaranteeSalarysacrificedsuperAftertaxpersonalcontributionsIncomefromsuperinvestments Imagineyoursuperannuationasaraintank Thingsthatwillemptyyoursupertank InflationTaxLowrisk returns marketvolatility Spending inretirement Fees SuperannuationGuaranteeScheme Introducedin1992CompulsoryPaymentsbyemployersMinimumlevelstosupportemployeesBeganat3 Currently9 WhocancontributetoSuperannuation Under65NoRestrictionsapplyBetween65 69SGorawardPersonalcontributionscanbemadeprovidedthememberremainsemployedforatleast40hoursinaconsecutive30dayperiodBetween70and74NoSG awardonlyPersonalcontributionscanbemadeprovidedthememberremainsemployedforatleast40hoursinaconsecutive30dayperiodContinuousChangeOver74Onlyawardcontributionscanbemade RegulatorsandRegulations APRAASICATOSuperannuationComplaintsTribunal SCT SuperannuationIndustry Supervision Act1993 Cth SISAct RegulatorBodies APRA AustralianPrudentialRegulationAuthority ProvidesoverallsupervisionandcompliancewithSISExaminesprospectusesandapprovestrusteesFundedbyalevyofonallSuperannuationfunds RegulatorBodies ASIC AustralianSecuritiesandInvestmentsCommission ConsumerprotectionDisclosureandreportingunderSISMonitorsadvicestandards RegulatorBodies ATO AustralianTaxOffice MonitorfundreturnsandtaxlawsAdministersSGsystemandco contributionIssuesRBLLimitsMaintainsregisteroflostsuperRegulatesSMSF fundswithfewerthan5membersSTC SuperannuationComplainsTribunal DealswithclientcomplaintsWorkstogetherwithfundcomplaintsprocess SuperannuationLegislation TrustLawMustcomplywithtrustdeedActimpartiallyforthebenefitofBeneficiariesEachstatehasitsowntrustlegislationSolepurposetest provideretirementbenefits SuperannuationLegislation SISRegimeSuperannuationIndustry Supervision ActMostfundsaresupervisedbyAPRATrusteesmustlodgeappwithAPRA Corporate PensionRequirementinclude ProtectionofmemberBenefits Membersareinformedaboutthefund Fundsaremanagedprudently Memberscanhelpmanage certainfundAPRAannualreturnsPenaltiesfornon compliance SuperannuationLegislation SolePurposeTestSuperannuationistobeaccess Atretirement Intheeventofdeath Duetoterminationofemploymentduetoillhealth Intheeventofseverefinancialhardship Oncompassionategrounds SuperannuationLegislation ComplyingSuperannuationFundFundelectstobearegulatedresidentfundComplieswithSISregimeQualifiesforconcessionaltaxtreatmentRegulatedSuperannuationFundTrustdeedspecifiesretirementpurposeIncorporatedTrusteeSelfManagedSuperannuationFundHasfewerthanfivemembersGreaterinvestmentcontrolsMonitoredbyATO SuperannuationLegislation IncomeTaxAssessmentActUsedtomonitorthepaymentoftaxEnsurescorrectleveloftaxandadministrationFamilyLawActTreatedasnormalpropertyUsedtofacilitatedivisioninmarriagebreakdownsSuperannuation ResolutionofComplaints ActProvidesguidelinestothetribunal FundStructure TrustMoneyandAssetsincludedinthefundBeneficiaryMembersorindividualswhowillreceivethebenefitsTrustDeedLegaldocumentOutlineshowthefundistobemanaged administeredandalloctedMustbeupdatedinlinewithchangesinlawTrusteeManagersthefundinaccordancetothetrustdeedMustactinaccordancetolegislation RoleofProfessionals ActuaryMeasuresfundperformanceAdviseonfuturestrategyAccountants administratorsandauditorsMaintainallcontributionsandkeeprecordsBookkeepingservicesLodgeappropriatereturnsandmonitorcomplianceAssetConsultantsandInvestmentManagersEnsurefundsmeetinvestmentobjectivesandassetMixFinancialPlanners AdvisersStrategyoffundMeetclientshort mediumandlongtermgoals InvestmentofFundAssets InvestmentstrategymustbeputinplaceAppropriatelevelofrisk returnDiversificationAdequateliquidityAbilitytodischargecurrentandfutureamountsMustbemonitoredonaregularbasisRecentlyintroducedLegislationallowsSuperfundstoborrow Conditionsapply AcquiringAssetsfromMembers FundscannotacquiredirectlyfromarelatedpartyUnless ItisalistedsecurityonanapprovedexchangeUnitsheldinawidelyheldunittrustSmallfundcanacquire100 realbusinesspropertyStampDutyandGGTmayapply5 in houseassetRule FundAdministration Trusteesmustkeepforaminimumof10years MinutesofalltrusteeordirectorsmeetingsAllChangestotrusteesCopiesofallgeneralreportstomembers FundAdministration AccountingRecordsmustbekeptfor5yearsSubmitanannualeachyearAccountsmustbeauditedonanannualbasisActuarialreportsmayberequired ComplaintsProcedures AllFundsmusthaveandinternalcomplainsschem