《长期财富增长计划》PPT课件.ppt

1、Lecture 3 INTRODUCTION TO SUPERANNUATION,Overview,What is Superannuation History of Super Contribution Rules Regulatory Bodies Legislation Fund Structure Role of Professionals Investment Administration,Introduction,There are a number of ways people can save for their retirement; for example, a perso

2、n may invest in shares or property or use the proceeds from the sale of a business, or save for retirement through superannuation Superannuation 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

3、-1800s. At that time, superannuation was provided to senior employees of banks and insurance companies. The large industrial companies began providing superannuation to senior employees in the 1940s.,History (Cont),It was not until the 1980s when industrial awards required that an employer contribut

4、e a minimum amount of superannuation 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 1988 Government E

5、mployees Senior Executives 1988 Provisions Extended Via Award provisions Trade Union 1992 Introduction of the SG Continuous Change,History (Cont),2005 Superannuation Choice Transition to retirement Superannuation Splitting Changes to SMSF July 2007 Major Changes Contribution Limits Abolition of RBLs

6、 Taxation Changes (Nil Tax over 60) Changes to pension rules,What is Superannuation ?,Savings Structure Purpose Tax Advantages Access Second Largest Asset owned By Australians,Stages of Super,Superannuation has three main stages Contributions Accumulation Benefits / Withdrawal,Contributions,The cont

7、ributions stage usually involves cash being paid into 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 income solely from invest

8、ments; for a persons spouse; for children under 18; By anyone under 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

9、 Guarantee Contributions (SGC) the compulsory 9 per cent of salary that employers 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

10、 of members. The trustees of a superannuation fund who have the responsibility 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

11、a choice of investments.,Top up your Super,On top of employer contributions, you can also make personal contributions to super. The most effective way to do this is through “salary sacrifice”, with the money coming out of your pre-tax pay. This means that instead of the money being taxed at your hig

12、hest rate (45%), you pay only a 15% contributions tax.,Benefits,The benefits stage of superannuation occurs when contributions and the income 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 combination

13、 of both.,Benefits (Cont),Benefits may also be paid from the fund in other circumstances, such as the permanent 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

14、 lump sum.,Our Aging Population,Today there are five and a half working persons for each person aged over 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

15、 2020 2030 2040 2050 MEN 80.1 82.5 84.5 86.1 87.7 WOMEN 84.4 86.2 87.8 89.2 90.5 LIFE EXPECTANCY AT AGE 60 MEN 23.4 25.2 26.7 28.0 29.2 WOMEN 26.6 27.9 29.2 30.4 31.4 LIFE EXPECTANCY AT AGE 67 MEN 17.6 19.1 20.4 21.6 22.6 WOMEN 20.4 21.6 22.8 23.8 24.8 SOURCE: TREASURY INTERGENERATIONAL REPORT,Imagi

16、ne your superannuation as a rain tank,Things that will fill your super tank: 9% super guarantee Salary sacrificed super After tax personal contributions Income from super investments,Imagine your superannuation as a rain tank,Things that will empty your super tank: Inflation Tax Low risk/returns (ma

17、rket volatility) Spending (in retirement) Fees,Superannuation Guarantee Scheme,Introduced in 1992 Compulsory Payments by employers Minimum levels to support employees Began at 3% Currently 9%,Who can contribute to Superannuation ?,Under 65 No Restrictions apply Between 65 69 SG or award Personal con

18、tributions can be made provided the member remains employed for at least 40hours in a consecutive 30 day period Between 70 and 74 No SG award only Personal contributions can be made provided the member remains employed for at least 40hours in a consecutive 30 day period Continuous Change Over 74 Onl

19、y award contributions can be made,Regulators and Regulations,APRA ASIC ATO Superannuation Complaints Tribunal (SCT) Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act),Regulator Bodies,APRA (Australian Prudential Regulation Authority) Provides overall supervision and compliance with SIS E

20、xamines prospectuses and approves trustees Funded by a levy of on all Superannuation funds,Regulator Bodies,ASIC (Australian Securities and Investments Commission) Consumer protection Disclosure and reporting under SIS Monitors advice standards,Regulator Bodies,ATO (Australian Tax Office) Monitor fu

21、nd returns and tax laws Administers SG system and co-contribution Issues RBL Limits Maintains register of lost super Regulates SMSF & funds with fewer than 5 members STC (Superannuation Complains Tribunal) Deals with client complaints Works together with fund complaints process,Superannuation Legisl

22、ation,Trust Law Must comply with trust deed Act impartially for the benefit of Beneficiaries Each state has its own trust legislation Sole purpose test (provide retirement benefits),Superannuation Legislation,SIS Regime Superannuation Industry (Supervision) Act Most funds are supervised by APRA Trus

23、tees must lodge app with APRA: Corporate/Pension Requirement include: - Protection of member Benefits - Members are informed about the fund - Funds are managed prudently - Members can help manage (certain fund APRA annual returns Penalties for non-compliance,Superannuation Legislation,Sole Purpose T

24、est Superannuation 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 compassionate grounds,Superannuation Legislation,Complying Superannuation Fund Fund elects to be a regulated resident fund Complies w

25、ith SIS regime Qualifies for concessional tax treatment Regulated Superannuation Fund Trust deed specifies retirement purpose Incorporated Trustee Self Managed Superannuation Fund Has fewer than five members Greater investment controls Monitored by ATO,Superannuation Legislation,Income Tax Assessmen

26、t Act Used to monitor the payment of tax Ensures correct level of tax and administration Family Law Act Treated as normal property Used to facilitate division in marriage breakdowns Superannuation (Resolution of Complaints) Act Provides guidelines to the tribunal,Fund Structure,Trust Money and Asset

27、s included in the fund Beneficiary Members or individuals who will receive the benefits Trust Deed Legal document Outlines how the fund is to be managed, administered and allocted Must be updated in line with changes in law Trustee Managers the fund in accordance to the trust deed Must act in accord

28、ance to legislation,Role of Professionals,Actuary Measures fund performance Advise on future strategy Accountants, administrators and auditors Maintain all contributions and keep records Book keeping services Lodge appropriate returns and monitor compliance Asset Consultants and Investment Managers

29、Ensure funds meet investment objectives and asset Mix Financial Planners/Advisers Strategy of fund Meet client short, medium and long term goals,Investment of Fund Assets,Investment strategy must be put in place Appropriate level of risk & return Diversification Adequate liquidity Ability to dischar

30、ge current and future amounts Must be monitored on a regular basis Recently 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 approved exchange Units held in

31、a widely held unit trust Small fund can acquire 100% real business property Stamp Duty and GGT may apply 5% in-house asset Rule,Fund Administration,Trustees must keep for a minimum of 10 years: Minutes of all trustee or directors meetings All Changes to trustees Copies of all general reports to members,Fund Administration,Accounting Records must be kept for 5 years Submit an annual each year Accounts must be audited on an annual basis Actuarial reports may be required,Complaints Procedures,All Funds must have and internal complains sch