長期財(cái)富增長計(jì)劃課件

1、Lecture 3INTRODUCTION TO SUPERANNUATIONOverviewWhat is SuperannuationHistory of SuperContribution RulesRegulatory BodiesLegislationFund StructureRole of ProfessionalsInvestmentAdministrationIntroductionThere are a number of ways people can save for their retirement; for example, a person may invest

2、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 retirementHistorySuperannuation in Australia can probably be traced back to the mid-1800s. At that

3、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 contribute a minimum amount

4、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 StagesPre 1988Government EmployeesSenior Executiv

5、es1988Provisions 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)Ch

6、anges to pension rulesWhat is Superannuation ?Savings StructurePurposeTax AdvantagesAccessSecond Largest Asset owned By AustraliansStages of SuperSuperannuation has three main stagesContributionsAccumulationBenefits / WithdrawalContributions The contributions stage usually involves cash being paid i

7、nto 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 investments;for a persons spouse;for children under 18;By

8、anyone under age 65 (or up to 75 if certain work tests are met); or by the government as a co-contributionAccumulating SuperIf 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 compulsory 9 per cent

9、of salary that employers must contribute as super for their employees. This is the case whether you are full-time, part-time or casual.AccumulationDuring the accumulation stage, contributions are invested by the fund trustees for the benefit of members. The trustees of a superannuation fund who have

10、 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 a choice of investments.Top up your SuperOn top of employer

11、 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 highest rate (45%), you pay only a 15% contributions tax.Benefits

12、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 of both.Benefits (Cont)Benefits may also be paid from the fund

13、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 lump sum.Our Aging PopulationToday there are five and a half worki

14、ng persons for each person aged over 65.By 2031, it is predicted that this will reduce to just under three!The Lifecycle 30 years agoLearning YearsWorking LifeRetirement20 Years50 Years7 Years02065The Lifecycle TodayLearning YearsWorking LifeRetirement22 Years41 Years22 Years02163 85Australians Proj

15、ected 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 23.4 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

16、24.8SOURCE: TREASURY INTERGENERATIONAL REPORTImagine your superannuation as a rain tankThings that will fill your super tank:9% super guaranteeSalary sacrificed superAfter tax personal contributionsIncome from super investments$Imagine your superannuation as a rain tankThings that will empty your su

17、per tank:Inflation TaxLow risk/returns (market volatility)Spending (in retirement)Fees$Superannuation Guarantee SchemeIntroduced in 1992Compulsory Payments by employersMinimum levels to support employeesBegan at 3%Currently 9%Who can contribute to Superannuation ?Under 65No Restrictions applyBetween

18、 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 onlyPersonal contributions can be made provided the member remains employed for at least 40hours in a consecutive 30 day periodCon

19、tinuous ChangeOver 74Only award contributions can be madeRegulators and RegulationsAPRAASICATOSuperannuation Complaints Tribunal (SCT)Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act)Regulator BodiesAPRA (Australian Prudential Regulation Authority)Provides overall supervision and compli

20、ance with SISExamines prospectuses and approves trusteesFunded by a levy of on all Superannuation fundsRegulator BodiesASIC (Australian Securities and Investments Commission)Consumer protectionDisclosure and reporting under SIS Monitors advice standardsRegulator BodiesATO (Australian Tax Office)Moni

21、tor fund returns and tax lawsAdministers SG system and co-contributionIssues RBL LimitsMaintains register of lost superRegulates SMSF & funds with fewer than 5 membersSTC (Superannuation Complains Tribunal)Deals with client complaintsWorks together with fund complaints process Superannuation Legisla

22、tionTrust LawMust comply with trust deedAct impartially for the benefit of BeneficiariesEach state has its own trust legislationSole purpose test (provide retirement benefits)Superannuation LegislationSIS Regime Superannuation Industry (Supervision) ActMost funds are supervised by APRATrustees must

23、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 fundAPRA annual returnsPenalties for non-compliance Superannuation LegislationSole Purpose TestSuperannuation

24、 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 LegislationComplying Superannuation FundFund elects to be a regulated resident fundComplies with SIS regimeQualifi

25、es for concessional tax treatmentRegulated Superannuation FundTrust deed specifies retirement purposeIncorporated TrusteeSelf Managed Superannuation FundHas fewer than five membersGreater investment controlsMonitored by ATO Superannuation LegislationIncome Tax Assessment ActUsed to monitor the payme

26、nt of taxEnsures correct level of tax and administrationFamily Law ActTreated as normal propertyUsed to facilitate division in marriage breakdownsSuperannuation (Resolution of Complaints) ActProvides guidelines to the tribunalFund StructureTrustMoney and Assets included in the fundBeneficiaryMembers

27、 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 fund in accordance to the trust deedMust act in accordance to legislationRole of ProfessionalsActuaryMe

28、asures fund performanceAdvise on future strategyAccountants, administrators and auditorsMaintain all contributions and keep recordsBook keeping servicesLodge appropriate returns and monitor complianceAsset Consultants and Investment ManagersEnsure funds meet investment objectives and asset MixFinanc

29、ial Planners/AdvisersStrategy of fundMeet client short, medium and long term goalsInvestment of Fund AssetsInvestment strategy must be put in placeAppropriate level of risk & returnDiversificationAdequate liquidityAbility to discharge current and future amountsMust be monitored on a regular basisRec

30、ently introduced Legislation allows Super funds to borrow (Conditions apply !)Acquiring Assets from MembersFunds cannot acquire directly from a related party Unless:It is a listed security on an approved exchangeUnits held in a widely held unit trustSmall fund can acquire 100% real business property

31、Stamp Duty and GGT may apply5% in-house asset RuleFund AdministrationTrustees must keep for a minimum of 10 years:Minutes of all trustee or directors meetingsAll Changes to trusteesCopies of all general reports to membersFund AdministrationAccounting Records must be kept for 5 yearsSubmit an annual

32、each yearAccounts must be audited on an annual basisActuarial reports may be requiredComplaints ProceduresAll Funds must have and internal complains schemeFirst port of call us usually the adviserInternal complaints procedureSuperannuation Complaints tribunalCourtsPenaltiesPenalties for non compliance can include:Removal of tax concessio