MYEFO, SMSF levy cut, how much do your super fund execs get paid?, more independent trustees needed, over-50s case study, last call for Age Pension Bonus
Welcome to the final edition of SuperGuide for 2013.
The highlights of this DECEMBER 2013 edition of SuperGuide newsletter are:
- A QUICK SUMMARY: 2013/2014 MID-YEAR ECONOMIC AND FINANCIAL OUTLOOK. Click on the link below to access a handy summary of the big-ticket items, including any measures that will affect your superannuation account and your retirement planning.
- HOW MUCH DO YOUR SUPER FUND TRUSTEES GET PAID? Some of Australia’s largest super funds have disclosed what their top executives, and their board of trustees receive, individually, in salary and other financial benefits.While other major super funds have disclosed trustees’ pay and interrelationships with service providers. Curious? Click on the article link below to find out more.
- SMSF: ANNUAL ATO LEVY TO BE CUT. It is not a misprint. The Coalition government has promised to cut the SMSF levy. Click on the link below to find out more.
- AGE PENSION BONUS: LAST CHANGE TO REGISTER. Hurry! If you’re still working and you’re eligible for the Age Pension Bonus, you will have to get your application in by 28 February 2014. Click on the link below to get the process started.
- A CASE STUDY: I’M 53. IS IT TOO LATE TO SAVE FOR MY RETIREMENT (UPDATED FIGURES). We have updated a very popular case study for the late-starters. By putting $100 a week into super from now on, Betty can enjoy a retirement lifestyle better than the one she enjoys now. Click on the link below to find out how.
- OUCH! LARGER SUPER FUND TRUSTEES NEED TO BE MORE PROFESSIONAL, AND MORE INDEPENDENT. The regulator has ‘let rip’ about the level of skills and lack of independence of the trustees of large super funds. Separately, the federal government is pushing for more independent trustees. See the article links below.
- DO YOU KNOW WHERE YOUR SUPER IS GOING? From 1 January 2014, your employer’s compulsory super contributions (Superannuation Guarantee) could be going to a MySuper product. Due to how the super rules operate, your super savings may end up in 2 different super funds. Click on the article link below to find out more.
- IT’S OFFICIAL! OFF-MARKET SHARE TRANSFERS GET GREEN LIGHT FOR SMSFs. For more information, click on the link below.
You can find these articles and more by clicking on the links below.
Thanks again for your support and interest in SuperGuide. Our next newsletter will be emailed in February 2014, although you may receive a bonus email in January 2014 if the federal government springs any super surprises.
On behalf of the SuperGuide team, I wish you a safe and enjoyable holiday season, and a prosperous 2014.
Say goodbye to the promised Budget surplus by 2016/2017, one of the many carrots the Coalition used to get Australians to vote for them in the September 2013 election. According to Federal Treasurer, Joe Hockey, the budget blowout is because… everything is Labor’s fault. Hockey claims the Coalition has inherited a Budget that is “simply unsustainable”. Read more
WHO IS LOOKING AFTER YOUR SUPER ACCOUNT?
This article includes the remuneration data for trustee boards and executives, and related party transactions, for major industry super funds (Cbus, Equip, HESTA, AustralianSuper,CareSuper and FIRST Super). Read more
The Australian Prudential Regulation Authority has ‘let it rip’ so to speak regarding the level of skills and independence of trustees of APRA-regulated super funds. In a speech at an industry conference in November 2013, and in later speeches and interviews, Helen Rowell, a member of APRA, has put the industry on notice: you must be more professional, more skilled and potentially more independent. Read more
Australian superannuation funds need to appoint more independent directors to trustee boards of super funds, says the federal government in its latest discussion paper. Currently, most trustee directors on superannuation boards are not considered independent. Read more
From 1 January 2014, your employer’s compulsory super contributions (Superannuation Guarantee) could be going to a MySuper product. Read more
Hidden in a raft of 92 outstanding policy items relating to the outcome of unlegislated tax and superannuation measures, some uncharacteristic good news came to light for SMSF trustees. Due to several SMSF-related measures not proceeding under the new government, the government has promised to review the ATO SMSF levy. Read more
Betty has made no plans for retirement, but if she starts contributing $100 a week, until she retires, then she can expect her lifestyle to be better than her current lifestyle. Read more
Hurry, hurry! Deadline approaching! If you’re still working and you were aged 65 or over (or 63.5 or over if you’re a female) before 20 September 2009, then you need to read this article. Read more
The work bonus operates so that only half of your first $500 of employment income each fortnight counts towards the Age Pension income test. The Age Pension income test is one of 2 tests used to decide if you’re eligible for a full or part Age Pension, or whether you have no entitlement at all. Read more
Off-market share transfers for SMSFs remain legitimate transactions, and will continue to remain legitimate indefinitely, according to a recent announcement by the Coalition government. Read more
The 2013/2014 financial year is a huge year for SMSF trustees with a hefty batch of changes that took effect from 1 July 2013, and some important changes taking effect from 1 July 2014. You also need to be aware that a raft of changes took effect from 1 July 2012 (2012/2013 year). Read more