2209 Lecture 8 2014 Handout

8/10/2019 2209 Lecture 8 2014 Handout

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Retirement Incomes Policy

The three tiers/pillars/legs ofretirement income policy

2050

2011

8/10/2019 2209 Lecture 8 2014 Handout


• S 62% • E ,( 67 2023 ( 7/2017 0.5 )

• P ( ) – M

‘a basic acceptable standard

of living, accounting forprevailing communitystandards’

$_______ p.a. single

8/10/2019 2209 Lecture 8 2014 Handout


C om

p ul s or y

S avi n

g s


• M P (S ) 1992 ( 1986)• C , 9.5%&

– 94% , 27%

• A

8/10/2019 2209 Lecture 8 2014 Handout


54%

Comm. of Australia (2009). Australia's future tax system. The retirement income system: Report on strategic issues. Canberra. Section 4.1http://taxreview.treasury.gov.au/content/StrategicPaper.aspx?doc=html/Publications/Papers/Retirement_Income_Strategic_Issues_Paper/Chapter_4.htm

C om

p ul s

o

r y S avi n

g s


34% 28% 13%Projections for:-a single person in 2035 who has worked for 35 yearson average earnings-Proportion of after tax income replaced by each leg

8/10/2019 2209 Lecture 8 2014 Handout


C om

p ul s

o

r y S avi n

g s


Fourth pillar – home ownership?- Important component of standard of

living in retirement

8/10/2019 2209 Lecture 8 2014 Handout


T

• S I (S ) A 1993(SISA)

• S

– – SISA,

– S S R (C R )

8/10/2019 2209 Lecture 8 2014 Handout


C • SISA

• O –

• A – M A – M SISA – M

8/10/2019 2209 Lecture 8 2014 Handout


O ,

SISA • D , (

SISA)•

1. .2. .3. .

A , • •

• O ( . I

8/10/2019 2209 Lecture 8 2014 Handout


F •

– ADI S •

– M D

• – SMSF &

• S C T . . . –

8/10/2019 2209 Lecture 8 2014 Handout


T • A (D C ) F

– S – ↓↑ –

• D –

• E . – , *

• M DB DC, S DB

– F F F G

8/10/2019 2209 Lecture 8 2014 Handout


M

S : N

Source: 2014 APRA Annual superannuation Bulletin (Table 1)

A B (6/2013)

S F (SMSF ) $524,905

C $119,711P S $76,978

R $29,370

I $28,172

8/10/2019 2209 Lecture 8 2014 Handout


M S :

M & A

Assets $ millions

Members (thousands)

Source: APRA (2014) Annual superannuation Bulletin (Table 3, 9)

8/10/2019 2209 Lecture 8 2014 Handout


S : ?

•

• ( ) – T : M

• 40 30

– F >70

• – O

• F G – 70 7/2013

• ?

8/10/2019 2209 Lecture 8 2014 Handout


S

• C

• E

– P ,P

A . ( ) – S

• $

– C •

D B 1 1960 55

1 1960 30 1961 56

1 1961 30 1962 57

1 1962 30 1963 58

1 1963 30 1964 59

F 1 1964 60

8/10/2019 2209 Lecture 8 2014 Handout


C

• C

• C .

– – (D 293 )

• , ,

( ( )

• D &

8/10/2019 2209 Lecture 8 2014 Handout


C

• C . :

– U 49 30/6/2014 – 49 30/6/2014

8/10/2019 2209 Lecture 8 2014 Handout


• @ ( )

– ( (SIC) ATO 90

+ 3%)*•

– C

• F

C

8/10/2019 2209 Lecture 8 2014 Handout


C

•

– . . – – , <65 , 3 ( . $540K)

• E & 47%(

8/10/2019 2209 Lecture 8 2014 Handout


S G S

• C

– , , ( $49,430 )• F 1/7/21 0.5% . . 12% 1/ 2025

• B O T E (OTE) ( .412)

– + , . ,

• I (28 ) SGC ( ATO):1. S , OTE

2. I @ 10% , 3. $20

http://www.ato.gov.au/super/content.aspx?menuid=0&doc=/content/60489.htm&page=23&H23

8/10/2019 2209 Lecture 8 2014 Handout


SG

• E : , – , MP , ,

• I ? (SGR 2005/1 ) – N

• . . . / / . ? =/ /00095062.

– D ( , , – R H C R M

• A ?.C SGAA?.

• S SG ( ) – E < $450 , – P (<30 ) & < 18

– N A – R A

8/10/2019 2209 Lecture 8 2014 Handout


S S S C .

• N FBT

• C

• S 15%

• E . I $10,000 MTR C

@ 15%

0% $10,000 $8,500 $150019% $8,100 $8,500 $400

32.5% $6,750 $8,500 $1,750

37% $6,300 $8,500 $2,200

45% $5,500 $8,500 $3,000NB. ExcludingML & Debt Levy

8/10/2019 2209 Lecture 8 2014 Handout


A C

C E **A T I <$37,000

• . $30,000 SG $2,700 & . = $405→ • T 1/7/2017

G :• P . $1,000

– ($1000 : $500 G .) – F * < $34,488 (2014/15)

• 3.333 $1 • A ( )• G . .

* + E C + F B

8/10/2019 2209 Lecture 8 2014 Handout


.

• T . $3,000 – . $10,800

• $3000 $1 $1 > $10, 800

• G $13,800 – E . M $3,000 $12,000 . – O =

• C

• C

O A C

8/10/2019 2209 Lecture 8 2014 Handout


O A C

1. S B L L

. O 15 & (>55

. P . CGT

2. P . U $500,000

. I < 55 , CGT

& . C , .C CG ( $1.355 , 2014/15 )

Small Business – Turnover < $2mill p.a., Net Assets <$6 million,Active asset (1/2 business)

8/10/2019 2209 Lecture 8 2014 Handout


C :

• I SMSF –

• N.B. CGT ,∴ CGT

– O ( .)• S , • C ,

• C ,

8/10/2019 2209 Lecture 8 2014 Handout


C

• I .

– C . <=85% ( ) – & 15%

– T

• ? – I < 60 ($185K 2014/15)

– I > 60

• S DOES NOT

8/10/2019 2209 Lecture 8 2014 Handout


T O : I SSISA S 52(2), SISR 4.09

( ) ,

, :( ) , ,

, ;

( ) ;

( )

;( )

;

8/10/2019 2209 Lecture 8 2014 Handout


• T ∴

– S R : U , , • N

– –

• L , , ,

• I >5% • E CE B R P ( .

), ( ),

Conts.

Invest

8/10/2019 2209 Lecture 8 2014 Handout


• R P T (SISA 66) – E

• L , , *, , ( > 5% )

• A • B

– G : (

, > 10%) – : 9/2007 ( 7/2010, 5/2012)

• (LRBA)

• C ,

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S B >24/9/07

• A : – –

. –

– A

.

– S : A T O (2008). I . A :// . . . / / . ? =/C /00132054. ( 5/7/2008)

8/10/2019 2209 Lecture 8 2014 Handout


Source: Stephen BlackHall, Patersons Securities Limited

8/10/2019 2209 Lecture 8 2014 Handout


G A :

S (SMSF)A (SMSF) :

• L • M

–

• N –

• T • N • S ( )

8/10/2019 2209 Lecture 8 2014 Handout


S

& • D

– C – F – C –

–

• D : – I

– C – I – L

– P – L SCT APRA

8/10/2019 2209 Lecture 8 2014 Handout


E

• A SMSF

• C : – – – – – .

• T , SMSF

8/10/2019 2209 Lecture 8 2014 Handout


T

• T :1. (

)2. (

).

• I 18

• A

• R LMS

S

8/10/2019 2209 Lecture 8 2014 Handout


S

• S :

– S

• M : – D

– M

– A ,

8/10/2019 2209 Lecture 8 2014 Handout


B

• B ( )

• T : – – – SMSF – SMSF – .

• T • T

8/10/2019 2209 Lecture 8 2014 Handout


T

• S :

– A • & ( ),• C ( )

• E – –

– = –

8/10/2019 2209 Lecture 8 2014 Handout


T

• C @

• L – D – F

• A : – A TFN –

–

8/10/2019 2209 Lecture 8 2014 Handout


C F : A

A S S : RG84 S : Q&• C • A &

, • A

8/10/2019 2209 Lecture 8 2014 Handout


S

• C & N

• R : APRA, ATO, ASIC• , ?• T

2209 Lecture 8 2014 Handout

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