Statistics. Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Statistics. Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014)"

Transcription

1 Statistics Quarterly Superannuation Performance (interim edition) June 2014 (issued 21 August 2014) Australian Prudential Regulation Authority

2 Copyright Australian Prudential Regulation Authority (APRA) This work is licensed under the Creative Commons Attribution 3.0 Australia Licence (CCBY 3.0). This licence allows you to copy, distribute and adapt this work, provided you attribute the work and do not suggest that APRA endorses you or your work. To view a full copy of the terms of this licence, visit: Requests and inquiries concerning reproduction and rights should be addressed to: Disclaimer While APRA endeavours to ensure the quality of this publication, APRA does not accept any responsibility for the accuracy, completeness or currency of the material included in this publication, and will not be liable for any loss or damage arising out of any use of, or reliance on, this publication. Forthcoming issues This publication will be released according to the timetable published on the APRA website. Revisions This publication includes revisions to previously published statistics when better source data becomes available or when compilation errors are uncovered. APRA identifies and quantifies significant revisions in its statistical publications. APRA regularly analyses past revisions to identify potential improvements to the source data and statistical compilation techniques, in order to minimise the frequency and scale of any future revisions. Updated data for December 2011 to March 2014 quarters have been included in this publication. Notation Except where indicated, amounts are expressed in millions of Australian dollars. Both the Australian dollar denominated transactions and the Australian dollar equivalent of foreign-currency denominated transactions are included. The symbol ' * ' indicates that the data have been masked to maintain confidentiality. Rounding Details on tables may not add up to totals due to rounding of figures. Full time series The PDF version of the Quarterly Superannuation Performance contains data from the past five quarters. The full time series from December 2004 is available in the Excel version and can be viewed by ungrouping the columns. Explanatory notes and glossary A set of explanatory notes is provided at the end of the publication to assist the reader in understanding the source and definitions of the data. Enquiries For more information about the statistics in this publication: or write to Manager, Superannuation Statistics Australian Prudential Regulation Authority GPO Box 9836 Sydney NSW 2001 Australian Prudential Regulation Authority 2

3 Contents Important notice Important notice 4 Highlights Highlights Key statistics Key statistics Trends Financial performance - trends Table 1 Financial position - trends Table 2 Entity ratios Table 3 Explanatory notes Explanatory notes Glossary Glossary Australian Prudential Regulation Authority 3

4 Important notice APRA s superannuation statistics provide policymakers, regulators, trustees and the community with information to assess the overall performance of the superannuation system. APRA s quarterly and annual statistics provide data on earnings performance, fees, expenses and taxes. APRA s annual publication also provides data on membership profile, the number of investment options offered, the assets in the default investment option, and the composition of the default investment option. This is an interim Quarterly Superannuation Performance statistical publication for the June 2014 quarter. Interim Quarterly Superannuation Performance statistical publication June 2014 On 14 November 2013, APRA released a discussion paper on proposed changes to its superannuation statistical publications and confidentiality of superannuation data. The discussion paper is available at: APRA proposes to revise its Quarterly Superannuation Performance statistics publication and introduce a Quarterly MySuper Statistics report. The proposals incorporate recent changes to the superannuation reporting framework (explained further below), and meet APRA s legislative obligation to publish MySuper product-level statistics. APRA also proposes to release superannuation statistics in a new data dissemination system and make all non-confidential data accessible through this new system. Submissions on the proposals were due by Friday 31 January 2014 and APRA is in the process of selecting the proposed new data dissemination tool, which will take some time to fully implement. The revised quarterly statistical publications and reports are not expected to be available until APRA will therefore release selected statistics on an interim basis for quarterly reference periods until These statistics are similar to those included in the current quarterly publication. APRA has not included segmentation statistics in the interim publication, given APRA proposes changes to the segment types and any segmentation statistics are likely to be revised when the Quarterly Superannuation Performance statistical publication is finalised. Changes in reporting framework Since 2011, APRA has been working to implement a range of prudential requirements for the superannuation industry as part of the Stronger Super reforms. As part of these reforms, APRA released a new reporting framework in June The final reporting requirements, which commenced progressively from 1 July 2013, replace the reporting requirements that have been in place since For most RSEs, the first quarterly forms applied from the quarter ending September 2013 and the first annual forms from the year ending 30 June Information on the superannuation reporting framework, and the data collected under each reporting standard, is also provided on APRA s website. While this interim statistical publication is therefore based on data collected under two different reporting frameworks, the statistics are comparable. This interim publication only includes statistics that are based on data that are consistently reported under the old and new reporting requirements, with the exception of total assets and liabilities, as explained in the explanatory notes. Australian Prudential Regulation Authority 4

5 Revisions The June 2014 edition of the Interim Quarterly Superannuation Performance publication includes revisions to previously published statistics, due to better source data becoming available. Of the data revised and resubmitted to APRA, the following items have changed by at least 10 per cent or $100 million: Key statistics: Balance of life office statutory funds' was revised from $47.8 billion to $47.4 billion for March The Australian Taxation Office has revised self-managed superannuation fund data from June 2013 to March These revisions resulted in the following changes for the March 2014 quarter: Key statistics: Self- managed superannuation funds' assets revised from $558.6 billion to $548.1 billion. Several entities have reclassified their treatment of derivative positions and have resubmitted data to APRA for periods between September 2013 and March These revisions resulted in the following changes for the March 2014 quarter: Key statistics: Entities with more than four members: Total assets has been revised from $1,228.5 billion to $1,209.2 billion. Table 2: Total assets has been revised from $1,224,982 million to $1,205,779 million Table 2: Total liabilities has been revised from $70,584 million to $51,378 million These revisions did not have an impact on net assets. Several entities have reclassified their rollover and benefit payments data for periods between September 2013 and March These revisions resulted in the following changes in the March 2014 quarter: Table 1: Net rollovers was revised from - $466 million to - $617 million. Table 1: Total benefit payments was revised from $13,371 million to $13,173 million. Information on rate of return The rate of return (ROR) represents the combined net earnings of a superannuation fund's assets across all its products and investment options. The Superannuation Industry (Supervision) Act 1993 (SIS Act) requires that superannuation trustees formulate, and give effect to, an investment strategy that has regard to the whole of the circumstances of the superannuation fund and is in the best interest of its members. The ROR provides a measure of performance in the context of the fund s investment strategy. Many trustees provide individual members with the choice of a wide range of investment options and superannuation products, with different investment goals. APRA s statistics are not designed to provide individual members with information to compare the investment options offered. The Australian Securities and Investment Commission s MoneySmart website ( provides guidance on how to compare superannuation investment options and links to other sources of information for this purpose. For more information on ROR, refer to the August Response to Submissions paper on APRA s website: Australian Prudential Regulation Authority 5

6 Highlights Industry overview Superannuation assets totalled $1.85 trillion at the end of the June 2014 quarter. Over the 12 months to June 2014 there was a 15.3 per cent increase in total superannuation assets. Over the June 2014 quarter, total superannuation assets increased by 2.6 per cent. a Entities with at least $50 million in assets The analysis and comments below are based on superannuation entities with more than four members and with at least $50 million in assets as at the end of their previous year of income. Contributions, rollovers and benefit payments There were $27.6 billion of contributions in the June 2014 quarter, up 5.9 per cent from the June 2013 quarter ($26.1 billion). Total contributions for the year ending June 2014 were $95.0 billion. Outward rollovers exceeded inward rollovers by $531 million in the June quarter. There were $14.7 billion in total benefit payments in the June 2014 quarter, an increase of 8.3 per cent from the June 2013 quarter ($13.6 billion). Total benefit payments for the year ending June 2014 were $55.3 billion. Net contribution flows (contributions plus net rollovers less benefit payments) totalled $12.4 billion in the June 2014 quarter, an increase of 15.1 per cent from the June 2013 quarter ($10.8 billion). Net contribution flows for the year ending June 2014 were $37.3 billion. The graph below shows the composition of net contribution flows for each quarter from December 2008 to June a Over the June 2014 quarter, total assets for pooled superannuation trusts (PSTs) decreased by 4.1 per cent, from $112.8 billion to $108.2 billion. One PST paid $5.3 billion to unit holders during the June 2014 quarter as the trust is winding up. PSTs are not included in total assets as their assets are captured in other superannuation entities. Australian Prudential Regulation Authority 6

7 Financial performance The annual industry-wide rate of return (ROR) for entities with over $50 million in assets for the year ending 30 June 2014 was 11.6 per cent. The graph below shows the ROR for each quarter from December 2004 to June Financial position Over the June 2014 quarter, total assets for entities with at least $50 million in assets increased by 3.0 per cent ($35.6 billion) to $1,241.4 billion. Australian Prudential Regulation Authority 7

8 Key statistics Superannuation industry quarterly estimates Assets ($ billion) Number of entities Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Entities with more than four members 1, , , , , Pooled superannuation trusts Small APRA funds ,950 2,962 2,970 2,979 2,745 Single-member ADFs Self-managed super funds b , , , , ,176 Balance of life office statutory funds Total a c 1, , , , , , , , , ,324 Retirement savings accounts Asset figures for March 2014, December 2013, September 2013 are estimated by applying June 2013 coverage ratios and growth rates. Growth rates for have been applied to APRA-regulated small funds. a Figures from September 2013 are reported under the new reporting framework. Prior quarters figures are based on a previous reporting framework. The change in total assets reflects, to some extent, the effects of transition to the new reporting framework and should be used with caution. See the explanatory notes for further details. b Estimated data on self-managed superannuation funds are provided by the Australian Taxation Office (ATO). c Total assets does not include pooled superannuation trusts. Coverage ratios used to estimate total assets Entities with greater than four members Growth rates Other entities Jun 2013 Jun 2014 > $50 million (actual) All entities (actual) Coverage ratio > $50 million (actual) All entities (estimated) Jun 2012 (actual) Jun 2013 (actual) Growth Jun 2014 (estimated) By fund type ($b) By fund type ($m) Entities with more than four members 1, , % 1, ,244.9 Small APRA funds 1,830 1, % 2,087 Pooled superannuation trusts % Single-member ADFs % 44 Australian Prudential Regulation Authority 8

9 Table 1 Financial performance - trends Entities with at least $50 million in assets ($ million) Quarter end Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Year end Jun 2013 Year end Jun 2014 Net assets at the beginning of the period 1,012,563 1,039,107 1,092,801 1,138,791 1,154, ,737 1,039,107 Total contributions 26,081 22,018 22,740 22,597 27,623 88,439 94,977 Contribution tax and surcharge 2,805 2,151 2,232 2,286 2,635 9,249 9,303 Net rollovers -1,734-1, ,421-2,299 Total benefit payments 13,580 13,617 13,854 13,173 14,704 50,591 55,348 Net contribution flows 10,767 7,357 8,778 8,807 12,389 30,427 37,330 Death and disability insurance Total proceeds on insurance policies ,503 2,764 Cost of member benefit insurance 1,363 1,523 1,528 1,602 1,647 5,211 6,301 Net flows 7,295 4,333 5,715 5,617 8,826 18,470 24,491 Total investment income 20,991 51,744 44,053 12,004 26, , ,809 Total investment expenses ,062 2,715 Net investment income 20,380 51,088 43,435 11,340 25, , ,094 Total operating expenses 1,452 1,296 1,504 1,355 1,592 5,412 5,747 Other income Net earnings 19,024 49,882 42,031 10,098 23, , ,783 Tax expense on earnings ,612 1, ,136 3,929 Net earnings after tax 19,267 48,270 40,276 9,974 23, , ,855 Net operating performance after tax 26,563 52,603 45,991 15,590 32, , ,346 Other changes a -19 1, ,137 Net assets at the end of the period 1,039,107 1,092,801 1,138,791 1,154,402 1,186,589 1,039,107 1,186,589 Number of entities a Other changes for September 2013 include $1,091 million net assets at the beginning of the quarter for new entities who had over $50 million in assets at 30 June Inward rollovers of $823 million were not included in quarters prior to September 2013 as these entities were not captured in the quarterly reporting population prior to September This table does not include pooled superannuation trusts as their assets are captured by other superannuation entity categories. Australian Prudential Regulation Authority 9

10 Table 2 Financial position - trends Entities with at least $50 million in assets ($ million) Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Total assets a b 1,062,580 1,144,748 1,191,603 1,205,779 1,241,364 Total liabilities a 23,474 51,947 52,812 51,378 54,774 Net assets to pay benefits 1,039,107 1,092,801 1,138,791 1,154,402 1,186,589 Number of entities a Figures from September 2013 are reported under the new reporting framework. Prior quarters figures are based on the previous reporting framework. The change in total assets and total liabilities reflects, to some extent, the effects of transition to the new reporting framework and should be used with caution. See the explanatory notes for further details. b This table does not include pooled superannuation trusts as their assets are captured by other superannuation entity categories. Australian Prudential Regulation Authority 10

11 Table 3 Entity ratios Entities with at least $50 million in assets Quarter end Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Year end Jun 2013 Year end Jun 2014 Total Net investment income ($m) 20,380 51,088 43,435 11,340 25, , ,094 Other income ($m) Total operating expense ($m) 1,452 1,296 1,504 1,355 1,592 5,412 5,747 Tax expense on earnings ($m) ,612 1, ,136 3,929 Net earnings after tax ($m) 19,267 48,270 40,276 9,974 23, , ,855 Cash flow adjusted net assets 1,016,211 1,041,273 1,095,658 1,141,599 1,158,815 Rate of Return (%) 1.9% 4.6% 3.7% 0.9% 2.0% 14.0% 11.6% Number of entities Australian Prudential Regulation Authority 11

12 Explanatory notes Structure The Quarterly Superannuation Performance comprises statistics on superannuation entities had at least $50 million in assets in their prior year annual return and were not a small APRA fund or singlemember approved deposit fund. In the June 2014 quarter this captures 210 superannuation entities, comprising 192 APRA-regulated superannuation entities and 18 exempt public sector schemes. Statistics on the whole superannuation industry are published once a year in the Annual Superannuation Bulletin. APRA also produces the Superannuation Fund-level Rates of Return and the Superannuation Fundlevel Profiles and Financial Performance publications which provide disaggregated data in relation to all APRA-regulated superannuation funds (excluding pooled superannuation trusts, exempt public sector superannuation schemes, small APRA funds and single-member approved deposit funds). Source The statistics in this publication have been prepared from the following sources: superannuation returns submitted to APRA under the Financial Sector (Collection of Data) Act 2001 and from exempt public sector schemes that report to APRA under a Heads of Government agreement between the Commonwealth and each of the State and Territory Governments; data provided by the ATO on self- managed superannuation funds (SMSFs); returns submitted to APRA under the by registered life companies in Australia; and returns submitted to APRA by retirement savings account providers under the. Information on expenses and tax Information on expenses and taxes included in this publication should be used for indicative purposes only. Expenses are generally understated by funds within this publication for the following reasons: indirect investment expenses are generally not reported as this information is not separately identifiable in most cases; not all funds are able to provide complete information on entry and exit fees; and current data collected does not adequately capture some expenses, such as front- end and ongoing commissions. Funds also have different approaches to recognise future tax liabilities and assets. Other notes Pooled superannuation trusts (PSTs) have not been included in financial aggregates because PST assets are from other superannuation funds and are reported elsewhere. Retirement saving accounts (RSAs) are not included in financial aggregates as much of the information is not included in the collections. Unless specified, all ratios stated have not been annualised. Australian Prudential Regulation Authority 12

13 Comparison with Annual Superannuation Bulletin Figures published in the Quarterly Superannuation Performance and the Annual Superannuation Bulletin, whilst relatively close, will not match for the following reasons: Different populations - the population of the quarterly publication comprises funds with at least $50m in total assets and is a subset of the population of the annual publication which comprises all superannuation funds. Different fund reporting periods - not all funds have the same end date for their year of income, although for the majority of funds it is 30 June. The Quarterly Superannuation Performance uses funds' year to date data as at the end of each quarter. The Annual Superannuation Bulletin uses audited annual accounts that correspond to the funds' year of income. The time periods these two publications cover are not perfectly matched, but are similar since the majority of funds have the same end date for their year of income. The change in derivative reporting under the new reporting framework The reporting of derivative assets and derivative liabilities differs under the old and new reporting frameworks, and this affects the value of total assets and total liabilities. Previously, derivative assets and liabilities held via individually managed mandates were not included in APRA s financial position statement. Under the new reporting requirements, derivative assets and liabilities held via individually managed mandates are included in APRA s financial position statement. APRA estimates that an additional $21.54 billion has been included in total assets for the industry, and $20.61 billion in total liabilities, for the September 2013 quarter, as a result of the reporting change. Australian Prudential Regulation Authority 13

14 Glossary Approved deposit funds (ADFs) can receive, hold and invest certain types of rollovers until such funds are withdrawn or a condition of release is satisfied (depending on the preservation status of the assets). ADFs can be either single member or multi member. Balance of life office statutory funds refers to assets held for superannuation or retirement purposes in statutory funds of life insurance companies, excluding the assets held in life office statutory funds by superannuation entities. The balance of life office funds includes annuities and assets backing non-policyholder liabilities. These products are regulated under the Life Insurance Act (1995). Cash flow adjusted net assets is the sum of net assets at the beginning of the period and half of net flows. Contributions tax and surcharge represents tax expenses in relation to taxable contributions made to the superannuation entity during the period (contributions tax) and contributions surcharge tax. Cost of member benefit insurance prior to September 2013, represents members' death and/ or disability insurance premiums expense less rebates received or accrued from insurers in relation to insurance premiums; from September 2013, represents outflows incurred through insurance activities. Includes premiums denoted from member accounts, reinsurance premiums charged, expenses incurred for insurance claims and changes in insurance liabilities or reinsurance assets. Employer contributions are contributions received from employers and includes (but is not limited to) all mandated employer contributions (such as Superannuation Guarantee amounts), salary sacrifice contributions and voluntary employer contributions, less any repatriation to employer sponsors. Appropriations for major Commonwealth public sector superannuation schemes where benefits were paid directly from Commonwealth Consolidated Revenue are classified in employer contributions. Exempt public sector superannuation schemes (EPSSSs) are public sector superannuation schemes that choose not to be regulated by APRA. However, for statutory purposes, a number of EPSSSs report to APRA under an agreement between the Commonwealth Government and each of the State and Territory Governments. Schedule 1AA of the SIS regulations contains a list of EPSSSs. Fund reporting period is the end date of a fund's year of income. Investment expenses are all expenses which are associated with the generation of income on the investment portfolio of the superannuation entity. Investment income is income generated from the investment portfolio of the superannuation entity. Inward rollovers refer to member s benefits that have been rolled over or transferred in from another superannuation entity and may include assets transferred from life insurance offices and retirement savings accounts (RSAs). Life office statutory funds include monies associated with investment in insurance or life policies. Superannuation assets invested in life office statutory funds are sourced from life insurance returns submitted to APRA under the Life Insurance Act (1995). Lump sum benefit payments are benefit payments paid as a lump sum and includes (but is not limited to) retrenchment, redundancies, resignation and disability benefit payments. This item does not include lump sum rollovers or pension benefit payments. Member contributions are contributions received from members and include (but are not limited to) member post-tax contributions and self-employed contributions. This item does not include rollovers or transfers from other superannuation entities. Net assets are total assets less total liabilities. Net assets at the beginning of the period are assets at the end of the previous period. Australian Prudential Regulation Authority 14

15 Net contribution flows is total contributions plus net rollovers less benefit payments and are gross of contributions tax and surcharge. Some entities are unable to provide a breakdown of net contributions flows into contributions, rollovers and benefit payments. Net contribution flows is not dependent upon these breakdowns and is correct within reasonable bounds of statistical accuracy. Net earnings after tax are net earnings generated during the period less tax expense on earnings. Net earnings are the sum of net investment income and other income less operating expenses. Net flows is used in the calculation of rate of return (ROR). It is derived as net contribution flows less contribution tax and surcharge plus total proceeds on insurance policies less net cost of member benefit insurance. Net investment income is investment income (including unrealised gains/losses) less investment expenses. Net operating performance after tax is net flows plus net earnings after tax. Net rollovers is the difference between inward rollovers and outward rollovers. Number of entities is the number of active superannuation entities in the period. Operating expenses include expenses incurred which are not ordinarily directly associated with the generation of investment income (i.e. expenses that are not directly related to the investment portfolio of the superannuation entity, but more toward the administration of the superannuation entity). Other changes are calculated using the residual of net assets at the beginning and end of the quarter and net operating performance after tax. This item includes other reconciling items and changes in the quarterly population. Other contributions refer to contributions other than employer or member contributions and include spouse contributions and government co-contributions. Other income includes amounts that do not fall into the specified income categories. Outward rollovers are those monies which are transferred from the superannuation entity to another superannuation entity. Pension benefit payments refer to benefits paid to members in the form of a pension and includes complying pensions, allocated pensions and annuity payments. Pooled superannuation trusts (PSTs) are trusts in which regulated superannuation funds, approved deposit funds and other PSTs invest. Pooled superannuation trusts are not included in total assets as their assets are captured in other superannuation entity categories. Rate of return is net earnings after tax divided by cash flow adjusted net assets. Year ended rates of return are calculated by geometrically linking the quarterly RORs, i.e. Year ended ROR = (1+ ROR t-3 )x(1+ror t-2 )x(1+ror t-1 )x(1+ror t )-1 Registrable superannuation entity (RSE) is a superannuation entity, not including self-managed superannuation funds. From 1 July 2006, all trustees operating APRA-regulated superannuation entities were required to hold a RSE Licence and register their superannuation entities with APRA. Retirement savings accounts (RSAs) are products offered by licensed authorised deposit taking institutions, life insurance companies and prescribed financial institutions that provide a capital guaranteed product for retirement savings. Self-managed superannuation funds (SMSFs) are superannuation entities regulated by the Australian Taxation Office that have less than five members, all of whom are trustees or directors of the corporate trustee. No member can be an employee of another member unless they are related. Small APRA funds (SAFs) are superannuation entities regulated by APRA with less than five members. Superannuation entity is a regulated superannuation fund, an approved deposit fund or a pooled superannuation trust. Australian Prudential Regulation Authority 15

16 Tax expense on earnings represents the tax associated with operating performance. It includes the tax on investment earnings but excludes contributions tax and surcharge. Total assets are the sum of the resources held by a trustee on behalf of a fund. These include cash, investments and receivables. Total benefit payments include lump sum benefit payments and pension benefit payments. Total liabilities include direct holdings of derivative financial instruments, total borrowings, deferred and current tax liabilities and sundry creditors. Total contributions is equal to the sum of employer, member and other contributions. Total proceeds on insurance policies are the proceeds received from insurers including proceeds received due to the death of a member and proceeds received in relation to disability of members. Trustee is a person or company acting for the benefit of another party, with fiduciary and legal responsibilities, and is responsible for managing assets of beneficiaries. Australian Prudential Regulation Authority 16

17 Telephone Website Mail GPO Box 9836 In all capital cities (except Hobart and Darwin) SA_ST_QSP_072014

Statistics. Quarterly Superannuation Performance (interim edition) December 2014 (issued 19 February 2015)

Statistics. Quarterly Superannuation Performance (interim edition) December 2014 (issued 19 February 2015) Statistics Quarterly Superannuation Performance (interim edition) December 2014 (issued 19 February 2015) www.apra.gov.au Australian Prudential Regulation Authority Copyright Australian Prudential Regulation

More information

Statistics. Quarterly Life Insurance Performance XXXXX 2008 (issued XX XXXXX 2009) Australian Prudential Regulation Authority. www.apra.gov.

Statistics. Quarterly Life Insurance Performance XXXXX 2008 (issued XX XXXXX 2009) Australian Prudential Regulation Authority. www.apra.gov. Statistics Quarterly Life Insurance Performance XXXXX 2008 (issued XX XXXXX 2009) www.apra.gov.au Australian Prudential Regulation Authority Copyright Commonwealth of Australia This work is copyright.

More information

SRF 330.0 must be completed for each RSE, defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF).

SRF 330.0 must be completed for each RSE, defined benefit RSE, pooled superannuation trust (PST) and eligible rollover fund (ERF). Reporting Form SRF 330.0 Statement of Financial Performance Instructions These instructions assist completion of Reporting Form SRF 330.0 Statement of Financial Performance (SRF 330.0). SRF 330.0 collects

More information

Statistics. Quarterly Authorised Deposit-taking Institution Property Exposures. March 2014 (released 27 May 2014)

Statistics. Quarterly Authorised Deposit-taking Institution Property Exposures. March 2014 (released 27 May 2014) Statistics Quarterly Authorised Deposit-taking Institution Property Exposures March 2014 (released 27 May 2014) www.apra.gov.au Australian Prudential Regulation Authority Copyright Australian Prudential

More information

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. Reporting Standard SRS 161.0 Self-Insurance Objective of this Reporting Standard This Reporting Standard sets out the requirements for the provision of information to APRA relating to self-insurance arrangements

More information

Guidance Notes and Circulars

Guidance Notes and Circulars Guidance Notes and Circulars Superannuation Circular No. I.A.1 Contribution and Benefit Accrual Standards for Regulated Superannuation Funds September 2006 www.apra.gov.au Australian Prudential Regulation

More information

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. Reporting Standard SRS 250.0 Acquired Insurance Objective of this Reporting Standard This Reporting Standard sets out the requirements for the provision of information to APRA relating to acquired insurance

More information

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf.

CLIENT FACT SHEET. If you are under age 65 you may make personal contributions to superannuation on your own behalf. CLIENT FACT SHEET July 2010 Understanding superannuation and superannuation contributions Superannuation is an investment vehicle designed to assist Australians in saving for their retirement. The Government

More information

Fact Sheet Tax on Super 2009/10

Fact Sheet Tax on Super 2009/10 It pays to belong TM Key Focus A tax of 15% applies to concessional (i.e. before tax) contributions. All employer and salary sacrifice contributions will be taxed at the top marginal rate if your super

More information

Information Paper. Superannuation Trustee Liability Insurance. www.apra.gov.au Australian Prudential Regulation Authority.

Information Paper. Superannuation Trustee Liability Insurance. www.apra.gov.au Australian Prudential Regulation Authority. Information Paper Superannuation Trustee Liability Insurance 30 June 2006 www.apra.gov.au Australian Prudential Regulation Authority Copyright The material in this Publication is copyright. You may download,

More information

Superannuation Entities

Superannuation Entities AASB Standard AASB 1056 June 2014 Superannuation Entities Obtaining a Copy of this Accounting Standard This Standard is available on the AASB website: www.aasb.gov.au. Alternatively, printed copies of

More information

ESSS Defined Benefit Fund Product Disclosure Statement. Proudly serving our members. For operational emergency services members. Issued 1 January 2016

ESSS Defined Benefit Fund Product Disclosure Statement. Proudly serving our members. For operational emergency services members. Issued 1 January 2016 ESSS Defined Benefit Fund Product Disclosure Statement For operational emergency services members Proudly serving our members Issued 1 January 2016 Issued by: Emergency Services Superannuation Board ABN

More information

Product Disclosure Statement

Product Disclosure Statement AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of

More information

KPMG Staff Superannuation Plan Product Disclosure Statement

KPMG Staff Superannuation Plan Product Disclosure Statement KPMG Staff Superannuation Plan Product Disclosure Statement Prepared: 27 June 2014 Things you should know: This Product Disclosure Statement ( PDS ) is a summary of significant information and contains

More information

Super terms explained

Super terms explained Super terms explained Here is a useful reference guide to some of the terms we use with Super. The guide provides plain English information about Super, but does not give formal legal definitions. For

More information

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super

Reliance Super. Taxation Supplement. 14 March 2014. a membership category of Maritime Super Taxation Supplement 14 March 2014 Contents Tax on contributions 2 Tax on rollovers 3 Tax on investment earnings 3 Tax on super benefits 3 Spouse tax offset 7 Tax deductions for the self-employed 7 Low

More information

Statistics. Private Health Insurance Quarterly Statistics. June 2015 (issued 18 August 2015)

Statistics. Private Health Insurance Quarterly Statistics. June 2015 (issued 18 August 2015) Statistics Private Health Insurance Quarterly Statistics June 2015 (issued 18 August 2015) www.apra.gov.au Australian Prudential Regulation Authority Contents Snapshot of the industry......3 Membership

More information

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO I.C.4 EQUIVALENT RIGHTS FOR MEMBERS IN SUCCESSOR FUND TRANSFERS

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO I.C.4 EQUIVALENT RIGHTS FOR MEMBERS IN SUCCESSOR FUND TRANSFERS AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO I.C.4 EQUIVALENT RIGHTS FOR MEMBERS IN SUCCESSOR FUND TRANSFERS February 2001 DISCLAIMER AND COPYRIGHT NOTICE 1. The purpose of this

More information

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil

Tax on contributions. Non-concessional (after tax) contribution caps. Age at 1 July 2015 Annual cap Tax rate Under 65 $180,000* Nil 65-74 $180,000 Nil This section summarises the main Federal Government taxes that apply to superannuation at the time of preparation. For more information, contact MyLife MySuper on 1300 MYLIFE (695 433) or the Australian

More information

Australian Superannuation Transfer Guide

Australian Superannuation Transfer Guide Australian Superannuation Transfer Guide Contents Page Making an informed decision 3 How do I know if I have Super in Australia? 3 How do I know if my Australian Super can be transferred? 4 Why should

More information

Cessation of employment

Cessation of employment SR1 04/12 Cessation of employment Benefit application form Before you start Before you complete this benefit application form, please read the CSS Product Disclosure Statement. This form and the Explanatory

More information

CUBS SUPERANNUATION FUND Trust Deed. The Trust Company (Superannuation) Limited (Trustee)

CUBS SUPERANNUATION FUND Trust Deed. The Trust Company (Superannuation) Limited (Trustee) CUBS SUPERANNUATION FUND Trust Deed The Trust Company (Superannuation) Limited (Trustee) Table of contents Part 1A - The Cubs Superannuation Trust... 1 Section 1 - Normal Operation of the Fund... 1 1 Joining

More information

Draft Prudential Practice Guide

Draft Prudential Practice Guide Draft Prudential Practice Guide LPG 270 Group Insurance Arrangements December 2013 www.apra.gov.au Australian Prudential Regulation Authority Disclaimer and copyright This prudential practice guide is

More information

It includes Form SRF 802.0 Fund Profile and associated specific instructions.

It includes Form SRF 802.0 Fund Profile and associated specific instructions. Reporting Standard SRS 802.0 Fund Profile Objective of this Reporting Standard This Reporting Standard sets out the requirements for the provision of information to APRA relating to the membership profile

More information

How super is taxed. VicSuper FutureSaver Member Guide

How super is taxed. VicSuper FutureSaver Member Guide How super is taxed VicSuper FutureSaver Member Guide Date prepared 1 July 2015 The information in this document forms part of the VicSuper FutureSaver Product Disclosure Statement (PDS) dated 1 July 2015.

More information

Your Guide. to the Meridian. Personal. Super Plan. Product Disclosure Statement. Issued 1 January 2004 MPS 4

Your Guide. to the Meridian. Personal. Super Plan. Product Disclosure Statement. Issued 1 January 2004 MPS 4 Your Guide to the Meridian Product Disclosure Statement Issued 1 January 2004 Personal Super Plan MPS 4 What this Guide is about MPSuper Product Disclosure Statement This Guide was prepared and issued

More information

Institute of Actuaries of Australia submission to the MySuper Consultation Working Group in relation to defined benefit funds

Institute of Actuaries of Australia submission to the MySuper Consultation Working Group in relation to defined benefit funds 4 May 2011 Mr Jonathon Rollings Principal Adviser Superannuation Financial System Division Department of Treasury Langton Crescent Parkes ACT 2600 By email: jonathon.rollings@treasury.gov.au Dear Jonathon

More information

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO. III.E.1 REGULATION OF SMALL APRA FUNDS

AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO. III.E.1 REGULATION OF SMALL APRA FUNDS AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY SUPERANNUATION CIRCULAR NO. III.E.1 REGULATION OF SMALL APRA FUNDS DECEMBER 2000 2 DISCLAIMER AND COPYRIGHT NOTICE 1. The purpose of this Circular is to provide

More information

Issued ₁ July ₂₀₁₅. Member guide. SuperLeader Fact sheet. AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379.

Issued ₁ July ₂₀₁₅. Member guide. SuperLeader Fact sheet. AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379. Issued ₁ July ₂₀₁₅ Member guide SuperLeader Fact sheet AMP Corporate Super Registered trademark of AMP Life Limited ABN 84 079 300 379. This is a member guide fact sheet for SuperLeader. It is an important

More information

State Super retirement FuND

State Super retirement FuND State Super retirement FuND Additional Information Booklet Date of Issue 20 January 2015 State Super Financial Services Australia Limited ABN 86 003 742 756 Australian Financial Services Licence No. 238430

More information

Family law and superannuation

Family law and superannuation Family law and superannuation Fact sheet This fact sheet looks at the process of splitting a superannuation benefit under the family law process and the types of benefits that may be affected, including

More information

Retirement Savings Account (RSA)

Retirement Savings Account (RSA) Retirement Savings Account (RSA) Product Disclosure Statement (PDS) Incorporated (by reference) Information Booklet - Superannuation, Rollovers and Pensions. As at 24 September 2014 Issued by the Qantas

More information

APRA s implementation of the Stronger Super reforms

APRA s implementation of the Stronger Super reforms ISSUE ONE 2012 Superannuation industry overview APRA s implementation of the Stronger Super reforms Insight into superannuation research APRA s data collections Insight issue one 2012 Introduction Welcome

More information

Product Disclosure Statement

Product Disclosure Statement Product Disclosure Statement bcu Retirement Savings Account (Current as at August 20, 2014) Bananacoast Community Credit Union Ltd ABN 50 087 649 750 AFSL No. 241077 The information in this PDS is general

More information

Retirement Savings Account (RSA)

Retirement Savings Account (RSA) Retirement Savings Account (RSA) Product Disclosure Statement (PDS) Incorporated (by reference) Information Booklet - Superannuation, Rollovers and Pensions. As at 12 March 2012 Issued by the Qantas Staff

More information

Redundancy. Benefit application form. Before you start SRR1 01/14. What we need from you. What you can expect from us

Redundancy. Benefit application form. Before you start SRR1 01/14. What we need from you. What you can expect from us SRR1 01/14 Redundancy Benefit application form Before you start Before you complete this benefit application form, please read the CSS Product Disclosure Statement. This form and the Explanatory notes

More information

Commonwealth Superannuation Corporation. Entity Resources and Planned Performance

Commonwealth Superannuation Corporation. Entity Resources and Planned Performance Commonwealth Superannuation Corporation Entity Resources and Planned Performance COMMONWEALTH SUPERANNUATION CORPORATION Section 1: Entity Overview and Resources... 111 1.1 Strategic Direction Statement...

More information

Defence Bank Super Assured Retirement Savings Account

Defence Bank Super Assured Retirement Savings Account RETIREMENT SAVINGS ACCOUNT (RSA) Defence Bank Super Assured Retirement Savings Account Superannuation fee free. The way it should be for all Australians. General Information and Application Form Product

More information

The sooner you start thinking about growing your super, the better. But it s never too late.

The sooner you start thinking about growing your super, the better. But it s never too late. > Get calculating! If you d like to see the effect that personal contributions may have on your final entitlement, access the Super SA Benefit Projector on the Super SA website www.supersa.sa.gov.au. The

More information

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. Reporting Standard SRS 702.1 Investment Performance Objective of this Reporting Standard This Reporting Standard sets out the requirements for the provision of information to APRA relating to the investment

More information

Major Reasons for a Self Managed Superannuation Fund ( SMSF ) Trustee(s) Australian Taxation Office ( ATO )

Major Reasons for a Self Managed Superannuation Fund ( SMSF ) Trustee(s) Australian Taxation Office ( ATO ) Major Reasons for a Self Managed Superannuation Fund ( SMSF ) # Members control an SMSF and (subject to sole purpose test and other restrictions of Australian law) can choose investments (including own

More information

Asset Allocation and Members Benefits Flows

Asset Allocation and Members Benefits Flows Reporting Standard SRS 533.1 Asset Allocation and Members Benefits Flows Objective of this Reporting Standard This Reporting Standard sets out the requirements for the provision of information to APRA

More information

Additional Information Booklet

Additional Information Booklet SuperWrap Additional Information Booklet Dated 20 November 2015 This Additional Information Booklet ( Booklet ) has been prepared by the issuer of SuperWrap: BT Funds Management Limited ABN 63 002 916

More information

Challenger Guaranteed Allocated Pension

Challenger Guaranteed Allocated Pension Challenger Guaranteed Allocated Pension Product Disclosure Statement (PDS) Dated 1 January 2015 Challenger Retirement Fund Allocated Pension (SPIN CIT0101AU) (ABN 87 883 998 803) (RSE Registration Number

More information

Redundancy FAQ. PSS Members. How do I request a benefit estimate? How is my benefit calculated? What are the benefit estimate processing times?

Redundancy FAQ. PSS Members. How do I request a benefit estimate? How is my benefit calculated? What are the benefit estimate processing times? PSSFAQ1 10/13 Redundancy FAQ PSS Members How do I request a benefit estimate? In order to obtain a benefit estimate for redundancy, voluntary or involuntary retirement, we require your employer to complete

More information

DRAFT September 2012. These instructions assist completion of Reporting Form SRF 250.0 Insurance (SRF 250.0).

DRAFT September 2012. These instructions assist completion of Reporting Form SRF 250.0 Insurance (SRF 250.0). Reporting Form SRF 250.0 Insurance Instructions DRAFT September 2012 These instructions assist completion of Reporting Form SRF 250.0 Insurance (SRF 250.0). SRF 250.0 collects information on of the RSE.

More information

Superannuation 2010 2011

Superannuation 2010 2011 RESEARCH PAPER NO. 3, 2010 11 9 September 2010 Superannuation 2010 2011 Leslie Nielson Economics Section Executive summary This paper, updated for the 2010 11 financial year, is designed to provide readers

More information

A Financial Planning Technical Guide

A Financial Planning Technical Guide Self Managed Superannuation Funds A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents What is a self managed superannuation fund (SMSF)? 1 What

More information

2013 Benefit Statement Notes

2013 Benefit Statement Notes 2013 Benefit Statement Notes At 30 June 2013 Important information The Board of Trustees of the State Public Sector Superannuation Scheme (ABN 32 125 059 006) (QSuper Board) is required to provide you

More information

Self managed superannuation funds. A Financial Planning Technical Guide

Self managed superannuation funds. A Financial Planning Technical Guide Self managed superannuation funds A Financial Planning Technical Guide 2 Self managed superannuation funds What is a self managed 4 superannuation fund (SMSF)? What are the benefits? 4 What are the risks?

More information

MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide

MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide MLC MasterKey Super & Pension Fundamentals MLC MasterKey Super & Pension How to Guide Preparation date 1 July 2015 Issued by The Trustee, MLC Nominees Pty Limited (MLC) ABN 93 002 814 959 AFSL 230702 The

More information

BT Term Life as Superannuation

BT Term Life as Superannuation BT Term Life as Superannuation Annual Report for the year ended 30 June 2014 The issuer of Term Life as Superannuation (part of the Superannuation Division of Westpac MasterTrust ABN 81 236 903 448, SFN

More information

SignatureSuper Member Guide Fact Sheet

SignatureSuper Member Guide Fact Sheet SignatureSuper Member Guide Fact Sheet Issued 30 June 2014 AMP Corporate Super The information in this Fact Sheet forms part of the SignatureSuper Product Disclosure Statement dated 1 January 2014 for

More information

DRAFT September 2012. These instructions assist completion of Reporting Form SRF 161.0 Self-Insurance (SRF 161.0).

DRAFT September 2012. These instructions assist completion of Reporting Form SRF 161.0 Self-Insurance (SRF 161.0). Reporting Form SRF 161.0 Self-Insurance Instructions DRAFT September 2012 These instructions assist completion of Reporting Form SRF 161.0 Self-Insurance (SRF 161.0). SRF 161.0 collects information on

More information

Challenger Guaranteed Income Fund (For IDPS investors)

Challenger Guaranteed Income Fund (For IDPS investors) Guaranteed Income Fund (For IDPS investors) Product Disclosure Statement (PDS) Dated 27 April 2012 Challenger (ARSN 139 607 122) Responsible Entity Challenger Retirement and Investment Services Limited

More information

Product Disclosure Statement

Product Disclosure Statement AMP Retirement Savings Account Product Disclosure Statement Contents 1. About AMP Retirement Savings Account 2. How super works 3. Benefits of investing with AMP Retirement Savings Account 4. Risks of

More information

Taxation of lump sums

Taxation of lump sums MB09 04/12 Taxation of lump sums What you need to know Under current tax law both, your Employer and Member Benefits may be subject to tax if withdrawn as either a rollover or cash lump sum. The only exception

More information

St.George Income Protection as Superannuation. Annual report for the year ended 30 June 2015.

St.George Income Protection as Superannuation. Annual report for the year ended 30 June 2015. St.George Income Protection as Superannuation Annual report for the year ended 30 June 2015. Contents Welcome... 3 Recent developments in superannuation... 4 2015/16 superannuation thresholds...4 Higher

More information

Evolving Superannuation Industry Trends

Evolving Superannuation Industry Trends Evolving Superannuation Industry Trends November 2012 kpmg.com.au 2012 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International

More information

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001.

1. This Reporting Standard is made under section 13 of the Financial Sector (Collection of Data) Act 2001. Reporting Standard SRS 535.0 Securities Lending Objective of this Reporting Standard This Reporting Standard sets out the requirements for the provision of information to APRA relating to securities lending

More information

2015 Product Disclosure Statement

2015 Product Disclosure Statement 2015 Product Disclosure Statement Personal Division Issued 1 November 2015 Contents 1. About NSF Super 2. How super works 3. Benefits of investing with NSF Super 4. Risks of super 5. How we invest your

More information

issue one 2015 Superannuation industry overview Conflicts of interest thematic review Insurance in superannuation thematic review

issue one 2015 Superannuation industry overview Conflicts of interest thematic review Insurance in superannuation thematic review issue one 2015 Conflicts of interest thematic review Insurance in superannuation thematic review issue one 2015 II Disclaimer and copyright While APRA endeavours to ensure the quality of this publication,

More information

Telstra Super Personal Plus

Telstra Super Personal Plus 01/ 17 NOVEMBER 2015 PRODUCT DISCLOSURE STATEMENT Telstra Super Personal Plus Making the most of your future Contents 01 About Telstra Super and Telstra Super Personal Plus 02 02 How super works 02 03

More information

RBF Tasmanian Accumulation Scheme Redundancy

RBF Tasmanian Accumulation Scheme Redundancy Fact sheet RBF Tasmanian Accumulation Scheme Redundancy Important note This information is only for members of the RBF Tasmanian Accumulation Scheme. Please refer to the Membership Category as shown on

More information

In completing these forms, Level 3 Heads must refer to Prudential Standard 3PS 110 Capital Adequacy (3PS 110).

In completing these forms, Level 3 Heads must refer to Prudential Standard 3PS 110 Capital Adequacy (3PS 110). Reporting Form 3RF 110.0 Level 3 Prescribed Capital Amount Instructions These instructions assist completion of Reporting Form 3RF 110.0 Level 3 Prescribed Capital Amount (3RF 110.0). 3RF 110.0 collects

More information

Statistics. Life Office Market Report June 2007 (issued 16 October 2007) Australian Prudential Regulation Authority. www.apra.gov.

Statistics. Life Office Market Report June 2007 (issued 16 October 2007) Australian Prudential Regulation Authority. www.apra.gov. Statistics Life Office Market Report June 27 (issued 16 October 27) www.apra.gov.au Australian Prudential Regulation Authority Disclaimer While APRA endeavours to ensure the quality of this Publication,

More information

Your Super Guide. Product Disclosure Statement 15 December 2014 Nestlé Super Insured Accumulation category. Contents. Important Information

Your Super Guide. Product Disclosure Statement 15 December 2014 Nestlé Super Insured Accumulation category. Contents. Important Information Australia Group Superannuation Fund Your Super Guide Product Disclosure Statement 15 December 2014 Nestlé Super Insured Accumulation category Contents 1 About Nestlé Super p2 2 How super works p2 3 Benefits

More information

Response to Submissions

Response to Submissions Response to Submissions National Claims and Policies Database Access to data 28 May 2010 www.apra.gov.au Australian Prudential Regulation Authority Disclaimer and copyright While APRA endeavours to ensure

More information

protected. As well, the States and Territories undertake to ensure that the exempted

protected. As well, the States and Territories undertake to ensure that the exempted IIEADS OF GOVERNMENT AGREEMENT EXEMPTION OF CERTAIN PUBLIC SECTOR SUPERANNUATION SCHEMES FROM TFre, SUPEk,NNUATION INDASTRY (SUPERVISION) ACT 1993 ^ND THF, SUPEkANNUATION (RESOLATION OF COMPIAINTS) ACT

More information

End of financial year planning tips May 2014

End of financial year planning tips May 2014 End of financial year planning tips May 2014 With the end of the financial year fast approaching, it is a good time to review financial planning strategies with a view to optimising your outcomes. This

More information

services system Reports Act 1988 (Cth) Australia has a sophisticated and stable banking and financial services system.

services system Reports Act 1988 (Cth) Australia has a sophisticated and stable banking and financial services system. FINANCIAL SERVICES Australia has a sophisticated and stable banking and financial services system Australia has a sophisticated and stable banking and financial services system. The banking system is prudentially

More information

Supplementary Product Disclosure Statement

Supplementary Product Disclosure Statement AMA Financial Services Medical & Associated Professions Superannuation Fund a sub-plan of IOOF Employer Super Employer and Personal Super Supplementary Product Disclosure Statement Dated: 1 June 2014 Issuer:

More information

ENTERPRISE SUPER MEMBERS GUIDE. EMPLOYER SPONSORED SUPERANNUATION & PERSONAL SUPERANNUATION Issue Date: 22 June 2012

ENTERPRISE SUPER MEMBERS GUIDE. EMPLOYER SPONSORED SUPERANNUATION & PERSONAL SUPERANNUATION Issue Date: 22 June 2012 ENTERPRISE SUPER EMPLOYER SPONSORED SUPERANNUATION & PERSONAL SUPERANNUATION Issue Date: 22 June 2012 Enterprise Super is a division of General Retirement Plan, ABN 32 894 907 884 PO Box 1282, Albury NSW

More information

Superannuation Acronym Glossary

Superannuation Acronym Glossary ATI ADF ACCC AFSL APRA ASIC ATO AUD AUSTRAC Adjusted Taxable Income: The amount of net income used in certain financial calculations involving taxation, Government Co-contributions and some insurances.

More information

Approved forms for payments and reports

Approved forms for payments and reports Approved forms for payments and reports Financial Claims Scheme for authorised deposit-taking institutions August 2013 www.apra.gov.au Australian Prudential Regulation Authority Disclaimer and copyright

More information

Member guide. Superannuation and Personal Super Plan. The information in this document forms part of the Hostplus Product Disclosure Statement issued

Member guide. Superannuation and Personal Super Plan. The information in this document forms part of the Hostplus Product Disclosure Statement issued Member guide. Superannuation and Personal Super Plan Product Disclosure Statement The information in this document forms part of the Hostplus Product Disclosure Statement issued Section 7. How super is

More information

BT Income Protection as Superannuation

BT Income Protection as Superannuation BT Income Protection as Superannuation Annual Report for the year ended 30 June 2014 The issuer of Income Protection as Superannuation (part of the Superannuation Division of Westpac MasterTrust ABN 81

More information

St.George Income Protection as Superannuation. Annual report for the year ended 30 June 2014.

St.George Income Protection as Superannuation. Annual report for the year ended 30 June 2014. St.George Income Protection as Superannuation Annual report for the year ended 30 June 2014. Contents Welcome... 3 Recent developments in superannuation... 4 Increases to Superannuation Guarantee...4 Concessional

More information

Benefit application form and information leaflet

Benefit application form and information leaflet SRR1 04/12 Involuntary retirement Benefit application form and information leaflet Before completing this benefit application form, you are advised to read the PSS Product Disclosure Statement at www.pss.gov.au

More information

Superannuation. A Financial Planning Technical Guide

Superannuation. A Financial Planning Technical Guide Superannuation A Financial Planning Technical Guide 2 Superannuation Contents Superannuation overview 4 Superannuation contributions 4 Superannuation taxation 7 Preservation 9 Beneficiary nomination 9

More information

SMSF Trustee Companion

SMSF Trustee Companion If you are thinking about setting up a SMSF, there are a number of decisions you will need to make regarding the structure, operation and management of your fund. To help you understand the process and

More information

MyState Wealth Management Superannuation Account Reference Guide

MyState Wealth Management Superannuation Account Reference Guide MyState Wealth Management Superannuation Account Reference Guide 19 August 2015 Superannuation Account Reference Guide 1 Trustee and Issuer: The Trust Company (Superannuation) Limited ABN 49 006 421 638

More information

EXPLANATORY MEMORANDUM. of 2012 - Minister for Financial Services and Superannuation. Subject - Superannuation Industry (Supervision) Act 1993

EXPLANATORY MEMORANDUM. of 2012 - Minister for Financial Services and Superannuation. Subject - Superannuation Industry (Supervision) Act 1993 ATTACHMENT B EXPLANATORY MEMORANDUM Minute No. of 2012 - Minister for Financial Services and Superannuation Subject - Superannuation Industry (Supervision) Act 1993 Superannuation Industry (Supervision)

More information

Setting up a self-managed super fund

Setting up a self-managed super fund Introduction for people setting up an SMSF Setting up a self-managed super fund What you need to know to set up a self managed super fund NAT 71923-11.2013 NAT 72579-03.2013 NAT 71454 03.2013 COVER ICON

More information

Taxpayers Australia Inc

Taxpayers Australia Inc Taxpayers Australia Inc Superannuation Australia (A wholly owned subsidiary of Taxpayers Australia Inc) Glossary of superannuation terms These terms are commonly used in the superannuation sector. Account-based

More information

In a nutshell... From Issue 52, 2010-11 of Superannuation Quarterly, dated March 2011. ...the full article follows. Tax deductions for SMSFs

In a nutshell... From Issue 52, 2010-11 of Superannuation Quarterly, dated March 2011. ...the full article follows. Tax deductions for SMSFs From Issue 52, 2010-11 of Superannuation Quarterly, dated March 2011 In a nutshell... Tax deductions for SMSFs This article looks at various tax deductions that are available to a complying Self Managed

More information

Lump sum benefit payment request for your superannuation or account based pension

Lump sum benefit payment request for your superannuation or account based pension Lump sum benefit payment request for your superannuation or account based pension How to claim a benefit To claim a benefit you will need to complete the attached Benefit Payment Request and send it direct

More information

Redundancy FAQ. PSS Members. How do I request a benefit estimate? How is my benefit calculated? What are the benefit estimate processing times?

Redundancy FAQ. PSS Members. How do I request a benefit estimate? How is my benefit calculated? What are the benefit estimate processing times? PSSFAQ1 10/13 Redundancy FAQ PSS Members How do I request a benefit estimate? In order to obtain a benefit estimate for redundancy, voluntary or involuntary retirement, we require your employer to complete

More information

Superannuation Surcharge Guide. Issued: December 2013

Superannuation Surcharge Guide. Issued: December 2013 Superannuation Surcharge Guide Issued: December 2013 Contents Introduction... 3 Surcharge process... 4 What are my options?... 5 Need more information?... 7 Contact Centres 70 Eagle Street Brisbane 63

More information

Understanding Superannuation

Understanding Superannuation Understanding Superannuation Client Fact Sheet July 2012 Superannuation is an investment vehicle designed to assist Australians save for retirement. The Federal Government encourages saving through superannuation

More information

Making the Most of Your Super

Making the Most of Your Super Making the Most of Your Super For many people, super is one of the best ways to accumulate wealth. The Government provides tax benefits to encourage people to fund their own retirement. With more Australians

More information

SMSF Audit Self Managed Super Funds

SMSF Audit Self Managed Super Funds SMSF Audit Self Managed Super Funds Control Why set up a Self Managed Super Fund (SMSF)? SMSF assets are totally under the control of the Trustees. The Trustees are responsible for taking all decisions

More information

PRODUCT DISCLOSURE STATEMENT. 02 9331 8664 admin@nowinfinity.com.au www.nowinfinity.com.au PO BOX 1409 Potts Point NSW 1335 ABN 16 154 927 376

PRODUCT DISCLOSURE STATEMENT. 02 9331 8664 admin@nowinfinity.com.au www.nowinfinity.com.au PO BOX 1409 Potts Point NSW 1335 ABN 16 154 927 376 PRODUCT DISCLOSURE STATEMENT 02 9331 8664 admin@nowinfinity.com.au www.nowinfinity.com.au PO BOX 1409 Potts Point NSW 1335 ABN 16 154 927 376 SMSF Product Disclosure Statement CONTENTS SMSF Product Disclosure

More information

How Family Law may affect your superannuation, life insurance and other investments

How Family Law may affect your superannuation, life insurance and other investments How Family Law may affect your superannuation, life insurance and other investments Issue Date 17 December 2004 Throughout this guide: REFERENCE TO: we or us member spouse non-member spouse owner spouse

More information

Tax deductible superannuation contributions

Tax deductible superannuation contributions Tax deductible superannuation contributions TB 35 TECHNICAL SERVICES ISSUED ON 29 OCTOBER 2014 ADVISER USE ONLY VERSION 1.1 Summary Employers and certain individuals can claim a tax deduction for contributions

More information

FINANCIAL INDUSTRY LEVIES FOR 2015-16

FINANCIAL INDUSTRY LEVIES FOR 2015-16 FINANCIAL INDUSTRY LEVIES FOR 2015-16 THE TREASURY AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY INTRODUCTION The purpose of this paper is to set out the Financial Institutions Supervisory Levies ( the levies

More information

Information for employers

Information for employers ₁ Issued July ₂₀₁₅ Information for employers AMP Flexible Super Guide Registered trademark of AMP Limited ABN 49 079 54 519. This guide provides information specifically for employers about AMP Flexible

More information

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund.

Contributions are taxed differently depending on whether you are making contributions to a taxed or untaxed fund. Tax and super Issue Date: 1 July 2015 SUP E R ANNUATION The information in this document forms part of the Product Information Booklets for GESB Super and West State Super, each dated 1 July 2015. You

More information

1 What is the role of a financial planner when advising a client about retirement planning?

1 What is the role of a financial planner when advising a client about retirement planning? Questions with Guided Answers by Graeme Colley 2013 Reed International Books Australia Pty Limited trading as LexisNexis. Permission to download and make copies for classroom use is granted. Reproducing

More information