Superannuation Acronym Glossary

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1 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. Approved Deposit Fund: A type of fund designed to accommodate sums of money, such as accumulated Super benefits paid to someone leaving their employer, and is eligible for concessional taxation treatment. ADFs were established by banks, merchant banks and life offices in the mid-1980s following legislation which increased the tax payable on Superannuation Lump Sum payouts after June ADFs are regulated under the SIS legislation and can only be offered by Approved Trustees. Australian Competition & Consumer Commission: Formed in 1995 by the merging of the Trade Practices Commission and the Prices Surveillance Authority. This agency is responsible for regulating the Competition and Consumer Act 2010 which replaced the Trade Practices Act This agency is responsible for fair trade practises, price surveillance, and competition/consumer protection. Australian Financial Services Licence: A type of license that that authorises a financial services business to issue financial products or financial product advice, and is issued by the Australian Securities and Investments Commission (under the Corporations Act 2001). Australian Prudential Regulation Authority: APRA was formed on 1 July 1998 as one measure to implement the recommendations of the Financial System Inquiry. It was established to set standards for the prudent management of banks and insurance companies, and for ensuring that trustees of superannuation funds are aware of their obligations to members. Australian Securities & Investments Commission: established in 1998 as part of the Financial System Inquiry, this regulatory body enforces and administers Corporations Law and consumer protection law for investments, life and general insurance, superannuation and banking (except lending) throughout Australia. Australian Taxation Office: The ATO primarily administers the Income Tax Assessment Act (ITAA). The ATO also administers the Superannuation Guarantee legislation, superannuation contributions tax, lost members register and SIS Act provisions relating to Self Managed Superannuation Funds. Australian Dollar: The Australian currency. Australian Transactions Reports and Analysis Centre: Australia's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. AUSTRAC was established under the Financial Transaction Reports Act 1988 (FTR Act) and is continued in existence by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Australian Institute of Superannuation Trustees ABN (2012) 1

2 AWOTE C CGT CPI DA DASP EC ERF ESP Average Weekly Ordinary Time Earnings: A measure of wage and salary levels of employees in Australia, published monthly by the Australian Bureau of Statistics. Often used by economists as an indicator to gauge the overall level of economic activity and potential inflationary influences. The rate of indexation is normally in line with AWOTE. Concessional Component: The Concessional component consists of payments made to an employee leaving work before 1 July 1994 due to invalidity, redundancy or early retirement as part of an approved early retirement scheme (a golden handshake). There are no new concessional components from 1 July However, concessional components rolled over prior to 1 July 1994 will retain their status and can be rolled over between funds. The Concessional component makes up part of the tax free portion of a benefit. Capital Gains Tax: Tax on the increase in the capital value of investments, payable when the gain is realised. Consumer Price Index: An index measuring the prices at various times of a selected group of goods and services, which typify those bought by ordinary households. It allows comparisons of the relative cost of living over time, and is used as a measure of inflation. Deductible Amount: a tax-free component of the annuity or pension. It is calculated as an annual amount, being the purchase price of the pension/annuity for which no previous tax deduction has been granted (the undeducted purchase price) divided by the remaining expected life of the person from the date the pension begins to be paid (the relevant number). Departing Australia Superannuation Payment: A benefit payment to a temporary resident departing Australia permanently. DASPs are subject to withholding tax at special rates. Excessive Component: Abolished on 1 July 2007, this was the component of a benefit which exceeded the Reasonable Benefit Limit. This amount was not subject to concessional tax treatment. Eligible Rollover Fund: A superannuation fund (or approved deposit fund) eligible to receive benefits automatically rolled over from other funds, which are generally inactive smaller scale accounts and lost member account rollovers. These types of funds must provide member-benefit protection. Eligible Service Period: The period of time spent in employed by a certain employer, or in membership of a certain superannuation fund, for the purposes of calculating an Employer ETP or Superannuation Lump Sum. Australian Institute of Superannuation Trustees ABN (2012) 2

3 ETP FBT FOS FSG FSRA GDP GST HREOC IC Employment Termination Payment: A payment made to an employee upon retirement, resignation, retrenchment, or disablement. Not allowed to be rolled over into Superannuation in order to defer and minimise tax liability. Examples include the taxable portion of redundancy payments, gratuities such as golden handshakes and payments in lieu of notice. Fringe Benefits Tax: A tax on non-salary benefits that is paid by employers on behalf of their employees. Such benefits may include everything from parking to company cars and subsidised home mortgage payments. Financial Ombudsman Service: An external dispute resolution scheme that was established to provide free advice and assistance to consumers to help them in resolving complaints relating to holders of an AFSL. Financial Services Guide: A document required under the Corporations Act that must be provided to a retail client when they deal in a financial product offered by an AFS Licensee. This document describes the service given and by whom. The FSG replaces the Advisory Services Guide (ASG) previously issued by security dealers and investment advice license holders. Financial Services Reform Act: The FSRA was amending legislation that introduced a new Chapter 7 of the Corporations Act Commencing 11 March 2002, with a two-year transitional period, the FSRA established a single licensing and disclosure regime for all retail financial products and services, including an interest in a superannuation fund. Known previously as CLERP 6. Gross Domestic Product: a measurement in dollar terms of the aggregate goods produced and services provided within an economy over a year (excluding income earned outside the country. Considered one of the main yardsticks of the health and vitality of an economy. Goods & Services Tax: A tax on individual goods and services, which is added on to the retail price of those goods and services. Often advocated as a means of increasing savings in the economy (as an alternative to income tax). Also known as Consumption Tax or, in some countries, Value Added Tax. Human Rights & Equal Opportunity Commission: administers Federal legislation in the area of human rights, anti- discrimination, social justice and privacy. Its functions include complaint handling, public inquiries, policy development, education and training. Invalidity Component: also known as post-june 1994 invalidity component. This replaced the Concessional component for total and permanent injuries which occurred from 1 July (It is that part of the benefit that represents a prospective period between the date employment stopped, due to injury, and the time of normal retirement). Australian Institute of Superannuation Trustees ABN (2012) 3

4 IRC MTR NQ OMO OTE PDS PST PVF RBA RBL Industrial Relations Commission: The Federal Government organisation responsible for the prevention, conciliation, and arbitration of industrial disputes, in particular disputes related to federal awards. Marginal Tax Rate: The rate of tax payable on the top proportion of income derived by a person. Non-Qualifying Component: part of a taxable component of a benefit, which can arise where an annuity which was not wholly purchased with a rolled-over amount is commuted to a lump sum; or where the residual value of such an annuity becomes payable. Open Market Operations: A means of implementing monetary policy, controlled by the Reserve Bank of Australia. More specifically, this relates to the RBA's involvement in foreign exchange and the purchase and sale of government securities (and associated matters). As a result, this process affects financial markets, in particular interest rates, as well as monetary growth. Ordinary Time Earnings: the earnings on an employee s ordinary hours of work. Generally OTE excludes overtime. It is an employee s default earnings base for Superannuation Guarantee purposes and is defined in the Superannuation Guarantee legislation, and in rulings issued by the Tax Office. See also AWOTE. Product Disclosure Statement: A document required under Corporations Act that must be provided to a retail client to describe the key features of a financial product on offer. The PDS replaced the KFS and member booklets as the main up-front disclosure document for superannuation funds. Pooled Superannuation Trust: A superannuation trust that complies with certain conditions set out in SIS Legislation and Regulation, into which complying funds may place their investments. Pension Valuation Factor: From 20 September 2007, minimum pension standards replaced the PVF for new purchased Retirement Income products. PVF is used only for products purchased prior to 20 September 2007 to calculate minimum and maximum annual income amounts. Reserve Bank of Australia: The RBA is Australia s central bank. Its two main responsibilities are monetary policy and the maintenance of financial stability, including stability of the payment system. The RBA s powers are vested in the Reserve Bank Board and the Payments System Board, both of which are chaired by the Governor. It is also responsible for printing and issuing Australian currency notes. Reasonable Benefit Limit: Abolished at 1 July The maximum amount an individual could receive at the concessional tax rate (applying to superannuation benefits), either as a lump sum or a pension. Amounts over this limit are taxed at the highest marginal tax rate. Australian Institute of Superannuation Trustees ABN (2012) 4

5 RCV RN RSA SAF SCT SGC SIS SMSF Residual Capital Value: Minimum Pension standards no longer allow any Residual Capital Value for new pensions from 20 September An RCV is a lump sum payment made from an annuity or pension at the end of the plan term or following the death of the last annuitant or pensioner. Relevant Number: in relation to a life pension or annuity, it is the life expectation of a person at the time his/her pension or annuity starts being paid. The life expectation figure in years is specified in tables issued by the Australian Taxation Office. Retirement Savings Account: A low risk, low return investment product, akin to a conventional bank account. This is available to superannuation fund members as an alternative to conventional superannuation products offered through a Trust Deed. RSAs are only offered by approved deposit taking institutions such as building societies, credit unions, and life insurance companies. Regulated by the Australian Prudential Regulation Authority. Small APRA Fund: a superannuation fund with less than five members that is administered by an approved trustee and that is not a public offer fund. SAFs are regulated by the Australian Prudential Regulation Authority (APRA). They have less onerous reporting requirements than other APRA regulated funds. Superannuation Complaints Tribunal: A tribunal established under SIS Legislation to conciliate and, if necessary review, complaints brought by individuals who are affected by decisions of trustees of superannuation or approved deposit funds. Superannuation Guarantee Charge: A charge payable to the ATO by employers who fail to make their minimum prescribed superannuation guarantee contributions to employees, or who fail to pay before a quarterly deadline. The SGC is set at the level of the unpaid contribution, plus an administration charge and nominal interest rate. Superannuation Industry Supervision Act: Legislation enacted by the Commonwealth Government in 1993, and commencing on 1 July 1994 for the regulation, responsibilities and activities of superannuation funds. Self Managed Superannuation Fund: a superannuation fund of fewer than five members in which all members are trustees of the fund, and if the trustees are individuals all trustees are members of the fund, or if the trustee is a company all members are directors of the company and all directors are members of the fund. There is a further requirement that no member can be an employee of another member of the fund unless the members involved are related. Special rules apply for single member funds and when members are co-directors of a company. SMSFs are supervised by the Australian Taxation Office. Australian Institute of Superannuation Trustees ABN (2012) 5

6 SOA SRD TFN TPD UDC UPP Statement of Advice: a disclosure document required by ASIC regulations under the Corporations Act. The Statement of Advice must be issued to a retail client when they are given personal financial advice by a holder of an AFSL or their representative. Statutory Reserve Deposit: In place from 1960 to 1988 when the banking sector was deregulated, the SRD was a percentage of bank deposits that had to be lodged in an account with the Reserve bank of Australia. This made up part of monetary policy. Tax File Number: A number allocated to each taxpayer by the Australian Taxation Office. The TFN is used by the ATO to match income and taxation details. Total & Permanent Disablement: a term for which there is no single definition as the details are specified by individual policies or trust deeds. A common example may be: - inability to perform one s normal occupation; - inability to perform each and every duty of one s normal occupation; - inability to perform each and every duty of any occupation for which the person is reasonably qualified by education, training or experience. Many insurers will use a different definition depending on whether the disablement is temporary or permanent. Permanent disablement is usually defined in stricter terms than temporary disablement, thereby making it more difficult to qualify for permanent disablement benefits than for temporary benefits. For example, from the three definitions listed above a fund s trust deed may use the second as definition of temporary disablement but the third for permanent disablement. Undeducted Contributions: a tax free component of an employer ETP, or Superannuation Lump Sum, comprising Non-Concessional superannuation contributions (usually by employees) after 30 June 1983 for which no tax deduction was claimed. Undeducted Purchase Price: the amount a person has outlaid to purchase or receive a pension/annuity, for which no tax deduction has been granted. From 1 July 1994 this amount is limited to post-june 1983 member contributions. With the exception of spouse contributions and the government co-contribution, contributions towards the cost of a pension by a person other than the recipient are not included in the UPP. The un-deducted purchase price will generally consist of the un-deducted contributions, the CGT exempt component and (if the pension/annuity relates to a period after 3 June 1998) the post-june 1994 invalidity component. The UPP is used to calculate the tax-free portion of the annual pension or annuity. Australian Institute of Superannuation Trustees ABN (2012) 6

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