SMSFs and Estate Planning. SMSFs and Estate Planning February 2007

Save this PDF as:
Size: px
Start display at page:

Download "SMSFs and Estate Planning. SMSFs and Estate Planning February 2007"

Transcription

1 SMSFs and Estate Planning

2 Disclaimer Please note that this presentation is to be considered general advice only. The material and the opinions of the presenter should not be relied upon to make decisions. To do that you should obtain specific advice where you make the facts clear and the advisor is aware that you are clearly going to make decisions based on what is said

3 Agenda Estate Planning and SMSFs Taxation of Death Benefits Reversionary Pensions Control Trustee Issues Death Benefit Nominations Reserves Life Insurance

4 Estate Planning & SMSFs Interest in superannuation NOT part of the deceased s estate; Trustee of superfund decides, unless a valid binding death benefit nomination in place; Executor and remaining members make the decisions; Member beneficiary nomination can specify individuals, or their estate;

5 Death Possible for will to nominate a LPR to act as director of Trustee company; Decisions by trustees of SMSFs no subject to SCT Katz v Grossman valid discretion exercised despite unfair treatment Benefit can be paid as a lump sum or a pension (deed permitting)

6 Taxation of death benefits

7 Taxation of Lump Sum Death Benefits Pre 1 July 2007, taxed fund Tax dependent, includes spouse, children under 18years, and other financially dependent, and disabled children Up to the deceased s remaining PRBL: nil Excessive components: Post 83 taxed element: 39.5% Pre 83 taxed and all untaxed elements: 48.5% Non-tax dependent Up to deceased s remaining PRBL: Post 83 taxed element %, untaxed element 31.5% Pre 83 MTR plus Medicare Levy Excessive component: Post % Pre %

8 Taxation of Lump Sum Death Benefits Post 1 July 2007, taxed fund Tax Dependent Nil Non Tax Dependent Tax free component* nil; Element taxed 16.5% Element untaxed 31.5% * Tax Free component comprises undeducted contributions and pre 83 amounts.

9 Taxation of Pension Death Benefits Pre 1 July 2007 (pension to tax or non-tax dependant) Non-excessive reversionary / fresh income stream [(Benefit payment deductible amount) x MTR] 15% rebate Excessive reversionary / fresh pension (Benefit payment deductible amount) x MTR Post 30 June 2007 from a taxed fund Primary Beneficiary (PB) < 60 years and Reversionary Beneficiary (RB) < 60 years [(Benefit payment exempt amount) x MTR] 15% rebate PB < 60 & RB > 60 - nil PB > 60, RB any age - nil

10 Taxation of Pension Death Benefits Post 30 June 2007 from an untaxed fund Primary Beneficiary (PB) < 60 years and Reversionary Beneficiary (RB) < 60 years [(Benefit payment exempt amount) x MTR] PB < 60 & RB > 60 or PB > 60, RB any age [(Benefit payment exempt amount) x MTR] 10%rebate

11 Control Trustee Issues

12 Control Trustee Issues Executor or LPR take over role of deceased; If surviving spouse, then she has 100% control; If intention was to leave part of balance to children of earlier marriage this may not be achieved; If children under 18 years and their LPR appointed trustee may end with current spouse and ex spouse managing the fund

13 Control Trustee Issues Consider separate SMSF for children of first marriage Trustee company shareholders have the power to remove a director Remaining spouse may inherit the deceased share and then has ability to remove other directors; Needs to be addressed in the members will

14 Reversionary Pensions

15 Reversionary Pensions A pension that reverts to another person on the death on the primary beneficiary Age of the younger of the primary and reversionary pensioner used in the calculations of pension payments

16 Reversionary Pensions Pension commenced before 1 July 2007 Pension may revert under current rules An allocated pension can revert to multiple dependents; A market linked pension con only revert one at a time; Tested for RBL once only at time pension commenced for primary beneficiary If no reversionary pensioner, pension ceases on death and fund no longer tax exempt, CGT will apply to asset disposals Nominated at time of commencement of pension, although there is a view that if the deed permits, can revert on death and not be considered a new pension

17 Reversionary Pensions From 1 July 2007 Pensioner dies on or after 1 July 2007 Irrespective of when pension commenced Can only revert to a tax dependent To a child only if: Under 18 years, but must commute at 25 Between 18 and 25 if financially dependent on pensioner, but must commute at 25 To a child suffering a permanent disability

18 Reversionary Pensions From 1 July 2007 breach of pension standards if existing pension rules provide for reversion to non tax dependents Existing pension docs needed to be reviewed; If breach the standards pension is taxed at ordinary income; fund is non complying auditor must issue qualified audit report and notify regulator

19 Death Benefit Nominations

20 Death Benefit Nominations Estate or beneficiary? Estate Executor of will then distributes in accordance with the will; If in pension phase reversionary pension will not be included Lost ability to establish a pension for a minor Taxation benefits greater post 30 June 07 for minors» Tax free pension up to 18 year, or 25 years if financially dependent compared to $6,000 tax free. Non binding Trustee determines, taking into account the members wishes as shown in the nomination

21 Death Benefit Nominations The deed must allow for Binding death benefit nominations for SMSFs s58 excludes SMSFs from the 3 year rule; can potentially make lifetime DBN Member determines receipt of death benefits (s 59(1A) Not binding if contrary to Family Court order No requirement for fund to offer BDN Consequences must have been explained Not automatically revoked by divorce Should cover contingencies A financial Enduring Power of attorney should include the power to confirm a BDN

22 Reserves

23 Reserves What is a reserve? Amount held within a fund that is not allocated to a member Allowable unless specifically prohibited in the trust deed Specify type and purpose How do they work? Allocated from investment returns; or In accordance with actuarial requirements Taxed at super fund rate Not a pension asset Must have own investment strategy

24 Reserves Types of Reserves Contribution Investment Solvency Miscellaneous S279d (Anti Detriment payment) Part IVA application? Ryan s case? On notice of extended application of Part IVA and retrospective application Allocation of reserves prior to 30 June?

25 Contributions Reserve Contributions not allocated to members Large funds, not applicable for SMSFs Was a surcharge and RBL strategy 2004 Budget contributions must be allocated within 28 days Existing reserves can remain, no time limit.

26 Investment Reserves Smooth returns Assisted with Term Allocated Pensions to make payments within +/- 10% post 1 Jan 2006 RBL Strategies Unnecessary after 1 July 07 Centrelink strategy Keep member balances down Mature age and partner allowance entitlements Limitations SCR 99/1 investment reserve limited 15% Application to surcharge amounts; application post 30 June 07?

27 Solvency Reserves Required by actuary to guarantee payment of defined benefit pensions Separate pools of assets Not used to back pension Tax on income and gains Allocation back to pension pool At discretion of actuary Still relevant Existing lifetime and life expectancy pensions

28 Solvency Reserves What happens on death? Lifetime pension with guaranteed period & Fixed term pension NPV of remaining payments death benefit; Unused pool of assets plus solvency reserve transferred into a miscellaneous reserve Allocate to other members? Payout as an anti-detriment payment? Lifetime pension outside of guaranteed period Unused pool of assets plus solvency reserve transferred to miscellaneous reserve. Single member fund No ability to bring members in to benefit from the reserve ATO takes miscellaneous reserve If LPR can act to admit new members deed to will important

29 s279d reserves S 279D anti detriment following introduction of 15% tax on contributions Payable to dependents on death of member Amount equivalent to 15% tax paid on contributions Must be paid, and must be in addition to member s balance on death Tax deduction for super fund Payment / 15% Cary forward losses? Only beneficial if remaining members

30 s279d reserves Question is how to fund the payment Specific Life insurance Deed must allow Documentation to support purpose Establish a reserve Excess investment returns Allocation from miscellaneous reserve Must be established prior to death

31 Life Insurance

32 Life Insurance Up to 30 June 2007, insurance inside fund used to top up balance to RBL levels Post 30 June 2007 Removal of RBL means no cap Premiums for life and TPD insurance tax deductible for super fund not for individual

33 Life Insurance Permanent incapacity Ceased gainful employment Post 30 June 07 will include self employed Care with definitions SIS Act permanent incapacity condition of release Insurance cover unlikely because of physical or mental ill-health ever again to engage in gainful employment for which the client is reasonably qualified by education, training or experience May end up with insurance payout stuck inside fund as SIS condition of release not met.

34 Life Insurance Taxation Tax exempt proportion remains tax exempt Taxable components further divided into Element taxed taxed at 15% to non tax dependants Element untaxed taxed at 30% to non tax dependants Where a deduction has been claimed for the premiums

35 Life Insurance Member Balance at death, before insurance proceeds Insurance cover Tax Free proportion Age service period commenced Age at death Last retirement day Superannuation lump sum Tax Free component - Element Taxed - Element Untaxed Tax payable Net After Tax Lump Sum 250,000 1,000,000 10% ,250, , , , , ,063

36 Conclusion Estate planning needs to include SMSF Trust Deed must always be reviewed in the estate planning process BDNs are appropriate in certain circumstances only Insurance may be appropriate but not always & be mindful of tax Consideration as to control of the fund after death important Reserves may be used for intergenerational wealth transfer

Superannuation death benefits

Superannuation death benefits Last updated: 7 September 2010 Last updated: 1 January 2011 Superannuation death benefits This TapIn Guide looks at the key tax issues relating to superannuation death benefits paid from a complying superannuation

More information

SMSF insurance options and strategies

SMSF insurance options and strategies SMSF insurance options and strategies Agenda Will be looking at: Requirement to consider insurance Why hold insurance through an SMSF? Life Insurance Permanent Incapacity Temporary Incapacity. Requirement

More information

Death of a Member in an SMSF. Peter Johnson The SMSF Expert TM CST Corporate Solutions Pty Ltd

Death of a Member in an SMSF. Peter Johnson The SMSF Expert TM CST Corporate Solutions Pty Ltd Death of a Member in an SMSF Peter Johnson The SMSF Expert TM CST Corporate Solutions Pty Ltd Outcomes? Death Benefit Nominations Insurance Inside of Super Changing Trustee s etc after death Definition

More information

IOOF Technical Advice Solutions Client strategies for advisers. Superannuation and death benefits in the Simpler Super environment.

IOOF Technical Advice Solutions Client strategies for advisers. Superannuation and death benefits in the Simpler Super environment. IOOF Technical Advice Solutions Client strategies for advisers Superannuation and death benefits in the Simpler Super environment Adviser use only IOOF Technical Advice Solutions Since 1 July 2007, the

More information

Introduction for paying benefits from an SMSF. Paying benefits from a self-managed super fund

Introduction for paying benefits from an SMSF. Paying benefits from a self-managed super fund Introduction for paying benefits from an SMSF Paying benefits from a self-managed super fund NAT 74124-04.2013 Our commitment to you We are committed to providing you with accurate, consistent and clear

More information

Binding Death Benefit Nominations and Reversionary Pensions

Binding Death Benefit Nominations and Reversionary Pensions fit Pensions The Eighth Annual Estate Planning Conference Television Education Network Friday, 21 March 2014 Written and presented by: Phil Broderick Principal Sladen Legal Reference: 1PJB:21302413 SLADEN

More information

Super and estate planning

Super and estate planning Booklet 4 Super and estate planning MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Making a start 04 What happens to your superannuation benefits after your death?

More information

Taxation of insurance payments through super Fact Sheet - October 2014

Taxation of insurance payments through super Fact Sheet - October 2014 Taxation of insurance payments through super Fact Sheet - October 2014 Insurances such as life, total and permanent disability (TPD) and income protection (IP) can be taken through super. The trustee of

More information

Introduction for paying benefits from an SMSF. Paying benefits from a self-managed super fund

Introduction for paying benefits from an SMSF. Paying benefits from a self-managed super fund Introduction for paying benefits from an SMSF Paying benefits from a self-managed super fund NAT 74124-06.2013 NAT 72579-03.2013 NAT 11032-04.2013 NAT 71923-04.2013 NAT 8107-08.2012 Our commitment to you

More information

Structuring & Tax. Ensuring your plans for your super become a reality. By Ben Andreou Partner Head of Structuring & Tax

Structuring & Tax. Ensuring your plans for your super become a reality. By Ben Andreou Partner Head of Structuring & Tax Structuring & Tax Ensuring your plans for your super become a reality By Ben Andreou Partner Head of Structuring & Tax December 2015 Table of Contents Page Why should you read this paper?... 3 Background...

More information

AustChoice Super general reference guide (ACH.02)

AustChoice Super general reference guide (ACH.02) AustChoice Super general reference guide (ACH.02) Issued: 28 May 2015 This guide contains important information not included in the AustChoice Super PDS. We recommend you read this entire guide. The information

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

Reversionary pensions are they still worthwhile? Yvonne Chu Senior Manager, FirstTech, Colonial First State

Reversionary pensions are they still worthwhile? Yvonne Chu Senior Manager, FirstTech, Colonial First State Reversionary pensions are they still worthwhile? Yvonne Chu Senior Manager, FirstTech, Colonial First State Disclaimer This presentation is given by a representative of Colonial First State Investments

More information

A Financial Planning Technical Guide

A Financial Planning Technical Guide Insurance and Estate Planning A Financial Planning Technical Guide Securitor Financial Group Limited ABN 48 009 189 495 AFSL 240687 Contents Introduction 1 General insurance 1 Private health insurance

More information

Insurance and estate planning. A Financial Planning Technical Guide

Insurance and estate planning. A Financial Planning Technical Guide Insurance and estate planning A Financial Planning Technical Guide 2 Insurance and estate planning Introduction 4 General insurance 4 Private health insurance 4 Personal insurance 5 Business insurance

More information

SMSF Updates. Maureen Allan August 2014. Ph: 03 9690 5700 Fax: 03 9690 6509 Email: mallen@morrows.com.au Website: www.morrows.com.

SMSF Updates. Maureen Allan August 2014. Ph: 03 9690 5700 Fax: 03 9690 6509 Email: mallen@morrows.com.au Website: www.morrows.com. SMSF Updates Maureen Allan August 2014 Ph: 03 9690 5700 Fax: 03 9690 6509 Email: mallen@morrows.com.au Website: www.morrows.com.au What we will cover SMSF Updates Contributions Changes to annual contribution

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

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724

ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014. Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 ADVANCE RETIREMENT SAVINGS ACCOUNT Annual Report for year ended 30 June 2014 Issued by BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 CONTENTS Introduction... 1 Recent developments in superannuation...

More information

Insurance through super strategies

Insurance through super strategies Insurance through super strategies For advisers Inside super or outside super? Insurance is quite often held within super because the premiums can be paid from accumulated super balances or employer contributions.

More information

General reference guide

General reference guide General reference guide (TPS.01) Issued: 1 July 2015 The Portfolio Service Super Essentials The Portfolio Service Superannuation Plan The Portfolio Service Retirement Income Plan This guide contains important

More information

Getting to know your SMSF Trust Deed

Getting to know your SMSF Trust Deed Getting to know your SMSF Trust Deed Trust Deed Age What are you missing out on? Regulatory change from OSS to SIS and Corps Act Related parties 3 year binding death benefit nominations Contribution splitting

More information

Tax and your CSS benefit

Tax and your CSS benefit CSF27 04/12 Tax and your CSS benefit Who should read this? All contributing CSS members. What is in this fact sheet? > > What should I know up front? > > My benefits in the CSS > > How are contributions

More information

Funding income protection and trauma insurance via superannuation

Funding income protection and trauma insurance via superannuation TB 40 Funding income protection and trauma insurance via Issued on 16 June 2014. Summary The tax concessions available for certain contributions can make it tax effective to fund income protection (salary

More information

Paying Superannuation Death Benefits All Australian Funds 1. Lump Sum Member s Deceased Estate 2. Lump sum Dependants

Paying Superannuation Death Benefits All Australian Funds 1. Lump Sum Member s Deceased Estate 2. Lump sum Dependants Paying Superannuation Death Benefits All Australian Funds As a consequence of the sole purpose test (see section 62 of the Superannuation Industry Supervision Act 1993 (the SIS Act ) and the accompanying

More information

Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH

Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH Adviser Tax Guide ONECARE 1 JULY 2014 ANZ WEALTH This guide is current at 1 July 2014 and is subject to change. Updated information will be available free of charge from onepath.com.au or by calling 1800

More information

4102 Strategist SMSF. sample only. Strategist SMSF Trust Deed, PDS & Rules. Prepared for: Reckon Docs Pty Ltd

4102 Strategist SMSF. sample only. Strategist SMSF Trust Deed, PDS & Rules. Prepared for: Reckon Docs Pty Ltd 4102 Strategist SMSF Strategist SMSF Trust Deed, PDS & s Prepared for: Reckon Docs Pty Ltd 4102 Strategist SMSF Strategist SMSF Trust Deed, PDS & s Prepared by: A Living Super Deed Robert Richards & Associates

More information

SMSF strategy paper TB 95. Summary. In-specie transfers. Contents SMSF STRATEGY

SMSF strategy paper TB 95. Summary. In-specie transfers. Contents SMSF STRATEGY TB 95 SMSF strategy paper Issued on 26 September 2012. Summary Self managed superannuation funds (SMSFs) have enjoyed a rapid rise in popularity in recent years. Much of the excitement can be attributed

More information

Business succession insurance ownership Fact Sheet - October 2014

Business succession insurance ownership Fact Sheet - October 2014 Business succession insurance ownership Fact Sheet - October 2014 When creating a life insurance solution for clients there needs to be a recommendation of the correct amount and type of insurance cover.

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

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

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

- on termination due to redundancy

- on termination due to redundancy The Increased Tax on Lump Sum Termination Payments By Ray Stevens (USA) INTRODUCTION In May, 1983, the Government announced increases in the taxation payable on lump sum superannuation benefits and on

More information

With over half of all SMSF members aged 55. Taxation and estate planning

With over half of all SMSF members aged 55. Taxation and estate planning 54 Deborah Wixted Colonial First State Deborah Wixted is head of technical services at Colonial First State Investments. She has been with the FirstTech team since 2003 and has 20 years experience in various

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

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

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

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

Super taxes, caps, payments, thresholds and rebates

Super taxes, caps, payments, thresholds and rebates Fact Sheet Super taxes, caps, payments, thresholds and rebates This fact sheet provides a useful one-stop reference guide to the tax rates, caps, thresholds and rebates that apply or are related to superannuation

More information

The sole purpose test

The sole purpose test In this issue: SMSFs and insurance : the new landscape where property and borrowing are involved In recent years 1, we have seen substantial growth in the number of SMSF trustees entering into limited

More information

Superannuation: dealing with life s changes

Superannuation: dealing with life s changes Booklet 2 Superannuation: dealing with life s changes MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Accessing your superannuation benefits 04 Conditions of release

More information

FirstTech. Super guide 2010/11. Adviser use only

FirstTech. Super guide 2010/11. Adviser use only FirstTech Super guide 2010/11 FirstTech was ranked 1st by advisers for Technical Support in the 2010 Wealth Insights Fund Manager Service Survey. This Super guide has been developed to provide you with

More information

Your death and disability benefits (Rio Tinto)

Your death and disability benefits (Rio Tinto) Rio Tinto Staff Superannuation Fund Guide 6 22 June 2012 Your death and disability benefits (Rio Tinto) The information in this document forms part of the Product Disclosure Statement for the Rio Tinto

More information

Tech Update September 2005

Tech Update September 2005 A Tech Update September 2005 Understanding insurance and Including insurance within can be of benefit to many clients, however there are also complex issues which need to be considered. This Tech Update,

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

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

Tax Rates & Thresholds Handy Guide

Tax Rates & Thresholds Handy Guide Tax Rates & Thresholds Handy Guide 2014/15 Income Year Issued August 2014 Taxation of Superannuation Benefits Superannuation benefits from a taxed source Age of recipient Lump Sum Income stream 60 and

More information

RBF family law. This brochure covers the treatment of your RBF super for family law purposes. Contents Introduction

RBF family law. This brochure covers the treatment of your RBF super for family law purposes. Contents Introduction RBF family law This brochure covers the treatment of your RBF super for family law purposes Contents Introduction 2 If a couple separates or divorces must super be split? Can all super be split? Who can

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

Lifeplan NextGen Investments

Lifeplan NextGen Investments Lifeplan NextGen Investments Essential Guide to Investment Bonds Adviser Use Only Everything you wanted to know about Lifeplan NextGen Investments. March 2014. Is the PDS FoFA compliant? The Lifeplan NextGen

More information

In this time of fiscal responsibility, businesses need to. Employee benefits better in super

In this time of fiscal responsibility, businesses need to. Employee benefits better in super 46 Insurance Jeffrey Scott, executive manager, InsuranceTech, CommInsure Jeffrey Scott joined CommInsure in June 2002, and was promoted to his present role of executive manager InsuranceTech, in January

More information

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015:

How super is taxed. About this document. Tax on concessional contributions. Concessional contribution tax rates from 1 July 2015: How super is taxed Date of issue: 1 July 2015 mtaasuper.com.audate Phone: 1300December 362 415 2014 Fax: 1300 365 142 of issue: The information in this document forms part of the Product Disclosure Statement

More information

Superannuation and Residency Fact Sheet - October 2014

Superannuation and Residency Fact Sheet - October 2014 Superannuation and Residency Fact Sheet - October 2014 A change in residence has significant implications for superannuation. A number of issues arise when an individual relocates overseas whether temporarily

More information

Your death and disability benefits (Personal Members)

Your death and disability benefits (Personal Members) Rio Tinto Staff Superannuation Fund Guide 7 Your death and disability benefits (Personal Members) The information in this document forms part of the following Product Disclosure Statements for the Rio

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

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

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

Understanding Retirement Planning

Understanding Retirement Planning Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to retirement planning.

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 Facts Sheet. July 2015

SMSF Facts Sheet. July 2015 SMSF Facts Sheet July 2015 Key Superannuation Rates and Thresholds - 2015/16 Contributions The tables below contain the amounts of concessional and non-concessional contributions you may make to your superannuation

More information

Things you should know

Things you should know Westpac Group Plan Defined Benefit Pension (including Spouse pension) Product Disclosure Statement (PDS) Dated: 1 July 2014 Things you should know The Westpac Group Plan Defined Benefit pension provides

More information

Understanding insurance Version 5.0

Understanding insurance Version 5.0 Understanding insurance Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to insurance. This document

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

Super income stream strategies webinar

Super income stream strategies webinar Super income stream strategies webinar Presented by: Brett Ricchini, Financial Advisor, 2 December 2014 Create your retirement plan Maximise your Super Income Stream to fund your future lifestyle aspirations

More information

Holding insurance inside or outside super taxation issues

Holding insurance inside or outside super taxation issues Holding insurance inside or outside super taxation issues In this article, Midwinter s General Manager of Strategy and Technical Services, Matthew Esler, explores the tax opportunities that exist around

More information

Understanding retirement income Version 5.0

Understanding retirement income Version 5.0 Understanding retirement income Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to understanding retirement.

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

Additional Information Booklet

Additional Information Booklet SuperWrap Additional Information Booklet Dated 1 July 2014 This Additional Information Booklet ( Booklet ) has been prepared by the issuer of SuperWrap: BT Funds Management Limited ABN 63 002 916 458 AFSL

More information

Superannuation Tips and Traps. Kim Guest / Tim Sanderson March 2014

Superannuation Tips and Traps. Kim Guest / Tim Sanderson March 2014 Superannuation Tips and Traps Kim Guest / Tim Sanderson March 2014 Disclaimer This presentation is given by a representative of Colonial First State Investments Limited AFS Licence 232468, ABN 98 002 348

More information

Introduction to Estate Planning

Introduction to Estate Planning Introduction to Estate Planning A novice s guide to the black hole of mumbo jumbo. Prepared by Ken Raiss DISCLAIMER This e-booklet contains general information only This information has been prepared as

More information

2014/15 Key Superannuation Rates and Thresholds

2014/15 Key Superannuation Rates and Thresholds 2014/15 Key Superannuation Rates and Thresholds These are the key rates and thresholds that apply in relation to superannuation contributions and benefits, superannuation guarantee and co-contributions.

More information

Investment bonds. Summary. Who may benefit from an investment bond? TB 33

Investment bonds. Summary. Who may benefit from an investment bond? TB 33 TB 33 Investment bonds Issued on 1 July 2013. Summary There are a wide range of investments to choose from in today s market. One option is an investment bond which is a life insurance policy purchased

More information

Key Superannuation Rates and Thresholds

Key Superannuation Rates and Thresholds Key Superannuation Rates and Thresholds Concessional contributions cap Concessional contributions consist of: 1. Employer contributions including salary sacrifice contributions 2. Personal contributions

More information

Thank you for your invitation to comment on proposals announced in the recent Federal budget to simplify and streamline superannuation.

Thank you for your invitation to comment on proposals announced in the recent Federal budget to simplify and streamline superannuation. General Manager Superannuation, Retirement and Savings Division The Treasury Langton Crescent PARKES ACT 2600 Dear Sir/Madam A PLAN TO SIMPLIFY AND STREAMLINE SUPERANNUATION Thank you for your invitation

More information

Understanding insurance

Understanding insurance Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

Superannuation Technical Information Booklet

Superannuation Technical Information Booklet Superannuation Technical Information Booklet Macquarie Wrap Document number MAQST02 The information contained in this Technical Information Booklet should be read in conjunction with the relevant Product

More information

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions

2016/17 Budget. 1. Effective Budget Night 7.30pm (AEST) 3 May 2016. 1.1 New lifetime cap for non-concessional superannuation contributions 2016/17 Budget Superannuation reform changes 1. Effective Budget Night 7.30pm (AEST) 3 May 2016 1.1 New lifetime cap for non-concessional superannuation contributions The government will introduce a $500,000

More information

Comparison of insurance - inside and outside super Fact Sheet - October 2014

Comparison of insurance - inside and outside super Fact Sheet - October 2014 Comparison of insurance - inside and outside super Fact Sheet - October 2014 Insurance is quite often held within super because the premiums can be paid from accumulated super balances or employer contributions.

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

What Is A "Self-Managed Superannuation Fund"? Introduction. What is a SMSF?

What Is A Self-Managed Superannuation Fund? Introduction. What is a SMSF? What Is A "Self-Managed Superannuation Fund"? Introduction This memorandum explains what self-managed superannuation funds are, how they are regulated, what laws apply, who sets them up and what their

More information

Understanding estate planning

Understanding estate planning Version 4.2 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to. Important information This document has been published

More information

The Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements

The Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements Employee Information Leaflet The Retained Firefighters Pension Settlement Introduction of the new modified pension arrangements APRIL 2014 This information leaflet sets out the pension benefits on offer

More information

Financial Planning 101

Financial Planning 101 Hughes Forbes Financial Services AFSL 323719 Financial Planning 101 P R E S E N T E D BY F A B I A N P O S T I G L I O N I M a y 2 0 1 2 Disclaimer 2 This material is not intended to constitute personal

More information

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES

SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES SALARY PACKAGING SUPERANNUATION GUIDE TO EMPLOYEES Superannuation Introducing Salary Packaging Salary packaging has been made available to all staff of the University through the Enterprise Agreement process.

More information

SUMMARY OF RATES AND THRESHOLDS 2015/16

SUMMARY OF RATES AND THRESHOLDS 2015/16 SUMMARY OF RATES AND THRESHOLDS 2015/16 CONTENTS Superannuation rates and thresholds Concessional contributions Non-concessional contributions Capital Gains Tax (CGT) cap amount Untaxed plan cap amount

More information

Getting the best out of your superannuation savings

Getting the best out of your superannuation savings Booklet 1 Getting the best out of your superannuation savings MAStech Smart technical solutions made simple Contents Introduction 01 Introduction 03 Saving through super 08 How a super fund works 09 How

More information

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014

TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 TAX TUTOR INSIDE IS YOUR TAX GUIDE FOR 2013-2014 PERSONAL TAX PERSONAL INCOME TAX RATES 2013-2014 & 2012-2013 Taxable Income $0 - $18,200 Nil Tax Payable $18,201 - $37,000 19% of excess over $18,200 $37,001

More information

New Ways For High Net Worth Individuals

New Ways For High Net Worth Individuals New Ways For High Net Worth Individuals And Business Owners To Build Wealth Tax Effectively With Introduction A SMSF It may be that the SMSF is the absolute way of the future March 2010 Jeremy Cooper Head

More information

QANTAS SUPERANNUATION PLAN Formerly the Qantas Airways Limited Staff Superannuation Plan TRUST DEED AND RULES

QANTAS SUPERANNUATION PLAN Formerly the Qantas Airways Limited Staff Superannuation Plan TRUST DEED AND RULES Trust Deed QANTAS SUPERANNUATION PLAN Formerly the Qantas Airways Limited Staff Superannuation Plan TRUST DEED AND RULES Please note that the Trust Deed is a legal document. A detailed knowledge of superannuation

More information

Asset Protection within a SMSF The SMSF as an asset protection and estate planning vehicle

Asset Protection within a SMSF The SMSF as an asset protection and estate planning vehicle Asset Protection within a SMSF The SMSF as an asset protection and estate planning vehicle Speaker Mike Fitzpatrick Solicitor and Barrister Clarendene Estate Planning Lawyers Clarendene Pty Ltd Estate

More information

Self Managed Superannuation Fund Tax Landscape

Self Managed Superannuation Fund Tax Landscape Self Managed Superannuation Fund Tax Landscape A paper presented by Denis Barlin Legalwise Seminars SMSF s: Property, Death and Taxes Monday, 30 March 2015 Denis Barlin Barrister 13 Wentworth Selborne

More information

Understanding Insurance

Understanding Insurance Version 4.0 Preparation Date: 2 November 2009 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to insurance. Important

More information

Estate Planning - A Financial Planning Perspective

Estate Planning - A Financial Planning Perspective Estate Planning - A Financial Planning Perspective SWA Financial Planning 16 th May 2012 1 Agenda 1. Power of Attorney and Guardianship 2.Treatment of Super and Pension 3.Wills and Testamentary Trusts

More information

SMSF TRUST DEED ESTABLISHMENT SAMPLE SMSF

SMSF TRUST DEED ESTABLISHMENT SAMPLE SMSF SMSF TRUST DEED ESTABLISHMENT SAMPLE SMSF Green Frog Super PO Box 7846 East Brisbane QLD 4169 (07)3399-5454 support@greenfrogsuper.com.au S Copyright Warning 2014 NowInfinity Legal Pty Ltd This document

More information

SUPERANNUATION FUNDS

SUPERANNUATION FUNDS SUPERANNUATION FUNDS. I note that you provide two different types of superannuation funds. Can you tell us what the differences are between them? 2. Are the deeds updated for the new legislation? 3. Why

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

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

What is Superannuation and how do Self Managed Superannuation Funds Work?

What is Superannuation and how do Self Managed Superannuation Funds Work? What is Superannuation and how do Self Managed Superannuation Funds Work? Superannuation is a long-term arrangement that operates primarily to provide income in retirement. Superannuation involves employers,

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

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

However, this week s announcement particularly in regards to big business audits includes a growing focus on the following areas:

However, this week s announcement particularly in regards to big business audits includes a growing focus on the following areas: Issue 5, August 2003 Briefly in Tax Taxation Specialists - Business Advisors THIS ISSUE ATO Spotlight is Bigger and Brighter for 2003-04 Areas under the spotlight with the ATO are expanding once again,

More information