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Retirement Incomes Policy
The three tiers/pillars/legs ofretirement income policy
2050
2011
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• S 62% • E ,( 67 2023 ( 7/2017 0.5 )
• P ( ) – M
‘a basic acceptable standard
of living, accounting forprevailing communitystandards’
$_______ p.a. single
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C om
p ul s or y
S avi n
g s
Retirement Incomes Policy
• M P (S ) 1992 ( 1986)• C , 9.5%&
– 94% , 27%
• A
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54%
Comm. of Australia (2009). Australia's future tax system. The retirement income system: Report on strategic issues. Canberra. Section 4.1http://taxreview.treasury.gov.au/content/StrategicPaper.aspx?doc=html/Publications/Papers/Retirement_Income_Strategic_Issues_Paper/Chapter_4.htm
C om
p ul s
o
r y S avi n
g s
Retirement Incomes Policy
34% 28% 13%Projections for:-a single person in 2035 who has worked for 35 yearson average earnings-Proportion of after tax income replaced by each leg
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C om
p ul s
o
r y S avi n
g s
Retirement Incomes Policy
Fourth pillar – home ownership?- Important component of standard of
living in retirement
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T
• S I (S ) A 1993(SISA)
• S
– – SISA,
– S S R (C R )
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C • SISA
• O –
• A – M A – M SISA – M
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O ,
SISA • D , (
SISA)•
1. .2. .3. .
A , • •
• O ( . I
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F •
– ADI S •
– M D
• – SMSF &
• S C T . . . –
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T • A (D C ) F
– S – ↓↑ –
• D –
• E . – , *
• M DB DC, S DB
– F F F G
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M
S : N
Source: 2014 APRA Annual superannuation Bulletin (Table 1)
A B (6/2013)
S F (SMSF ) $524,905
C $119,711P S $76,978
R $29,370
I $28,172
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M S :
M & A
Assets $ millions
Members (thousands)
Source: APRA (2014) Annual superannuation Bulletin (Table 3, 9)
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S : ?
•
• ( ) – T : M
• 40 30
– F >70
• – O
• F G – 70 7/2013
• ?
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S
• C
• E
– P ,P
A . ( ) – S
• $
– C •
D B 1 1960 55
1 1960 30 1961 56
1 1961 30 1962 57
1 1962 30 1963 58
1 1963 30 1964 59
F 1 1964 60
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C
• C
• C .
– – (D 293 )
• , ,
( ( )
• D &
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C
• C . :
– U 49 30/6/2014 – 49 30/6/2014
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• @ ( )
– ( (SIC) ATO 90
+ 3%)*•
– C
• F
C
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C
•
– . . – – , <65 , 3 ( . $540K)
• E & 47%(
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S G S
• C
– , , ( $49,430 )• F 1/7/21 0.5% . . 12% 1/ 2025
• B O T E (OTE) ( .412)
– + , . ,
• I (28 ) SGC ( ATO):1. S , OTE
2. I @ 10% , 3. $20
http://www.ato.gov.au/super/content.aspx?menuid=0&doc=/content/60489.htm&page=23&H23
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SG
• E : , – , MP , ,
• I ? (SGR 2005/1 ) – N
• . . . / / . ? =/ /00095062.
– D ( , , – R H C R M
• A ?.C SGAA?.
• S SG ( ) – E < $450 , – P (<30 ) & < 18
– N A – R A
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S S S C .
• N FBT
• C
• S 15%
• E . I $10,000 MTR C
@ 15%
0% $10,000 $8,500 $150019% $8,100 $8,500 $400
32.5% $6,750 $8,500 $1,750
37% $6,300 $8,500 $2,200
45% $5,500 $8,500 $3,000NB. ExcludingML & Debt Levy
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A C
C E **A T I <$37,000
• . $30,000 SG $2,700 & . = $405→ • T 1/7/2017
G :• P . $1,000
– ($1000 : $500 G .) – F * < $34,488 (2014/15)
• 3.333 $1 • A ( )• G . .
* + E C + F B
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.
• T . $3,000 – . $10,800
• $3000 $1 $1 > $10, 800
• G $13,800 – E . M $3,000 $12,000 . – O =
• C
• C
O A C
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O A C
1. S B L L
. O 15 & (>55
. P . CGT
2. P . U $500,000
. I < 55 , CGT
& . C , .C CG ( $1.355 , 2014/15 )
Small Business – Turnover < $2mill p.a., Net Assets <$6 million,Active asset (1/2 business)
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C :
• I SMSF –
• N.B. CGT ,∴ CGT
– O ( .)• S , • C ,
• C ,
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C
• I .
– C . <=85% ( ) – & 15%
– T
• ? – I < 60 ($185K 2014/15)
– I > 60
• S DOES NOT
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T O : I SSISA S 52(2), SISR 4.09
( ) ,
, :( ) , ,
, ;
( ) ;
( )
;( )
;
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• T ∴
– S R : U , , • N
– –
• L , , ,
• I >5% • E CE B R P ( .
), ( ),
Conts.
Invest
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• R P T (SISA 66) – E
• L , , *, , ( > 5% )
• A • B
– G : (
, > 10%) – : 9/2007 ( 7/2010, 5/2012)
• (LRBA)
• C ,
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S B >24/9/07
• A : – –
. –
– A
.
– S : A T O (2008). I . A :// . . . / / . ? =/C /00132054. ( 5/7/2008)
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Source: Stephen BlackHall, Patersons Securities Limited
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G A :
S (SMSF)A (SMSF) :
• L • M
–
• N –
• T • N • S ( )
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S
& • D
– C – F – C –
–
• D : – I
– C – I – L
– P – L SCT APRA
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E
• A SMSF
• C : – – – – – .
• T , SMSF
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T
• T :1. (
)2. (
).
• I 18
• A
• R LMS
S
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S
• S :
– S
• M : – D
– M
– A ,
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B
• B ( )
• T : – – – SMSF – SMSF – .
• T • T
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T
• S :
– A • & ( ),• C ( )
• E – –
– = –
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T
• C @
• L – D – F
• A : – A TFN –
–
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C F : A
A S S : RG84 S : Q&• C • A &
, • A
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S
• C & N
• R : APRA, ATO, ASIC• , ?• T