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Found 34 results

  1. Australians will be better off under the Federal Government’s Your Future, Your Super (YFYS) reform package which could result in higher superannuation returns and lower fees, experts say. But views are mixed on whether a performance test will be enough to identify underperforming funds. Performance test call out underperforming funds The central plank of the reforms, passed by federal parliament earlier this month, requires MySuper products to be subject to an annual performance test which assesses the actual performance of a fund, net of fees and taxes starting from 1 July 2021. If you haven’t chosen a super fund, your employer must pay your super into a MySuper fund. Each year, the Australian Prudential Regulation Authority (APRA) will construct an individual benchmark for every MySuper product. When a fund fails the performance test, it will be required to tell super members and refer them to a new YourSuper comparison tool that can help members “select a better performing fund”. Persistently underperforming products will be prevented from taking on new members. The test will extend to non-MySuper funds from July 2022. Emanuel Datt, chief investment officer of Datt Capital, believes the performance test is adequate to alert consumers to underperformers. “Superannuation is an investment that should be taken seriously from a young age,” he says. “This reform will help consumers select their superannuation funds whilst also providing an incentive for trustees to act in their investors best interests to ensure their long-term success.” Drew Meredith, adviser and partner at Wattle Partners, says the test is “a very simple way to compare the performance of multiple funds in an efficient way.” “While superannuation members have ‘choice’ of fund many fail to utilise this and hence some additional oversight on the performance of this diverse array of funds makes sense.” However, Whitlam Zhang, head of research, Parametric Australia, thinks the performance test is not enough. “While it may identify some underperforming funds, it’s also vulnerable to false positives,” he says. “We agree with industry recommendations that the regulator should also consider risk-adjusted returns.” Australia’s $3.2 trillion superannuation system is the fourth largest in the world, managing the retirement savings of 16 million Australians. According to Treasury, Australian households pay $30 billion per year in superannuation fees. This is more than the $27 billion Australian households pay on their energy bills or the $12 billion they spend on water bills. The total assets in the superannuation system are projected to reach $5 trillion by 2034. Under the current system, the amount of fees that will be paid by members in 2034 would reach $45 billion, according to Treasury documents. ASFA chief executive Dr Martin Fahy says the performance test may unfairly penalise some super funds. He maintains the test should involve two stages, that is, the proposed benchmark test and, if a product does not pass that test, a second assessment as to whether the product is delivering “good member outcomes” and is likely to meet the benchmark going forward. “There can be perils when ‘automating’ decisions that should be subject to human oversight, as we saw with the Robo-debt saga,” he says. “ASIC requires us to warn consumers that past performance is not always the best indicator of future performance. Many funds may have recently reduced fees and we know that will enhance performance outcomes. This should be considered before good funds are consigned to the scrap heap.” Stapling to stop fees from accumulating From 1 July 2021, employers must not longer automatically create a new superannuation account in their chosen default fund for new employees when they do not decide on a superannuation fund. Instead, employers will need to obtain information about the employee’s existing superannuation fund from the ATO. Stopping the creation of millions of unintended multiple accounts by employers will alone boost balances in super by about $2.8 billion by avoiding duplicate fees and lost returns over the next decade, Treasury claims. Overall, Your Future, Your Super changes will save Australians $17.9 billion over 10 years. Wattle Partners’ Meredith says this is a very positive step. “The stapling of accounts is a much-needed change,” he says. “As an adviser, we regularly see younger clients with three sometimes four industry super funds where they started work in hospitality or retail and then transitioned. Whilst industry funds are low cost, their fixed admin fee is actually high for smaller balances. “This has the potential of actually getting younger works to engage with their superannuation, rather than view it as someone else’s money. This will reduce cost and duplication as well as simplify insurance coverage given the overlap that can exist where multiple accounts are held.” However, while stapling fixes the problem of multiple accounts, Parametric’s Zhang says stapling shouldn’t have started until all super funds and all options – including choice options – were subject to the performance test. “As it has ended up, members could be stapled to underperforming funds,” he says. Insurance opt-in Other Your Future, Your Super changes relate to insurance coverage, requiring that insurance is offered only on an opt-in basis by super funds for those aged under 25 years. This is so young people don’t pay for insurance they don’t need. Cbus has voiced its concerns about these reforms saying its member-base in dangerous professions could miss out on getting the insurance they need once an individual superannuation account is ‘stapled’ to a member and stays with them for life. “If the government’s ‘stapling’ proposal does commence 1 November 2021, surely hazardous workers should be made exempt until at least after the exclusions review is complete,” Cbus chief executive Justin Arter says. “Workers in hazardous occupations are at risk of being stapled to a fund containing exclusions or unfavourable [insurance] terms and conditions because their existing insurance cover has not been tailored to their new job.” Superannuation guarantee increase From 1 July 2021, the Superannuation Guarantee (SG) rate will increase from 9.5 per cent to 10 per cent. “The long-overdue increase in the Super Guarantee will go some way to address the structural imbalances that continue to occur between fat profits and flat wages,” ASFA’s Fahy says. By Nicki Bourlioufas Nicki Bourlioufas, is a Morningstar contributor. Any Morningstar ratings/recommendations contained in this report are based on the full research report available from Morningstar.
  2. Hi I am 61 and a dual national (UK/Aus) and have a couple of Private Pensions in the UK from previous working, I am currently unemployed and planning to self fund retire or work part time, earlier this year I closed and withdrew the balance of one of my pension funds (not much 20k or so ) as it did not allow me to Draw Down from it and wasn't performing well. The money is sat in my UK bank account currently and as I was an Australian Tax Payer I claimed my Tax back that the Inland Revenue automatically stopped. I now need to fill in my 2020 Oz tax forms and was wondering:: A) Do I have to declare these as earnings as I am self funding retiree,not claiming anything at all atm? B) I also have an Australian Super but did not draw the $10,000 Covid payment that was allowed earlier this year so can I offset some of the UK super for that?
  3. Hi All, I work in a community advocacy role and lately I've had a few people pop up with some issues around QROPS / UK-Aus Pension Transfer issues. I know a little bit about it but I'm trying to find out more - particularly peoples' real-life experiences. What has been your experience in this space? Positive, negative, companies to avoid, positive companies, live issues, old issues... anything will help!
  4. Susan from Moneycorp

    Retiring to Oz ~

    Morning Everyone! Happy Friday from sunny Sydney I've recently had a large number of older clients making the permanent move over here for various reasons: some coming to join their children and grand-children, some from the UK because of their thoughts on Brexit, others because, now retired, they want a different life based more outdoors with kinder weather/lifestyle etc. They've all needed to bring over house-sale proceeds, savings, UK pensions, share-portfolios etc - something we can help with too. Here's a blog we created specifically with this in mind: https://www.moneycorp.com/en-au/news-hub/retiring-to-australia/
  5. Andrew from Vista Financial

    Catch Up Super Contributions

    Did you know that people can now carry forward unused concessional contributions to Super (these contributions are contributions such as employer contributions, salary sacrifice and tax deductible contributions). This could present some very good retirement (wealth) and tax planning opportunities going forward. Here is some more information on it: Carry-forward concessional contributions One of an extensive range of superannuation reforms the Federal Government announced in its 2016 Budget relates to the opportunity for eligible people to carry forward the unused portion of their concessional contribution cap. Now legislated, this initiative commenced from 1 July 2018. What is a concessional contribution? Concessional contributions comprise of: · Contributions made by an employer on behalf of their employees to fulfil their Superannuation Guarantee obligations, · Contributions made under an effective salary sacrifice agreement between an employee and their employer, · Other discretionary contributions made by an employer. · Personal contributions made by an individual where a personal tax deduction is to be claimed, and · Contributions made by third parties, such as contributions made by a parent for their adult children. · Concessional contributions can be made for or on behalf of a person under age 65 regardless of whether they work or not. Concessional contribution cap From 1 July 2017, the maximum concessional contributions that could be made to superannuation in any one financial year was limited to a maximum of $25,000. This is referred to as the concessional contribution cap. Th cap will increase in the future in line with movements in Average Weekly Ordinary Time Earnings, in increments of $2,500. This means, it may be some year before the concessional contribution cap is increased to $27,500. Total Superannuation Balance To be eligible to carry forward the unused portion of the concessional contribution cap, a person must have a total superannuation balance of less than $500,000. The total superannuation balance is the total of all the money a person has in the superannuation system as at the previous 30 June. When calculating the total superannuation balance all amounts held in superannuation accumulation accounts, the balance of any accounts paying a pension, and amounts being transferred between superannuation, are included. For example, a person with $200,000 is a superannuation accumulation account and a pension account balance of $250,000, as at the previous 30 June, will have a total superannuation balance of $450,000. How the carry-forward opportunity works Any unused concessional contribution cap that accrues from 1 July 2018 may be carried forward for a period of up to five years. If the concessional contribution cap was not fully utilised in any financial year before 1 July 2018, the unused portion cannot be carried forward. Example Elaine has a total superannuation balance of less than $500,000 as at 30 June 2018. Her employer makes concessional contributions of $8,000 in the 2018-19 financial year. She also makes a personal tax deductible contribution of $2,000, bringing her concessional contributions for the year to $10,000. Elaine’s unused concessional contribution cap is $15,000 (i.e. $25,000, less $10,000). She can carry the unused portion of her concessional contribution cap forward for up to 5 years. This means that in 2019-20, the maximum amount of concessional contributions that could be made, provided her total superannuation balance as at 30 June 2019 was less than $500,000 is $40,000 (the standard $25,000 concessional contribution cap, plus $15,000 carried forward from 2018-19). The following table illustrates the application of the carry-forward opportunity: 2018-19 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 CC Cap* $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 CCs Made $10,000 $10,000 $0 $35,000 $25,000 $25,000 $28,000 Unused cap $15,000 $15,000 $25,000 $0 $0 $0 $0 C/F applied N/A $0 $0 $10,000 $0 $0 $3,000 Unused C/F $15,000 $30,000 $55,000 $45,000 $45,000 $45,000 $37,000** * Indexation of the concessional contribution cap has been ignored ** Remaining unused cap from 2018-19 of $5,000 has dropped off – 5 years have elapsed.
  6. Nanna

    Nanna

    is anyone able to confirm or advise on the annual cost of living for a retired couple in Australia. we have been advised that a sum of $50,000 is more than sufficient for the annual cost including the running of a car, house ,swimming pool , food , house and car insurances and general day-to-day living etc
  7. The following was announced in the federal budget announced tonight (8 May 2018). An implementation date has not as yet been announced. Retirement visas - permanent pathway A pathway to permanent residency for holders of Retirement (subclass 410) and Investor Retirement (subclass 405) visas will be introduced. A portion of the parent permanent migration places will be quarantined for retirement visa holders each year. Retirement visa holders in Australia will be eligible to apply onshore for a permanent visa through the Parent (subclass 103) or Contributory Parent (subclass 143) visa streams. Retirement visa holders will be exempted from some parent visa requirements that they would typically be unable to meet, such as having family in Australia. The pathway will remain open until all retirement visa holders who wish to transition to permanent residency have done so. As part of the establishment of the pathway, the Government will close the subclass 405 visa to new applicants. The subclass 410 visa is already closed to new applicants.
  8. haynzy

    retirement visa????

    hi sorry if this has already been discussed but my parents want to move to oz and they are aged 53 and 55. they are both retired. what would be the best way to get a visa? would it be worth buying a business in oz?
  9. Hi all! I have a question regarding the Superannuation pension scheme. As far as I understand it, superannuation is a compulsory element where employees are required by law to pay a proportion of their salary into a superannuation fund, which can be accessed when the employee retires. Now I wonder what will happen to this money if I decide to leave OZ after living and working there for few years? I suppose that the amount of money will stay unchanged until the moment I reach the retirement age and then I will be able to access the money. Am I right here? Thanks in advance! Eugene
  10. Guest

    405 Retirement Visas

    Hi Guys, I am trying to contact as many people on 405 Visas with a view to getting the Visa changed to be less onerous. If you are on a 405 you will know the ridiculous cost and the strict restrictions, especially the medical. You can only have Visitor cover as we are not permanent resident and this is restrictive and expensive. As some of the few people in Australia who only pay into the country and cannot take anything out I feel we can do better than this. I have started correspondence with the Dept of Immigration and need as many other 405 holders as possible to help the cause. Please contact me. vincehitchman@yahoo.com.au
  11. kernow43

    Julia's Retirement Poster

    Could this be her retirement poster "Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.."
  12. Morning/Evening All. Just wondering how many of you out there are prepared for your retirement, in a financial way. In these ever belt tightening times do you 'think' you will have enough to retire with, I'm not talking of millions, but enough to see you through till until your number is up,:no:. A lot of talk lately about pension funds and the like in the media lately, and I must admit that though I worry very rarely about money, (never had enough to worry about, :embarrassed::biglaugh:) I am coming to a point in my life where the thought of retiring and having enough money to care for myself and good lady does concern in a miniscule way. But, as I have always said, a tiny cabin in Palm Cove won't set us back a fortune. Some may view the way I have lived my life rather unresponsible, though always provided for my family what ever came about I did at one time live a fairly nomadic life and spent my money on travel and in as much have never really had a career where a pension would be paid at a later dat, my fault completely, but by god did I have some good times along the way. But I may 'pay' for this by being what some would see as fairly 'poor' in my latter years,:cry:, no problem, I will muddle through anyway. But are you looking forward to your latter years knowing that you will have enough money or are you dreading the later years? Have you got any plans that will facilitate a 'better' standard of living in the future, new careers, and the like where you 'may' have enough to settle down comfortably with. Just in case you find yourself in a rather difficult possession in the future I am taking names now for those of you who want to join 'PIO 2', a very select club where those of us who haven't enough money will set up a 'Refuge' in the outback and live off the land, hence, 'PIO 2' (Poms In Outback,:idea::jiggy:), joining fees are five bucks but you have to supply your own tent,:wubclub:. Cheers Tony.:wink:
  13. For all here who are over 30 and who have started a retirement program at your current job, or for those who have saved money without having had anticipated a move, are you afraid of discontinuing it to move to a different country? Do you wonder if it's worth discontinuing your retirement plan for a spontaneous move that you had not planned earlier? I know it's too early for some people to think about this, but with the way the economy is going in Europe, the UK and USA, do you guys think it's wise?
  14. Guest

    Retirement visa 405

    Hi, Because where are 55 and 54 we thing the only way to live in Oz is an 405 visa. There are a view questions I have got. We need at least $ 1.000.000. Because the Aus dollar is fluctuating, the last 2 years about 60% I like to know at what moment during the migration procedure you have to prove you got the $ 1.000.000 and do you need to prove it is all in cash or can you count the cash and the value of your house (without the mortgage). What if you have enough at that moment and to dollar will increase so your assets are less.
  15. Guest

    Retirement visa

    So what are the true facts? even seraching the sites has left me confused. how much will my parents need to apply for the Retirement Visa please
  16. Guest

    retirement parent visa

    Our family live in Australia and we would like to join them under the aged parent visa. We do qualify for the visa but find that the Australiam government want £30,000 for each of us giving a total of £60,000!! We find this an excessive amount as the British government would not ask for this amount of money from Australian retirees. We both have a pension and would be able to purchase our own home, car etc. therefore contributing to the Australian economy. Can some one please explain why this is so?
  17. Guest

    invester retirement visa 405

    With 1 of 3 offspring recently settled in brisbane and a daughter going for a study visa in 2011 (and having just come back from 3 months in brisbane to this UK weather) we are seriously considering applying for a 405 visa as we have sufficient funds and pension to qualify. Has anyone recently gone down this route or who can tell us how long the (queensland) sponsorship remains valid before needing to apply for the visa and how long the whole process might take? 2/3rds of our assets are tied up in a property which would have to be sold. Many thanks. peterH
  18. Guest

    Retiring to Australia

    Hi everyone, I am hoping to emmigrate to Australia in the next couple of years and my parents (over 60) wish to come with me. We'd be selling up everything and leaving the UK behind for good as we no longer want to live here. THe problem is I have read lots of info with some saying you can retire, others saying you can't some saying you can only stay four years and then have to reapply and others saying you need to give the government $250,000. Do the governemnt then keep this money or will my parents be able to use it to buy a property out there? It's all so confusing. Can anyone help? Thank you Cazz:wacko:
  19. Guest

    405 retirement visa

    Hello all I was wondering if anybody has any experience of the above visa type. I am eligible from next March and can meet the financial criteria required, however I wish to reside in Sydney where all my friends live and will need NSW state sponsorship. Can anyone confirm that NSW are currently sponsoring this visa class ?
  20. watneyni

    Retirement visa

    Please help....My Parents can just meet the financial obligations that is required for a temporary 4 year retirement visa (405). However, once the 4 years are over, can they apply for PR (Their daughter will have Oz PR status and they also meet the balance of family status) and Also anybody know how long it takes to apply for this visa? Many thanks Nick
  21. Guest

    Retirement to Perth, WA

    Hi to all Brits who are now in Perth, WA! We have a lot of family in Perth and as our daughter and family are more than likely going to emigrate there, we would very much like to retire there ourselves. Made the long trip last Oct/Nov and just didn't want to come back to the UK! What a wonderful place to live. Has anyone got any tips on retirement and where we can find up-to-date info on requirements before it starts costing us money? Would be so grateful and it would also be so nice to chat with people who have made the move. Thanks so much Brenda
  22. Rubberneck

    Retirement Visa Decision

    Hi. Daughter and son-in-law have been granted a permanent visa and move to australia in Sept. We are looking at any options that allow us to migrate with them. They desperately need a babysitter! We have been advised that a retirement visa is a good option. If we have the funds and pay the medicare up front (quoted $30K each) how long does it last? Do we still have to pay private health care? How old do we have to be? Is it easy to get part-time work? ( I'm a 50 year old nurse hubby is 52 yr old LGV tanker driver) Sorry so many questions but would like an unbiased response as we always feel that agents just want our money to apply! Help appreciated Rubberneck and rubbergob! :wacko:
  23. East Point

    Retirement to Oz

    Hi, this is my first post - just joined today. Hope I am doing it right! Could anyone tell me what the criteria are please for retiring to Australia - we are both of retirement age. Had permanent residency many years ago in Perth, but unfortunately had to return to the UK due to lack of work there at the time. We loved it in Perth, but could not hack being unemployed for 8 months and OH was offered his job back in the UK. Now there is no need to look for employment we would dearly love to go back. East Point
  24. Well here goes, I will be 45 in May my wife will be 61 in a couple of weeks time. I am a qualified printer but do to a motorcycle accident I had ten years ago I have not worked since April 99. My wife spent her early childhood in New South Wales, her late father was born in Victoria but sadly (for our entry visa) the Australian government changed the rules a few years back and we miss out on a permanent entry visa as my wife was born in Feb 48, 11 months to late to qualify. My question is, is there another way other than my wife's age (retirement visa) to gain entry to Australia on a permanent visa entry. With thanks Spain2oz Tags:
  25. Guest

    Retirement visas

    I am at the beginning of exploring a retirement visa. If you have been through this process I would like to hear from you. :dull:
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