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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.

This thread is just to give a bit of an overview of the services provided by us here at Vista Financial Service and how we might be able to assist you in these areas. UK Pension Transfers You can currently only transfer your UK Pensions directly to Australia if you are aged 55 years or over. It this is the case and you engage Vista in relation to a Pension Transfer we will see the whole process through from start to finish including: Obtaining relevant UK Pension information and overseas transfer paperwork; Providing a comprehensive Statement of Advice in relation to: whether a transfer is in your interests; recommending an appropriate Super Fund in Australia to receive your UK Monies; detailing rules and legislation around UK Pension Transfers and what you can and cannot do going forward; the advantages and disadvantages of a UK Pension Transfer; Completion of the necessary new QROPS Super Fund Application and Pension Transfer documents; Administering the transfer including follow up calls with your UK Pension Transfer Company to chase payments and/or other required documents; Placement of the monies into the appropriate recommended investments; Dealing with the calculation of any relevant tax payable on the transfer of the Fund and the options available in relation to this tax. We of course also take care of any other issues that arise throughout the whole Pension Transfer process and the above is the simplified version of the process as it happens but be rest assured we take care of the whole transfer. Superannuation Advice We consider client Super Funds and what clients want from a Super Fund and determine whether the Super Fund they currently have is appropriate for their needs at that particular time; We also consider consolidation of Super Funds if clients have more than one Super Fund (but this is a case by case basis as it may in some cases be appropriate for clients to have more than one Super Fund for example if one of the Funds contains Insurance); We look at how the monies are invested within the Super Funds and whether they are invested in accordance with a client’s Risk Profile. For example most people are in the default Balanced Options in their Super Funds but this wouldn’t be appropriate for say a Conservative or Defensive Investor as there would be too much risk to their monies (in the markets). In actual fact the word Balanced is rarely what it would seem to be as most of the time around 80% of monies in the default Balanced Fund are invested in the markets and as much as 90% in some cases. We assess a client’s attitude to the risk they want to take with their monies and then recommend investments that align to that Risk Profile; We consider the beneficiaries nominated on a client’s Super Fund. Some clients have no-one nominated, others have non-binding nominations, others binding nominations. We check what is currently in place and ensure it continues to remain in line with the client’s wishes in the event of their passing; Life (Risk) Insurance We consider four types of Insurances being Life Insurance, Total and Permanent Disability Insurance, Trauma Insurance and Income Protection. We carry out what is called a Needs Analysis for a client to determine how much of each insurance they require (for example cover to clear the mortgage, cover for children’s education costs etc) and then we make recommendations in relation to how to structure this insurance and indeed the Insurance Provider; Risk Insurance has evolved greatly over recent years and you can now have Life, TPD and Income Protection Cover with a retail provider (comprehensive insurance) with the premiums funded from a nominated Super Fund. This can assist with cash-flow and also make it tax efficient to fund the premiums. You can also hold all of these insurances outside of Super and fund the premiums yourself or a combination of the above. We look at what a client needs, the costs involved and then tailor an Insurance Package to best suit the client’s needs and budgets; We assist our clients with insurance claims as the last thing someone wants/needs to contend with is dealing with an insurance company to try and get money paid while they are sick or grieving. Pension Advice When a person reaches a certain age/retires they are able to transfer their Super monies into a Pension. We advise on this transition which can often result in a client receiving a tax free income generally or at the very least a tax free eligibility on earnings within the Pension (that are taxed in Super) which in turn increases a client’s retirement monies and in turn retirement income; We also as with Super advise on the Investment Portfolio within the Fund (namely the appropriate investment of the monies in accordance with a client’s Risk Profile); Again we also consider a client’s beneficiary details and in Pension you can also have what is known as a Reversionary Pension Arrangement whereby in the event of the passing of one Spouse the other will continue to receive the income without the need to close the Fund; There is a requirement by law to take a certain percentage of income from a pension each year and we advise clients in relation to how much income should be taken in conjunction with the Retirement Planning Projections we carry out (more details below). Retirement Planning We consider a client’s Retirement Goals and Objectives namely how much income does a client want annually in retirement. We then consider whether a client is on track to receive that level of income taking into account all the income they will be eligible to receive such as monies from their Super Funds, UK Private Pensions (if applicable), Australian Aged Pension Income, UK State Pension Income (if applicable), Rental Income and any other sources of income a client might have. If the client is on track to achieve their Retirement Income Goal that is great and we then may start to consider whether early retirement is an option. However if they fall short we look at ways we may be able to make up the shortfall and get the client where they need to be using various strategies (detailed below) or alternatively discuss with them the reality and what the negotiables may be for example working longer or taking less income and the like. We provide detailed Projections which show the income likely to be achieved in retirement and indeed at what age this income is likely to run out and when a client would be solely reliant on the State for income (which is of course not ideal in the very least early retirement). Investments If a person has money to invest we consider a client’s goals for this money including their investment time horizon as well as their attitude to Risk (namely how much risk they want to take with their monies) and then make recommendations in relation to appropriate investments such as: Direct Shares (including ETFs, LICs); Managed Funds; Managed Accounts; Short and Long Term Annuities; Cash and Term Deposits; Property (through Funds or directly). When you invest money the appropriate ownership structure of that investment is important for a number of reasons and so we will also consider that structure for you which will include structures such as: Direct Ownership (Solely or Jointly); Through a Trust Structure (Family Trust for example); Investment Bond; Education Bond; Superannuation Estate Planning We consider whether a client has a Will, Powers Of Attorney as well as Guardianship for their dependents, if not then we make a firm recommendation to seek Professional Advice in relation to these areas (in SA we refer them to a Solicitor who specialises in this area). We will then work with the Professional to ensure that the client’s Estate Planning is in good health. Strategies We look at client’s disposable income (if they have any) and where this money could be best directed. Again in conjunction with the Retirement Planning sometimes we recommend surplus income is directed to Super by way of a Salary Sacrifice Arrangement or Tax Deductible Contributions (subject to monetary limits), sometimes we recommend in addition that money is contributed to Super as voluntary payments or to an investment vehicle outside of Super if more appropriate (for example access is required before Super is available. We might direct surplus income to a client’s mortgage, loan, credit card or other outstanding debt but we will assess the client’s situation as a whole and determine the most appropriate and tax effective way of increasing a client’s wealth and/or reducing debt. We also consider whether client’s are eligible for any other contribution incentives such as the Government Co-Contribution whereby someone earning below a certain threshold will be able to have the Government match (or at least contribute) an amount to their Super Fund in accordance with an amount they also contribute so effectively you contribute and so does the Government (again increasing retirement wealth); There are also other strategies like Spouse Splitting (whereby one Spouse transfers money to the other Spouse’s Super) which may be beneficial in certain circumstances, Spouse Contributions whereby a Spouse contributes to the other Spouse’s Super and they receive a Tax Offset and again in some circumstances this can be beneficial; All of the above and more are assessed for our clients to assist (if applicable) to create wealth and save tax and each client is assessed accordingly and the relevant strategies recommended. Ongoing Service In most cases when we have advised a client in respect of an issue they become ongoing clients (this is optional) and this service consists of the following: At least an annual review of all of the above including an advice document and any additional recommendations and implementation of those recommendations; We are on call as their Advisers throughout the year to assist if and when needed in relation to any Financial Matter (in existence or new); We are pro-active if something arises throughout the year that could impact our clients such as for example the reduction in the Concessional Contribution limit that came into effect on 1 July 2017. This impacted a lot of our clients and we had to advise them to reduce their then Salary Sacrifice amounts to ensure they did not breach the new limit in place (this required an additional review and advice document for each client impacted). We assist clients administratively throughout the year as and when paperwork is required to be completed for particular matters (such as beneficiary updates, Centrelink assistance). Mortgages We offer a Mortgage Broking service which includes arranging mortgages/home loans for: Residential Purchases; First Time Home Owners; Investment Property Purchases; Re-Finances; Equity Release (may be to invest in shares/managed funds). We have had a freeze on Mortgage business for about a year however we are currently recruiting a new Mortgage Broker so should be offering these services again shortly. Summary We really take a holistic approach to a client’s whole Financial Planning Needs as it is really about getting to retirement and having the income that they require at and during retirement. We look at utilising all the available strategies at their disposal while in the meantime protecting their wealth and income through risk protection strategies (via insurances) and ensuring that in the event of their passing their assets are distributed in accordance with their wishes. Along the way we are ensuring their monies are invested appropriately for their Risk Profiles and that their Super Funds and the investments are performing as they should and if not then considering alternative options. In addition to the extensive approach taken in relation to a client’s Financial Plan we as detailed above cater for an ongoing client’s changing needs as there will of course be road bumps along the way due to life changes such as redundancy, illness, separation, having children and the like so these changes will have to be navigated as indeed will the regulatory changes that occur (which have been extensive over recent years) such as state pension age changes, reductions in contribution caps to super and the like. We are a Financial Advice Firm that you can TRUST and I know that trust is one of the reasons that a lot of people do not take financial advice particularly at the moment with the bad press around Bank Financial Planners and their advice. This is a real shame as a good Planner can add so much value. Vista has been working with forum members for almost 10 years now and we continue to evolve and expand to cater for our client base as we need too. We put the interests of our clients first and foremost and will (and have) at times put a freeze on accepting new business so that we can maintain our commitment to our existing clients and service levels. If you wish to discuss any of the above further then feel free to call us on 08 8381 7177 or send an email to info@vistafs.com.au Kind regards Andy This post has been promoted to an article

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.

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!

Hi all, So I have been trying to transfer my super from Australia back to the UK after making the decision to stay in the UK and I'm having to literally prove that I am who I am more times that care to mention. I went through the normal channel of filling out a DASP form on My.Gov, as prescribed. A few months later I get a communication requesting that I fill out the Super companies own DASP form and send this back, along with a certified copy of my bank statement (CommBank) and a certified copy of my passport ... in the post!? Now I know what Aussie post is like, never mind international post. I mean really!? I know they have to be cautious but I have made it as easy as possible for them. I have requested that it be paid into my Aussie bank account to cut down on transfer time and fees. I also did this because this is the bank account I have registered with my Super Annuation Fund and My.Gov to help them link to the beneficiary (me), I thought this was supposed to be the idea behind linking all the services on My.Gov, to make it easy... I dunno maybe I'm being unreasonable, but I also used to work at a financial institution and I know the tricks they play to delay or deny withdrawals. Any way, without whinging too much, I have 2 questions. Does any one else have experience dealing with SunSuper? Are they obstructive when it comes to this sort of matter? What are the turn around times, generally? They have given me a list of who can certify the docs in Australia.... I'm in England. Who could I get to certify these docs? Tried ringing them between 8 and 5 (AEST) but I can never seem to get through on the number they give!? Any advice would be greatly appreciated.

Hi all, Currently enjoying life in Aus on a TSS visa, 1 year in. Our current plans are to move back to the Uk after a couple more years, to try for a kid. I’ve toyed with the idea of applying for a 190 PR visa to keep our options open but realistically if we did go to back and have a child (not guaranteed, I know) I can’t see us returning before the travel component of the PR expires. It feels a fair chance therefore its a waste of money and effort. I had a thought regarding superannuation though: when leaving on a temporary visa I can claim back my super minus 45% tax. However this tax is already not far off the cost of applying for PR at the moment and will increase over however longer we stay in Aus. Babies and life choices aside and looking at the financials alone, I’m wondering if one reason for me to apply for PR is to lock in the super as a small investment until I retire and be able to claim it without being taxed. I would have to assume that my PR would expire before I retire and that I settle in the UK in later life. If this happened Would the super still be available via an Australian bank account and tax free? Obviously there’s other benefits to applying to PR but is there logic is this approach from the financials? thanks

This thread is just to give a bit of an overview of the services provided by us here at Vista Financial Service and how we might be able to assist you in these areas. UK Pension Transfers You can currently only transfer your UK Pensions directly to Australia if you are aged 55 years or over. It this is the case and you engage Vista in relation to a Pension Transfer we will see the whole process through from start to finish including: Obtaining relevant UK Pension information and overseas transfer paperwork; Providing a comprehensive Statement of Advice in relation to: whether a transfer is in your interests; recommending an appropriate Super Fund in Australia to receive your UK Monies; detailing rules and legislation around UK Pension Transfers and what you can and cannot do going forward; the advantages and disadvantages of a UK Pension Transfer; Completion of the necessary new QROPS Super Fund Application and Pension Transfer documents; Administering the transfer including follow up calls with your UK Pension Transfer Company to chase payments and/or other required documents; Placement of the monies into the appropriate recommended investments; Dealing with the calculation of any relevant tax payable on the transfer of the Fund and the options available in relation to this tax. We of course also take care of any other issues that arise throughout the whole Pension Transfer process and the above is the simplified version of the process as it happens but be rest assured we take care of the whole transfer. Superannuation Advice We consider client Super Funds and what clients want from a Super Fund and determine whether the Super Fund they currently have is appropriate for their needs at that particular time; We also consider consolidation of Super Funds if clients have more than one Super Fund (but this is a case by case basis as it may in some cases be appropriate for clients to have more than one Super Fund for example if one of the Funds contains Insurance); We look at how the monies are invested within the Super Funds and whether they are invested in accordance with a client’s Risk Profile. For example most people are in the default Balanced Options in their Super Funds but this wouldn’t be appropriate for say a Conservative or Defensive Investor as there would be too much risk to their monies (in the markets). In actual fact the word Balanced is rarely what it would seem to be as most of the time around 80% of monies in the default Balanced Fund are invested in the markets and as much as 90% in some cases. We assess a client’s attitude to the risk they want to take with their monies and then recommend investments that align to that Risk Profile; We consider the beneficiaries nominated on a client’s Super Fund. Some clients have no-one nominated, others have non-binding nominations, others binding nominations. We check what is currently in place and ensure it continues to remain in line with the client’s wishes in the event of their passing; Life (Risk) Insurance We consider four types of Insurances being Life Insurance, Total and Permanent Disability Insurance, Trauma Insurance and Income Protection. We carry out what is called a Needs Analysis for a client to determine how much of each insurance they require (for example cover to clear the mortgage, cover for children’s education costs etc) and then we make recommendations in relation to how to structure this insurance and indeed the Insurance Provider; Risk Insurance has evolved greatly over recent years and you can now have Life, TPD and Income Protection Cover with a retail provider (comprehensive insurance) with the premiums funded from a nominated Super Fund. This can assist with cash-flow and also make it tax efficient to fund the premiums. You can also hold all of these insurances outside of Super and fund the premiums yourself or a combination of the above. We look at what a client needs, the costs involved and then tailor an Insurance Package to best suit the client’s needs and budgets; We assist our clients with insurance claims as the last thing someone wants/needs to contend with is dealing with an insurance company to try and get money paid while they are sick or grieving. Pension Advice When a person reaches a certain age/retires they are able to transfer their Super monies into a Pension. We advise on this transition which can often result in a client receiving a tax free income generally or at the very least a tax free eligibility on earnings within the Pension (that are taxed in Super) which in turn increases a client’s retirement monies and in turn retirement income; We also as with Super advise on the Investment Portfolio within the Fund (namely the appropriate investment of the monies in accordance with a client’s Risk Profile); Again we also consider a client’s beneficiary details and in Pension you can also have what is known as a Reversionary Pension Arrangement whereby in the event of the passing of one Spouse the other will continue to receive the income without the need to close the Fund; There is a requirement by law to take a certain percentage of income from a pension each year and we advise clients in relation to how much income should be taken in conjunction with the Retirement Planning Projections we carry out (more details below). Retirement Planning We consider a client’s Retirement Goals and Objectives namely how much income does a client want annually in retirement. We then consider whether a client is on track to receive that level of income taking into account all the income they will be eligible to receive such as monies from their Super Funds, UK Private Pensions (if applicable), Australian Aged Pension Income, UK State Pension Income (if applicable), Rental Income and any other sources of income a client might have. If the client is on track to achieve their Retirement Income Goal that is great and we then may start to consider whether early retirement is an option. However if they fall short we look at ways we may be able to make up the shortfall and get the client where they need to be using various strategies (detailed below) or alternatively discuss with them the reality and what the negotiables may be for example working longer or taking less income and the like. We provide detailed Projections which show the income likely to be achieved in retirement and indeed at what age this income is likely to run out and when a client would be solely reliant on the State for income (which is of course not ideal in the very least early retirement). Investments If a person has money to invest we consider a client’s goals for this money including their investment time horizon as well as their attitude to Risk (namely how much risk they want to take with their monies) and then make recommendations in relation to appropriate investments such as: Direct Shares (including ETFs, LICs); Managed Funds; Managed Accounts; Short and Long Term Annuities; Cash and Term Deposits; Property (through Funds or directly). When you invest money the appropriate ownership structure of that investment is important for a number of reasons and so we will also consider that structure for you which will include structures such as: Direct Ownership (Solely or Jointly); Through a Trust Structure (Family Trust for example); Investment Bond; Education Bond; Superannuation Estate Planning We consider whether a client has a Will, Powers Of Attorney as well as Guardianship for their dependents, if not then we make a firm recommendation to seek Professional Advice in relation to these areas (in SA we refer them to a Solicitor who specialises in this area). We will then work with the Professional to ensure that the client’s Estate Planning is in good health. Strategies We look at client’s disposable income (if they have any) and where this money could be best directed. Again in conjunction with the Retirement Planning sometimes we recommend surplus income is directed to Super by way of a Salary Sacrifice Arrangement or Tax Deductible Contributions (subject to monetary limits), sometimes we recommend in addition that money is contributed to Super as voluntary payments or to an investment vehicle outside of Super if more appropriate (for example access is required before Super is available. We might direct surplus income to a client’s mortgage, loan, credit card or other outstanding debt but we will assess the client’s situation as a whole and determine the most appropriate and tax effective way of increasing a client’s wealth and/or reducing debt. We also consider whether client’s are eligible for any other contribution incentives such as the Government Co-Contribution whereby someone earning below a certain threshold will be able to have the Government match (or at least contribute) an amount to their Super Fund in accordance with an amount they also contribute so effectively you contribute and so does the Government (again increasing retirement wealth); There are also other strategies like Spouse Splitting (whereby one Spouse transfers money to the other Spouse’s Super) which may be beneficial in certain circumstances, Spouse Contributions whereby a Spouse contributes to the other Spouse’s Super and they receive a Tax Offset and again in some circumstances this can be beneficial; All of the above and more are assessed for our clients to assist (if applicable) to create wealth and save tax and each client is assessed accordingly and the relevant strategies recommended. Ongoing Service In most cases when we have advised a client in respect of an issue they become ongoing clients (this is optional) and this service consists of the following: At least an annual review of all of the above including an advice document and any additional recommendations and implementation of those recommendations; We are on call as their Advisers throughout the year to assist if and when needed in relation to any Financial Matter (in existence or new); We are pro-active if something arises throughout the year that could impact our clients such as for example the reduction in the Concessional Contribution limit that came into effect on 1 July 2017. This impacted a lot of our clients and we had to advise them to reduce their then Salary Sacrifice amounts to ensure they did not breach the new limit in place (this required an additional review and advice document for each client impacted). We assist clients administratively throughout the year as and when paperwork is required to be completed for particular matters (such as beneficiary updates, Centrelink assistance). Mortgages We offer a Mortgage Broking service which includes arranging mortgages/home loans for: Residential Purchases; First Time Home Owners; Investment Property Purchases; Re-Finances; Equity Release (may be to invest in shares/managed funds). We have had a freeze on Mortgage business for about a year however we are currently recruiting a new Mortgage Broker so should be offering these services again shortly. Summary We really take a holistic approach to a client’s whole Financial Planning Needs as it is really about getting to retirement and having the income that they require at and during retirement. We look at utilising all the available strategies at their disposal while in the meantime protecting their wealth and income through risk protection strategies (via insurances) and ensuring that in the event of their passing their assets are distributed in accordance with their wishes. Along the way we are ensuring their monies are invested appropriately for their Risk Profiles and that their Super Funds and the investments are performing as they should and if not then considering alternative options. In addition to the extensive approach taken in relation to a client’s Financial Plan we as detailed above cater for an ongoing client’s changing needs as there will of course be road bumps along the way due to life changes such as redundancy, illness, separation, having children and the like so these changes will have to be navigated as indeed will the regulatory changes that occur (which have been extensive over recent years) such as state pension age changes, reductions in contribution caps to super and the like. We are a Financial Advice Firm that you can TRUST and I know that trust is one of the reasons that a lot of people do not take financial advice particularly at the moment with the bad press around Bank Financial Planners and their advice. This is a real shame as a good Planner can add so much value. Vista has been working with forum members for almost 10 years now and we continue to evolve and expand to cater for our client base as we need too. We put the interests of our clients first and foremost and will (and have) at times put a freeze on accepting new business so that we can maintain our commitment to our existing clients and service levels. If you wish to discuss any of the above further then feel free to call us on 08 8381 7177 or send an email to info@vistafs.com.au Kind regards Andy

Hi I hoped someone might help. My husband moved to Oz with me and we left in 2009 to come back to uk. He was told by superannuation he could withdraw after being away 5 years. He did withdraw but tax office in Oz charged him 65% in taxes. They told him he was classed as being on a temporary working holiday visa! That's why he paid this otherwise it would have been 38%. However I am confused as research has said if you're a permanent resident you cannot claim until retirement. Well he was permanent but he's not now! Can anyone shed any light on this please? Or if anyone else has been through the same process.thanks

Can't help but feel I'm being taken for a mug with my super annuation account. I received my statement a few days ago and I've been charged 202.10 and earnt 239.16 over a 6 month period. This is on a current balance of 8k Just doesn't sound good to me, what do you guys reckon.

Hi all, I have just left Australia after doing an exchange program from my home University in the UK for one year on a Student-Working visa. I have a question regarding Superannuation (DASP). I am completely at grips with the ATO and Tax return (already claimed this for the year 2016/17) and that I am entitled to claim my Superannuation back via the DASP online system. My question (and I am unsure as to whether this is a myth or not) is whether would claiming my Superannuation for the past year affect any future chances of myself re-entering Australia with the intention of living there permanently one day on a different visa and starting to earn Superannuation again? I understand this is perhaps quite vague but my bottom-line question is if I claim back my Super now, will I be able to apply for a Working visa in the future and be able to extend this eventually to permanent residency/citizenship and start a new superannuation fund? Any help would be greatly appreciated!

Hi all, This new tax law that commences on the 1st of July when claiming DASP for 417 visa holders has got me worried. When I moved her 7 years ago I held a 417 visa for a year. I then got sponsored and have been on this 457 visa for nearly 6 years. I'm hearing conflicting information on what I will be taxed on my super when I leave Australia. I rang the ATO today and got a lot of responses such as "I think" and "maybe" to my questions. My main question is will I get charged the full 65% on all my super even though I have been on a 457 for 6 years or will I only be charged the 65% for the contributions I made while on the 417. This could mean the difference in thousands of dollars for me

Hi Was wondering if anyone on here has transferred a uk company pension into there oz company pension? If so, how hard was it to do? Any advise would be much appreciated. Thanks Matt

Will a change in the budget may make older migrants reconsider moving to Australia? It is estimated more than two thousand new migrants will be barred from the age pension or disability payments in 2018 under tighter eligibility requirements announced by the government as part of the 2017 Budget yesterday. Pensioners and those claiming the disability support pension (DSP) will be required to have lived in Australia for up to 15 years continuously in order to continue receiving the payments. The savings measure will save $119 million over five years by imposing stricter residency rules for those claiming the two welfare payments. From July 2018, applicants will have had to have lived in Australia for at least 15 years continuously before being eligible for either the pension or DSP. Applicants will still receive their payments if they have either 10 years of continuous residence with at least five years of that time being during their working life – ie before they’re of age pension age – or if they have lived in Australia for a decade and never received any welfare for five years in total. The existing requirement is that an applicant must have lived in Australia for 10 years. The government estimates the measure will affect about 2390 people per year.

At the recent UK budget UK Pension Transfers to overseas destinations were again in the firing line. HMRC last made major changes in April 2015 and essentially because of these changes only people age 55 years and older can now transfer their private pensions to an Australian Superannuation Scheme with HMRC (Qualifying) Recognised Overseas Pension status (QROPS). From this time many UK expat Australian residents under age 55 have been exploring the option of transferring their UK Pensions to a QROPS scheme in a different country for example Malta or New Zealand however the announcement on budget night has essentially put stop to this being a viable option as HMRC announced a new 25% tax on transfers to overseas (QROPS) schemes with some exceptions. In addition to the new transfer tax being introduced there are a number of changes around how and when the pension money that has been transferred can be accessed and if withdrawals and or payments are made or taken from pension monies that have been transferred there may be tax charges/penalties levied by HMRC depending on how and when they are taken. Therefore the situation as things stand currently for UK Expats in Australia with regards to their UK Pensions is: Under age 55 There are no public offer schemes available in Australia with QROPS that can accept UK Pension Transfers in. Therefore if you do have a UK pension then leaving it in the UK until age 55 (currently) is typically your only option without being hit hard with UK taxes. However it may still be wise to consider reviewing your UK pension with an appropriate UK FCA regulated Adviser for some of the following reasons: • You have a defined benefit (aka final salary) scheme and wish to explore taking the lump sum offered and transferring it in a personal pension (currently transfer values are historically high for these type of schemes); • You wish to ensure that your money is invested in an appropriate risk profile you should ensure it is working as hard for you as it can within your desired risk level (you may be too aggressively invested or to cautiously invested for your situation). • You wish to be invested in a pension that allows you to invest in multiple currency options particularly Australian Dollars (currently sterling is weak against the Australian Dollar from a historical point of view however this may change going forward, if the change is in favour of sterling you may wish to have your monies converted to Australian Dollars at that point to then protect against future currency risk). Over age 55 It is possible to transfer a UK Pension to an Australian QROPS for someone who is over age 55. This is possible by way of arranging a Self-Managed Super Fund (SMSF) and having it made QROPS compliant or by using a public offer Super Fund which is a QROPS (which option suits will be based on numerous individual factors). A pension transfer to an Australian QROPS for someone that is resident in Australia is an exemption under the new 25% tax charge as follows: • Transfers to QROPS requested on or after 9 March 2017 will be taxed at a rate of 25% unless at least one of the following apply: o both the individual and the QROPS are in the same country after the transfer However note that if a person who does transfer to an Australian QROPS ceases being an Australian resident within 5 full UK tax years of the transfer being received then the tax charge can be levied. It may or may not be advisable to transfer a UK Pension to Australia as again it will depend on a number of individual factors) however financial advice is recommended to ensure A) it is advisable to move out of your current scheme and B) to navigate the complexities of a transfer (if of course a transfer is advisable) By Andrew Williams Financial Adviser (FPA Member AFP ®) Director - Vista Financial Services Authorised Representative No. 322874 Professional Investment Services Pty Ltd ABN 11 074 608 558 Australian Financial Services Licence No. 234951

I have compiled a table below that outlines some prominent points for example taxation, retirement age and accessibility for Australian residents (excluding temporary) for the different types of UK Pensions versus QROPS (popular destinations for Australians) versus Australian Superannuation Schemes. For me from a tax, retirement planning and control perspective Australia will be the optimal destination to have your retirement monies if living in Australia for retirement. However clearly other factors need to be considered in terms of whether their are guaranteed benefits involved in a current scheme ie (final salary/defined benefit), contributions cap issues for transferring into Australia, wishing to access funds earlier than Australian retirement age permits and so on. In these cases then other destinations or leaving the original scheme as is could be the better outcome. *Autumn Statement in November proposed full flexible access for all QROPS, to match the flexibility of UK Pensions.

I'm 50 years old and going back to the UK to live permanently. I have superannuation and understand that I can't touch it until it matures when I'm 59. I've been told to wait until I'm 60 so it will be tax free. Not sure if that will still be the case when I am a UK resident - can anyone clarify? What happens when it does mature? Do I cash it in and take the lump sum or use it to generate an income from Oz? I also have a portfolio of shares. I understand that it will be better to sell them before I go and bank the money. My question is WHEN is the best time to do this? I will finish work in January 2015. I hope to sell my house in December/January and also bank that money, so potentially there could be quite a lot of interest to be earned. I am employed in the Education system and I have the option of either going on unpaid leave and/or taking my long service leave. I was thinking of taking unpaid leave from January to April, Long Service Leave (at half pay) from April to September, and unpaid leave from September to December. I can either take the long service leave in fortnightly payments or in one or two lump sums (split across two tax years). Not sure what option to take. I hope to have a few months off and maybe do some contract/relief work in the UK. When do I cease being an Australian resident and become a UK resident for taxation purposes? Lastly, National Insurance - I worked for a few years before coming to Oz. I understand that the reciprocal agreement is no more, however am I able to claim credits for the period I was working in Australia up until 2002? If so, what evidence do I need to show them or is it as simple as giving them my TFN? I would really love some advice on this. It was all so simple when I came here many years ago with a backpack and a bit of cash!! Now it all seems rather complicated...!

So we have been back a few months now, but about 6 months since we left Australia and only tonight can I say I have my Super! The process is simple. You get the form from the ATO, fill it in and send it off. They come back saying yes, you've left and visa ended and forward it to your Superfund. The superfund then check details and give you back your money! In theory. Well we applied as soon as we left Australia - partly as we knew there was a 6 month timeframe to get it sorted. We were travlling around New Zealand. My partner gets an email saying she needs to get certified copies of everything and send them in. Not great when we're travelling but found a policeman who could help, if was bewildered why in the sounds, he was certifying UK docs for Oz reclaims! Send off and hear no more. So 3 months later we arrive back in the UK and start to chase - whats going on? My partner is told they send a letter and a cheque. Did we nto get them? No. I'm told they sent a letter - no emails - did I not get it? Somehow from 3 items posted, none reach our shores? (and yes, they both had the right address) Some chasing and hassle and a cheque is reissued and my partner gets hers. Mine? Well I get told a list of items I needed to get certified and then sent off. Certified, on the whole, by Autralian professionals (not easy when you're not in Oz) - but I manage it, send them off. Nothing. Thus I begin to call once a week. They had the documents but now they sent them to another department who needed another form. And email was recieved telling me with with 'the form attached' (nothing was attached). Replying got me no where. When I asked the 'financial support' I was told I 'had to do the process' - the fact there was no £$£$%$£%$£ing attachment seemed to bypass this simple instruction. Pointing this out. No reply. When I finally called and got through to someone I was told I needed to fill in the form. Can they send it? Yes. Could I get it online (as there seemed to be a 30 min delay from them sending emails to me getting them - i know as I wouldn't let the guy off the phone till I got it). And no. You can't search for this mythical form as it's not availiable online. Brialliant. Finally get it and find my 2 month delay is for me to fill in my name, address and sign. Obviously this couldn't have been sent and requested with all the other information I sent in. Nor could they process my claim without me writing out ALL THE SECURITY INFORMATION THEY ASK ME ON EVERY GADDAM CALL! So 2 months of chasing a form with nothing new on. Still. It's sent. Then nothing. I call up again. "They have it and no one is doing anything with it". What? Even the girl on the other end seemed a bit confused. "I can see you have sent in everything, just no one has checked or looked at your emails and information" ... At this point it was 'escalated' (I didn't have much faith 5 months after I started at this point) But 2 days later it seems it was sorted. The 38% tax rate (checked, that's what is is now) is removed and the money put into my bank (not all need to be cheques sent to the UK it seems - though my partner was told her Super couldn't put it in a Australian account) Not that anyone said anything. I had emailed. No response. When I called to try and speak to a manager at this point I'm first told my account is closed. Closed? Apparently a letter was sent out (probably never get it if it's anything like the initial ones) and all the requests I made in email, letter and on the phone - to be emailed and notified if ANYTHING happened with my account - were more wasted time and words. But it's done. Just need to transfer the last bit home and we're done with the AUD! Seems you CAN get your super back, but with varying degrees of chasing and hassle. And we both needed docs signed and verified before anything would go on. Not quite as easy as they make out! AMP. Can't say I recommend them. But being home, same crap here. Idiots in positions of power screwing up our lives. Have a good xmas all! One less pile of cr@p for me to stress over now (but plenty of others)

Complex one for you. (Please move to money/finance if more apt for that forum.) In about five years time, me and the wife will be moving back to Blighty to live, possibly permanently. By that time, I will have worked and paid into a super fund in Oz for 18 years. My wife* however, will have 35 years plus in her super. Has anyone moved back to the UK who has had a large super fund here, and, if so, what did you do about it? Is it possible to live in the UK on the funds from a superfund which remains in Oz? How would you manage that? Would the cost of sending money (done online, ) from Oz to the UK take too big a chunk out of it? We’d probably also be letting out our house here, which would top up our super income. (We have a house in Cornwall which is virtually mortgage free now.) As I say, this is all five years off yet, so we thought we’d just see what advice and experience others here could offer. Many thanks, Thom the Bomb. *My wife, although a true blue Ozzie, was born in Cardiff, and has a UK birth certificate. She only lived there for three years before her parents emigrated.

Hoping someone can answer my questions. I've been on a 457 employer sponsored visa since Sept 2012 and have just read online a few days ago that the Temporary Skilled Migration Income Threshold has been increased from $51,400 which it was when my visa was granted, to $53,900. This increase came into effect from July 2013, so I am wondering if I am eligible to receive this increase in salary or not? Apparently the reason for the increase is that due to inflation this is the minimum someone would need to support themselves for this year.. which makes me think that I would be entitled to it, but I can't seem to find anywhere on the immigration website that mentions it and I don't want to ask for this unless I am sure that I'm supposed to get it. If I am eligible, should the pay be back dated to July when this was brought in? Also, on another note, my employer has not paid any of my superannuation contributions in the last 8 months. I know that this is a requirement by law and its also part of their obligation as my sponsor, but I am afraid to kick up a fuss in case my visa gets cancelled. Any help/guidance on what I should do moving forward is much appreciated.

Hello, I am looking to apply for the skilled migration PR 189 visa, I work as a chef, currently still working in Perth. My temporary 2nd working holiday visa expires end of February. I realise that because of my profession, that i need to choose either the 457 or PR subclass 189 (state sponsorship to WA). I am not interested in 457. I know that i already pass the points score, i just need to do the skillselect then do my EOI I'm undecided whether or not i should start this process whilst I'm in this country now - if its not already too late? (or wait to return to the UK and apply from the UK) The only reason that i thought about applying for the PR visa in England, was that i can claim all my Superannuation payments back (a few thousand dollars) then use this money to apply for the visa. A few questions... if I applied in England, can I pay in australian dollars, or do i have to exchange my money to GBP (losing money) If i had the permanent residency visa, how much time do i have to spend in WA each year (can i spend 2 months a year in the UK) I will want to become a citizen of Australia as soon as possible... is it easier and less expensive to apply for this visa in Australia, or is it just as simple to apply outside of Australia. (will i find it harder applying in England) I would really appreciate your opinion, I am really confused, and unsure where i can receive help. Kind Regards,

Hi there, I am English and 14 years ago, moved to Australia to be with my Australian partner. I have never really felt like Australia is "home" but have tried hard for my partner and we have bought a house in Melbourne and previously lived in Newcastle and Paramatta. For various reasons, including going through breast cancer, we are thinking of going back to the UK to settle. The main kicker is the awful exchange rate........ really wish it had got a lot better after 14 years, but it is what it is ! The other real decider for us is UK pensions, as we are not getting any younger, my partner is 50 and I am 40. My partner could earn a good wage in the UK and works in the finance/law sector and work in IT/admin but pensions worry us. Before I left the UK, I had spent a lot of the time being a student and so wouldn't have accumulated too much toward the national pension. I've worked ever since being here in oz, apart from when going through breast cancer and if we removed our Super, once again the exchange rate would be a disadvantage and leave us with less. What I really can't seem to find is some definitive information about the UK pension for us. A friend of ours said that you need to have worked for 30 years there before you can get the pension in the UK, is this the case ? We looked at buying to let whilst still in OZ, so that we had something to go to there, having saved some money up here for a year or so, but every mortgage lender in the UK want a lot of UK pounds in an account, before lending to you and we don't have as much as they want, which is between 30-50 thousand UK pounds. So unfortunately, had to give that idea the flick. Would love some information, if anyone can assist it would be much appreciated, Belinda

Hi, does anyone please know what happens to your super in the following scenario... I am from the UK but have become an Australian Citizen and have 10 years worth of Super contributions over here. If down the line we need to move back to the UK for whatever reasons, what happens to my Super? My belief is it will stay over here in Australia until retirement age when I can then access it. If this is true, can I then move it back to the uk once it has been accessed? Any help would be greatly appreciated. :smile: Thanks

Hi All Just any advice for my friend please! Summary : She is de-facto with her Australian partner. They are now splitting up after living together for over 3 years. He contributed in the main to pay the rent and bills. She also paid towards that and also did the daily clean, shopping etc as you would if you are a partner. She earnt substantially less than him as she was student, doing temp work as much as she could. There are no children and no property. She wants to check with a solicitor if they have a fair split regarding superannuation. So if anyone has any recommendations where she can go in the Sydney area to chat/discuss with a solicitor if she has any rights/claims then great. It is not an acrimonious split - so please no horrible comments! She just wants to get the facts. BEGal

After being in Australia for three months on a PR visa, I am finally starting work tomorrow :-) I am trying to plan my personal finances and wondered whether I pay tax on my full salary (80k), or the cash amount (ie after Super is deducted, 73.5k)? My new employer has a default superannuation scheme, but I wondered whether there are others might suit me better. My main priority would be the possibility to transfer it to the UK one day as I am probably only going to be here for about a year. Also, I registered for medicare as soon as I arrived but only just received the card. It also had a leaflet with details about registering for private hospital cover in the first 12 months of being here. The whole thing has left me pretty confused. I have private cover in the UK and it would be something that I would consider here depending on cost, but do we not get any special allowances for being UK citizens since all my Aussie friends in London enjoyed the benefits of the NHS!? Any help will be greatly appreciated!

VISTA FINANCIAL SERVICES – EXPERT UK PENSION TRANSFER ADVICE Andrew Williams Andrew is a UK Expat who migrated to Australia in November 2007 and qualified as an Australian Financial Adviser and Mortgage Advisor in March 2008. Andrew opened Vista Financial Services in February 2009 and has since helped countless Expats transfer their UK Pensions, purchase their first Australian homes and arrange and implement their financial planning affairs. Andrew has been a member of Poms in Oz since May 2008 and has assisted many Poms in Oz members either directly as clients or just through his many helpful and informative threads and posts. Andrew has been in the Financial Services Industry for over 10 years and in the UK was a qualified Financial Adviser for Nat West. Prior to this he was a qualified Mortgage Adviser and Branch Manager for Alliance and Leicester. Click here for Andrew’s Profile. Vista Financial Services UK Pension Transfers and Australian Superannuation Whether or not you transfer your UK Pension(s) to Australia is a big decision. The Australian and UK Pension systems are very different so taking advice from someone that has a thorough understanding and knowledge of both is essential. Every situation is different and Vista’s advice will be tailored to your individual needs including advantages and disadvantages of transferring your pension(s), benefits that will be lost and gained for you personally and projections to help you understand where you money is best placed for your retirement. If a transfer is in your interests Vista will administer the whole process for you including the opening of an appropriate Superannuation Fund in Australia to receive your pension together with an individually tailored investment portfolio within your new Super fund that suits you and your Risk Profile. We have access to a very large range of providers and are not tied to or owned by any Banks or Financial Institutions therefore you can be rest assured we pick the right Super Fund for you. The investments that we can recommend for you within Super are vast and range between Term Deposits and Managed Funds to Exchange Traded Funds and Direct Shares. Vista will keep you updated every step of the way and is on hand throughout the whole process. Financial Advice Vista can also assist you with Investments, Superannuation and Risk Insurance (Life, Total and Permanent Disability, Trauma and Income Protection Insurance). Andrew can also assist in Wealth Creation and Retirement Planning advice and enjoys many long term relationships with clients who consult with Andrew annually to assist them in reaching their retirement goals and objectives. Poms in Oz and Vista Financial Services Exclusively for Poms in Oz members, you will receive a $50 gift voucher on successful completion of a Pension Transfer and we also provide a $50 gift voucher for referrals that proceed to completion. For more information Please visit our website www.vistafs.com.au or email Andrew at Andrew@vistafs.com.au alternatively contact Andrew on 08 8381 7177 Financial Planning Services are provided by Andrew Williams as an Authorised Representative (322874) of Professional Investment Services (Australian Financial Services Licence No: 234951, ABN 11 074 608 558). Mortgages and Home Loan services are provided by Andrew as a Credit Representative (of Australian Loan Company (ACL 377711) Vista Financial Services Pty Ltd, ABN 70 135 609 022.