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Attention Small Business Employers
Tuesday 21 February 2012
Are you a small business owner, wondering how to find the time and money you need to effectively develop and engage your team?
Would you value the opportunity to develop your own management skills through one-on-one partnership with an experienced executive coach?
Could your team benefit from a new, positive approach to their work?
Asset Super is a proud supporter of SuperFriend, the Industry Funds Forum Mental Health Foundation which works with industry funds to provide members and employers with information about improving and maintaining mental health and wellbeing. In conjunction with PeopleScape, SuperFriend is trialling a new positive team development approach. The program is primarily delivered online with some offline components. SuperFriend is looking for up to 3 small business employers (with 10 or less employees), located in Victoria or New South Wales, to take part in a fully subsidised program.
What’s in it for me as an employer?
- Free access to an online positive psychology based team development program and associated activities
- Free consultation with a qualified business psychologist regarding the mental health and wellbeing needs of your team
- Free one on one management coaching sessions with an experienced coach that focus on your own professional development
- The opportunity to improve the wellbeing and resilience of your team whilst also participating in a best practice and innovative research project.
Interested employers can contact Dr Kathryn Page, Psychologist and Consultant for PeopleScape on 03 8256 1665 or on email or Deborah Kennedy, Program Development Manager for SuperFriend on 03 9657 4225 or on email.
Extension of draw-down relief for pension accounts
Thursday 15 December 2011
The Federal Government has announced an extension of the drawdown relief for account-based pensions such as the Asset Flexible Pension for the 2012-13 financial year.
The provision of draw-down relief came into effect in 2008 in response to the impact of the Global Financial Crisis (GFC) on retirees with account-based pensions. The Government halved the minimum payment amounts for account-based pensions, and then moved to a more limited form of relief through a 25 per cent reduction in 2011-2012.
The Government had previously indicated that minimum payment amounts would return to normal in 2012-13. However, as equity markets continue to be volatile and prices remain significantly below pre-GFC levels, the drawdown relief extension will hopefully assist retirees to recoup capital losses as equity markets recover over time.
Regulations giving effect to this change will be made before the end of this financial year.
SG age limit to be abolished
From 1 July 2013, eligible employees aged 70 and over will receive the Superannuation Guarantee for the first time. The July 2013 commencement date will provide time for employers to adjust to the new arrangements, and will also ensure that employers will be able to claim income tax deductions for Superannuation Guarantee contributions made to employees aged 70 and over from 1 July 2013.
New Product Disclosure Statements from 1 November 2011
Monday 31 October 2011
The current Super Member Product Disclosure Statement and the Flexible Pension Product Disclosure Statement dated 1 November 2010 will both expire at midnight 31 October 2011. The new Product Disclosure Statements (super and pension) dated 1 November 2011 will then come into effect, and will be available on this website from 9 am on that date.
Asset Super and CareSuper commence merger discussions
Friday 2 September 2011
Joint statement by David Michaelis, Chairman of Asset Super, and Michael O’Sullivan, Chairman of CareSuper.
The Chairmen of Asset Super and CareSuper today announced that their Funds are in discussion about a possible merger.
Against the background of the “stronger super” proposals and other industry-wide factors, Mr Michaelis and Mr O’Sullivan said that both Funds are looking at opportunities to maximise economies of scale to deliver favourable outcomes for their members and long-term sustainability for a merged entity.
The process will take some months and the Funds will work together to determine the optimal arrangements for members through a merged entity. Appropriate due diligence would be required before a merger could take place.
Asset Super and CareSuper are both multi-industry funds and while Asset Super’s members are predominantly located in New South Wales, CareSuper has a national membership base with offices in Melbourne, Sydney and Brisbane. Both Funds share common service providers, with back office administration through Australian Administration Services (AAS) and custodianship through National Asset Servicing (NAS).
Established in 1987, Asset Super is an industry fund that provides services to a wide range of small to medium-sized businesses across a diverse range of industries and not for profit organisations, with almost 85,000 members and $1.6 billion in assets. CareSuper was established in 1986 and is the largest industry fund for professional, managerial, administrative and service occupations, with 200,000 members and $4.6 billion in assets.
Flood levy & your super
Thursday 21 July 2011
As a result of the devasting floods across much of Australia in early 2011, the Australian Government has introduced a Temporary Flood and Cyclone Reconstruction Levy (flood levy) to assist affected communities to recover from the floods and re-build infrastructure.
The levy will apply to individual taxpayers who have a taxable income over $50,000 in the 2011/12 financial year unless you are exempt from paying. It will apply to income derived in the year such as your salary, interest earnings, dividend payments etc. For information on whether you are considered exempt from paying the flood levy, go to the Australian Taxation Office website at www.ato.gov.au
The levy is calulated as follows:
|
Taxable Income
|
Flood Levy on this income |
| Income up to $50,000 |
Nil |
| Income $50,001 to $100,000 |
0.5 cents for each dollar over $50,000 |
| Income over $100,000 |
$250 plus 1 cent for each dollar over $100,000 |
For most people, your employer will withold an amount from your regular pay for tax purposes. If you earn over $50,000 starting from 1 July 2011, your employer will take an additional amount out from each pay to cover the flood levy.
How does the flood levy affect my super fund?
The levy will apply to certain payments made by super funds. In the same way that your employer withholds an amount from your regular pay for tax, we may withhold an additional amount from the following payments if we make them to you before 30 June 2012:
- The taxable component of a lumpsum benefit, if you are under age 60;
- The taxable component of a death benefit paid to non-dependants for tax purposes; and
- The taxable component of any pension payment if you are under age 60.
A taxable component includes employer & salary sacrifice contributions, voluntary contributions for which a tax deduction has been claimed and investment earnings.
If Asset Super pays you a lumpsum benefit during 2011/12, and you are under the age of 60, the flood levy is applied to the full amount of the taxable component.
If you are a pension member who is aged 60 and over, your Asset pension will not be affected by the flood levy. It is important to note however that the levy will apply to any other income you earn in 2011/12 in excess of $50,000.
Pension members aged between 55-59 years will be liable to pay the flood levy on receipt of regular income stream payments where the taxable component for the year is more than $50,000 and on lumpsum benefit payments where the taxable component is more than $50,000.
Importantly regardless of age, any other income you earn about your income stream payment in 2011/12 may incur the flood levy.
Further information for individuals and employers is available at www.ato.gov.au
Want to make a contribution before 30 June?
Wednesday, 10th June, 2011.
If you want to make a voluntary contribution to your super account from your after- tax income before 30 June. There are several ways you can do it:
- Arrange a direct debit from your bank account to your Asset account.
- BPAY contributions directly to your account. The Biller code is 908335. You also need your unique member BPAY reference number.
- To obtain your unique member BPAY reference number, you can obtain it by logging into MemberAccess, selecting ‘My Details’ and the selecting ‘Make a contribution.
- Not registered for MemberAccess ? – click here and follow the steps.
- Post a cheque – ensure you include your member number and name with your cheque
By making a personal contribution by the 30 June, you may also be eligible to receive a co-contribution payment. For more information take a look at our co-contribution fact sheet.
IMPORTANT
A contribution is made when it is received by your super fund, not when the money leaves your bank account. You should check with your banking institution to confirm the number of days required to finalise your transaction.
The 2010/2011 financial year ends on 30 June 2011. Please ensure that the contributions that you intend to make for the 2010/2011 financial year are paid with enough time for Asset to receive them before the 30 June 2011. |
2011 Budget reinforces Super savings
Friday, 13th May, 2011.
In the 2011 Federal Budget, delivered on Tuesday night (10 May 2011) by Treasurer Wayne Swan, the Government reinforced superannuation as its preferred way for people to save for their retirement as well as its commitment to the continued improvement of the system through the Stronger Super provisions.
Asset has made it simple for you to understand how these announcements may affect your superannuation savings – click to read Asset’s 2011 Federal Budget factsheet. The full Federal Budget announcements are available for your interest at www.budget.gov.au.
Australian flood devastation
Wednesday, 19th January, 2011.
The devastation of the floods over the recent weeks in Queensland and more recently in New South Wales, Victoria, South Australia and Tasmania has shocked most Australians. But the biggest shock may be still to come as those affected by the rising waters undertake the difficult tasks of getting their homes and lives back on track.
Asset members who have been affected by the floods and who are considering accessing their super to assist in easing their financial burden need to understand that there are strict laws that govern the early release of superannuation. You can find out more about your eligibility to access your super.
If you want to access information about your super, you can do so easily via MemberAccess. This is an online portal that holds a history of your contributions and your past statements. You can access this information now or in the future. Simply register at www.assetsuper.com.au.
You can also access free phone based single issue advice about your super including whether you are able to access your super and full face to face financial planning advice, on a fee for service basis, to cover more in depth financial situations. If you wish to contact this service, simply call our Client Service team.
Asset’s Client Service team is available to members –
By Phone: 1800 805 981 (8am to 8pm, Monday to Friday AEST)
By email: asset@assetsuper.com.au
By mail: Locked Bag 5088 PARRAMATTA NSW 2124.
If you are an employer, trying to get your business back on track we understand that something like super is furthest from your mind. The Australian Tax Office also recognises that businesses in flood affected areas may need more time to meet their lodgement and payment obligations – to get more information, just call the Australian Tax Office Emergency Support Information line on 1800 806 218 or go to their website at www.ato.gov.au.
Unit price adjustment and 2010 member statements
Tuesday, 7th December, 2010.
If you’re checking your account online through MemberAccess, you may find that an adjustment has been made to your account balance. This follows a correction to the unit prices for seven of our investment options.
The reason for the adjustment is explained in a letter you will receive soon together with your 2010 statement. Briefly, between 9 October 2009 and 28 June 2010 the unit prices of the seven options were slightly overstated because insufficient tax had been deducted from member transactions during that period.
The adjustment is being made in the current 2010/11 financial year and as a result will not be reflected in your 30 June 2010 statement. Once the adjustment is processed (which we expect to be in early December) you will be able to view it online through MemberAccess, and it will be shown in the transaction list on your 30 June 2011 statement.
If you have any questions relating to this matter, please contact our Client Service team on 1800 805 981.
Changes to Asset’s investment manager line up
Wednesday, 1st December, 2010.
Asset Super has recently adopted recommendations of the fund’s asset consultant, Mercer which has resulted in changes to its investment manager line-up and structure.
Asset made a commitment of $30 million AUD (25 million Euro) to the Antin Infrastructure Partners as part of the fund’s ‘alternative assets’. Antin infrastructure Partners targets income and growth type investments and includes assets with exposures to airports, rail and sea ports. This allocation compliments Asset’s other alternative investment portfolios.
In addition, the Bernstein Global Value mandate of approximately $30 million that was invested in international equities has been terminated. 55 per cent of the mandate was reallocated to an existing Schroder’s QEP Value Fund and the balance to a new manager, Dimensional Fund Advisors in their Emerging Markets Trust.
This reallocation is in alignment with Mercer’s views and will increase Asset’s direct and indirect exposure to emerging markets within the international shares asset class to about 15%.
Asset has also reduced its hedging ratio on international equity portfolios from 40% to 35% based on the current exchange levels of the Australian dollar relative to the US dollar.
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