June 2016 – Superannuation – (Including Self-Managed Superannuation)

This month's CPD focuses on Superannuation and has been released through our affiliated entity The Dover Group.

All Legal E Docs clients are invited to take part.

Along with the family home, superannuation is a cornerstone of most people’s financial plans. Almost every financial plan will need to address the client’s superannuation situation. This is the case whether the client is a young adult first entering the workforce or a 75 year old retiree. Superannuation is, to put it simply, a ‘must-consider’ for any financial plan.

The reason for this is simple. As a way of encouraging financial independence in retirement, the Australian government offers advantageous tax treatment for amounts held within the superannuation environment. In addition, since the late 1980s it has been compulsory for employers to contribute a set percentage of their employees’ salary or wages to that employees’ superannuation fund. In combination, these tax incentives and the mandated employer contributions have resulted in their being more than $2 trillion in superannuation benefits held within Australia as at June 30 2015.

The Federal Budget of 2016 introduced substantial changes to the superannuation system within Australia. These changes are addressed within this module.

At the end of this module, participants will have an increased understanding of:

• The role of superannuation within a personal financial plan;
• The role of concessional and non-concessional contributions within a member’s superannuation account;
• The tax treatment of superannuation contributions;
• The tax treatment of superannuation earnings;
• The tax treatment of superannuation benefits as they are paid out;
• The impact of personal relationships (forming and separating) on superannuation planning;
• Ways in which the superannuation rules can be utilised to enhance client planning (for example, the splitting of superannuation contributions);
• The specific circumstances of women when it comes to superannuation;
• The rules that apply to the withdrawal of member benefits; and
• The rules that apply to superannuation death benefits.

Click here to be taken to the superannuation module on the Dover website.