AYB240 Lecture Notes - Michael Laurence, Australian Prudential Regulation Authority, Australian Taxation Office
Document Summary
Form of savings and investment save during working life to provide money in retirement. Investment vehicle or structure holding assets accessed via membership of a superannuation fund. Pension" in most other countries = employment-related retirement savings, in australia = means-tested government-provided age pension. Fewer taxpayers to provide government revenue for pensions. Mandatory contributions: employers contributing on behalf of workers while they are employed. Voluntary contributions: voluntary employer-sponsored superannuation schemes. In excess of compulsory sg 9: tax and other incentives to encourage individuals to save voluntarily. Government-provided age pension: social security providing a safety net (means tested. How is superannuation regulated: key regulation. Superannuation industry (supervision) act 1993 (sis act) and associated regulations. Who regulates superannuation: australian prudential regulation authority (apra, australian securities and investments commission (asic, australian taxation office (ato) Superannuation fund must be maintained solely for at least one core purpose": may be in conjunction with ancillary purposes". Core purposes: retirement, attaining age 65, death benefits.
