spacer spacer spacer spacer spacer spacer spacer spacer
spacer
spacer
    Latest Accounting News

Telephone: 03 9727 1244
Facsimile: 03 9727 0244
Email: Email Us

Address: Suite 2, 96 Manchester Rd, Mooroolbark VIC 3138
spacer
Hot Issues
ATO hit list 2025 – Key Areas Under Review
Why Succession Planning Matters for Privately Owned and Wealth Groups in Australia
Benefits of a business plan
Roles and Responsibilities in a Business Partnership
Mixing business and pleasure? Be vigilant this tax season
30 June 2025 - Tax Checklist - Small (and Micro) Business
3 more GST fraudsters sentenced under ATO’s Operation Protego
Evolution of Boeing - 1916 - 2025
ATO - Targeted Areas of Focus 2024-25
6 ways to improve your business plan
Benchmarks for small business
Beware the early lodgment tax trap, CPA Australia warns
Tax lawyer flags compliance traps with family trusts
Superannuation on paid parental leave from 1 July 2025
Tax Time Checklists Individuals; Company; Trust; Partnership; and Super Funds
Comparison of various Animal Weights
2025 Tax Planning Guide Part 2
From 1 July 2025 ATO Interest is no longer tax deductible
SME confidence and conditions see uptick over Q1 2025, survey reveals
Depreciation expert urges property investors to leverage tax depreciation
Buy a business
Upskilling and self-education costs
How secure is your super account?
Freshwater Resources by Country 2025
Why Might a Lease Dispute Occur?
2025 Tax Planning Guide Part 1
$20,000 instant asset write-off
New Bunnings scam warning
The Largest Empires in the World's History
Articles archive
Quarter 1 January - March 2025
Quarter 4 October - December 2024
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 4 of 2015
Articles
FBT – Christmas Parties and Taxi Fares
Merry Christmas for 2015 and Happy New Year.
Common errors in claiming deductions for super contributions
Employee Christmas Parties and Gifts – Any FBT?
Collectables Require Action Now
Why the ATO’s new powers make SMSF compliance more important than ever
Self Managed Superannuation Funds – Is it for Retirement?
ATO warns against misusing partnerships
The Scammers Shame
ATO offers SMSF 'unwinding' for aggressive tax arrangements
Salary and Wages PAYG Shortfall
SuperStream
Australian Taxation Office (ATO) Telephone Scammers – BEWARE!
Navigating the BDBN minefield
SMSFs warned on emerging LRBA issue
Short Access to Term Deposits
Retirees taking super in lump sum is a ‘myth'
Retirees taking super in lump sum is a ‘myth'

The belief that the majority of Australian retirees take their superannuation as a lump sum payment and then rely on the age pension is simply not true, according to research by Rice Warner.



             


Conducting the research on behalf of State Street Global Advisors (SSGA), Rice Warner found that fewer than one in five people plan to take their superannuation as a lump sum on retirement, and of those who are retired, "only 13 per cent" took their superannuation as a lump sum.


"This SSGA study was an important piece of work that also helped to further debunk the myth that a majority of Australians take their superannuation as a lump sum and spend it, relying instead on the age pension," Rice Warner senior consultant Salvador Saiz said.


"Rather, we discovered an increasing take-up of income stream products in retirement," he said.


Although, Mr Saiz said what is noticeable among Australian retirees is a lack of knowledge or understanding of "even basic superannuation concepts".


"[This shows] there is plenty of upside for quality advice to make a difference," he said.


"For example, only one third of people understand superannuation basics like whether or not they are able to contribute extra to their superannuation."


"Australians need to better understand the benefits of advice, what it is, how much it costs, do they pay for fees out of their pocket or does it come out of their superannuation account, and how it can be delivered," Mr Saiz said.


This is where superannuation funds have a significant role to play, Mr Saiz said.


"With a projected increase in the take-up of advice by fund members over the next decade, the 16,000 to 18,000 practising financial planners will not be able to service demand via face-to-face conversations," he said.


"Digital advice, as well as phone-based advice, will help solve the scale conundrum. It is here where superannuation funds are focusing on triaging and guiding members to the most appropriate advice channel."


 


Written by Scott Hodder
Friday, 02 October 2015
ifa.com.au




18th-October-2015
 
sitemap | site by AcctWeb