Sent: 09-11-2010 10:56:04
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ATO Super Research
As you might be aware the Treasury has released some research that the ATO conducted into attitudes about superannuation earlier this year.
The research doesn't really tell us too much that most of us haven't already guessed.
For example, the young are disengaged about retirement and superannuation in general. Interest is spiked once people hit about 40 years of age when everyone finally realises that they will not be living forever.
None of this is new. My colleague Lester found this during his PhD research.
Many people are concerned that the 9% for super will be insufficient to fund a meaningful retirement. This has now been used to justify increasing the compulsory employer rate to 12% of salary.
Personally I think this is a fairly weak argument but the decision appears to have been made. And I think the Government will move the relevant legislation for this through the Parliament after July '11 when the Greens take the balance of power in the Senate.
What also came out in the research is the finding that people feel ambushed by all the regulatory changes that have occurred over the last 25 years.
Not long before this research was published I wrote an article in The Australian about regulatory fatigue and its impact on the community. You can read that article here: http://www.atcbiz.com.au/r.php?r=3az5eaj
At the time I knew nothing about the findings of the ATO research. I was merely reacting to what I see abd hear in the community.
Sadly the relentless push for change and amendment continues. The next 3 to 5 years will see the introduction of some Cooper Review changes as well as the Henry Review Mark I and II changes.
Perhaps more sadly often this push for change comes from within our industry. For some of us change is good for business and career.
I was recently talking to a New Zealander who lives in Singapore. He said that tax planning and retirement planning are a waste of time. He pays 7% income tax on his salary. This is not to say Singapore doesn't have its problems or areas of reform.
Finally please consider purchasing a copy of "A How To Book Of Self Managed Super Funds". You can look at the contents page at the following link: http://www.atcbiz.com.au/r.php?r=0mjd6ne
The 3rd edition was released a few weeks ago.
For details of the changes made from version 2 to version 3 visit: http://www.http://www.atcbiz.com.au/r.php?r=7aj5d3d
There have been many changes to this book. Version 3.0 contains over 30 pages of new material.
This update has taken longer than I would like however I have been delayed due to a frustratingly steady stream of political policy announcments, review documents and the release of various ATO documents.
Two purchase options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link: http://www.atcbiz.com.au/r.php?r=5a4agqb
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