CONTENT

  • Superannuation Guarantee Contributions for 2002-3 due by Monday 28th July 2003
  • Fund's Performance in 2002-3
  • Quarterly Superannuation Guarantee Contributions
  • New Office in Wollongong
  • Retirement & Wealth Creation Seminars
  • Employer Survey

    Employer Survey

    To ensure we are providing the best service possible to you and our members, we have constructed an online Employer Survey. This survey is our tool in examining what our Employers like and dislike about the service we provide to them and their employees. Please click on the survey link to fill out the survey. Your cooperation is appreciated.

    New Office in Wollongong

    From left to right: Barry Myler; Rebecca Ray; Jenny Stimson; Lindsay Reynolds

    The Honourable David Campbell MP, the N.S.W Minister for Regional Development, officially opened a new regional office in Wollongong on 13th June 2003. The Wollongong office will service the members who live and work in the Illawarra and South Coast of NSW.

    The new office will provide members with the opportunity to meet with representatives in Wollongong to discuss their super. Furthermore, members approaching retirement can now make an appointment with a Chifley financial planner at the new office. The office is the latest initiative to provide superior service and access to members following the opening of offices in Sydney, Lismore, Orange, Wagga Wagga, Goulburn and Albury.

    Chifley financial planners are able to provide advice tailored to meet the individual needs of each member. The qualified planners are salaried employees whose advice is not driven or influenced by commissions.

    FuturePlus Super members can discuss retirement planning, salary sacrifice (if employer offers this), voluntary insurance, low cost home loans, or any other superannuation matter. To book an appointment, the number to call is 1800 067 059. The office is conveniently located at Shop 2, 60 Burelli Street, Wollongong.

    • July 2003

    Dear Employer

    Welcome to your latest electronic Chifley Employer Newsletter. We hope you find it interesting and useful. We're sending you this newsletter as part of our commitment to keeping you up to date and in touch with your obligations and opportunities in respect of your employees' superannuation. You may have noticed that it has a new look too.

    We welcome your feedback on the issues featured in the newsletter or anything else regarding superannuation. Please email us.

    Superannuation Guarantee Contributions for 2002-3 were due by Monday 28th July 2003

    Please note that as mentioned in our previous correspondence to you, all Superannuation Guarantee Contributions for 2002-3 must have been received by the Australian Public Superannuation Fund by the 28th July 2003 otherwise you will be subject to the superannuation guarantee charge, and an administration fee and you may not be able to claim a tax deduction.

    Any contributions that have been received after this date will not be processed and will be sent back to you. Your organisation will then have to pay a charge to the Australian Taxation Office by 14 August 2003.
    Please see the ATO ruling

    Quarterly Superannuation Guarantee Contributions

    The ATO has recently introduced a new SG contribution standard (effective 1 July), that requires for penalties if SG contributions are not made at least quarterly.

    The ATO imposes penalties if SG contributions are not made by the quarterly cut off date. If you fail to make the cut off date you will need to lodge a SG statement and pay the SG charge.

    The following table obtained from the Australian Taxation Office lists the cut off and lodgment dates.
     
    Superannuation guarantee quarter Cut off date for superannuation guarantee contributions Due date for lodgment of a SG statement and payment of the SG charge if contributions are not made on time
    1 July - 30 September 28 October 14 November
    1 October - 31 December 28 January 14 February
    1 January - 31 March 28 April 14 May
    1 April - 30 June 28 July 14 August

     

    Employer Reporting Requirements

    The ATO has recently introduced reporting requirements that employers must observe so that employees know how much superannuation has been paid on their behalf and where the money has gone (Defined Benefit Scheme members excluded).

    The written report must include:

  • the amount of contributions made;
  • the name of the superannuation provider and, if possible, their contact phone number - to help employees contact their provider to confirm that their contributions have been made, the superannuation provider's name on the written report should be the name that would appear in the phone book; and
  • if known, the written report should also include the employee's account or membership number.

    The ATO has advised that there is no specific format for reporting to employees but have provided the following examples:

  • a letter to the employee;
  • if the employer usually communicates with their employees via e-mail, they can use this medium to send the written report;
  • on a payslip; or
  • if available, a copy of a receipt for contributions from the superannuation provider.

    For more information, go to www.ato.gov.au/super

    • Fund's Performance in 2002-3

    The last few years have been some of the most difficult in financial markets with poor returns for most superannuation funds. Below are the investment returns for each sector.

    Australian Fixed Interest International Fixed Interest Australian Equities International Equities Property Capital Guaranteed Cash
    6.6% 9.2% -4.4% -11.9% 9.0% 4.0% 3.8%

    Is Superannuation still a good investment?

    Yes! For a number of important reasons:

    Taxation Treatment of Superannuation: Firstly, the taxation treatment of money invested in superannuation remains favourable for most investors.

    Eggs in many baskets: Secondly, your superannuation fund strategies invest in many asset classes including cash, equities, property and bonds, ensuring that under-performance in some asset classes may be countered by out-performance in others.

    Clever Investing: Thirdly, your superannuation fund employs many strategies to shield against losses and to support returns. For example your fund has at its disposal hedge strategies to protect against currency movement.

    Remember it's for the Long-Term: While investment returns have been poor over the last few years, investors recalling the returns of just three to five years ago will have memories of very high returns. Over the long-term, super funds will provide a sound choice for long term savings.

    What can your members expect to see in their statements?

    It depends on a number of factors that are unique to each member. The fund's performance relates to the effect on a sum of money invested over the whole year (the member's choice of strategy and sector mix will affect the outcome). In contrast, member superannuation accounts often receive contributions throughout the year, may experience once-off transfers in or out, and may be subject to taxation differences. In addition members may have switched between strategies during the year. You are welcome to call Member Services on 1800 067 059 for more information.

    Retirement & Wealth Creation Seminars

    Retirement Seminars

    Chifley Financial Services Ltd (A Licensed Dealer in Securities) regularly holds Retirement and Wealth Creation Seminars.

    The Retirement Seminars are targeted at the over 50’s and provide information on the following issues:

    • Building Wealth

      • - Maximising Super Benefits

      - Minimising Tax

      - Investment Options

    • Decision Time

    - Income Streams in Retirement

    - Practical Case Studies
    • Centrelink

    - Age Pension & Allowances

    - Asset and Income Tests
    • Lifestyle

    - Nutrition

    - Exercise and planning for your retirement

    Following are the dates and venues of the upcoming Retirement Seminars:

    Tuesday, 9 September

    Cessnock

    Wednesday, 10 September

    Raymond Terrace

    Thursday, 11 September

    Wyong

    Friday, 12 September

    Gosford

    Wednesday, 24 September

    Taree

    Thursday, 25 September

    Kempsey

    Friday, 26 September

    Grafton

    Saturday, 27 September

    Tweed Heads

    Wednesday, 1 October

    Newcastle

    Tuesday, 14 October

    Windsor

    Saturday, 18 October

    Wollongong

    Wednesday, 22 October

    Liverpool

    Saturday, 8 November

    Dee Why

    Wednesday, 12 November

    Sydney

    Seminars start at 8.45am with registration and finish at 2.30pm. Morning tea and lunch is provided

    Wealth Creation Seminars

    The Wealth Creation seminars are targeted at the under 50’s and provide information on the following issues:

    • Creating an easy personal budget
    • How much to save
    • Reducing your tax payable
    • How to get the most out of your savings
    • Other important issues you need to consider

    Following are the dates and venues of the upcoming Wealth Creation Seminars:

    Tuesday, 29 July

    Blacktown

    Thursday, 14 August

    Dee Why

    Tuesday, 26 August

    Kogarah

    Tuesday, 9 September

    Raymond Terrace

    Wednesday, 17 September

    Dubbo

    Thursday, 25 September

    Grafton

    Thursday, 23 October

    Wagga Wagga

    Seminars commence at 6pm and refreshments are provided

    Members can reserve a seat at one of these seminars by calling 1800 067 059

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