Course overview
The aim of this course is to develop understanding of superannuation as a saving and wealth creation vehicle; the financial planning principles and advice involved in superannuation investment strategy; and tax implications associated with superannuation and retirement planning. Superannuation environment: brief history; social implications of retirement; funding requirement for retirement; regulatory environment; complying funds; nature and limits of investments; fund types and characteristics. Self-managed superannuation funds (SMSF): role; establishment; operation; requirements. Superannuation contributions and tax: contribution types; tax implications of contributions and investments; Superannuation Guarantee (SG); contribution rules. Fund preservation and release preserved and non- preserved benefits, restricted and non-restricted benefits, types of condition of release. Superannuation benefits: tax free and taxable components of benefits; lump sum, account-based pension, income streams; tax implication of benefits payments; commutation; social security benefits and superannuation retirement planning; death benefits: superannuation and tax laws applicable for death benefits; proportioning rule; identification of beneficiaries; nomination of beneficiaries.
Course learning outcomes
- Summarise the functions of the superannuation industry and its legislative requirements, and analyse their implications for industry participants and the conduct of their business.
- Appraise the role of superannuation as a savings and investment vehicle for the funding of retirement benefits.
- Analyse the stages of superannuation, contribution, accumulation, and receipt of benefits, and the tax considerations and strategies associated with each stage.
- Evaluate the preservation of superannuation benefits and draw conclusions on the conditions relevant to their release.
- Investigate the relationships between superannuation and estate planning, and assess and apply these links to the development of financial plans over the client's financial life-cycle.
- Demonstrate Business Enterprise Skills in the context of the Financial Planning discipline: i) Problem Solving (intermediate level); and ii) Written Communication (intermediate level).