Various thresholds for superannuation have been indexed in line with increases in AWOTE. The new thresholds for 2009/2010, along with the thresholds for the previous two years, are set out below.
The federal budget brought down on 12 May 2009 contains a wide variety of measures that will affect various aspects of the superannuation and retirement income systems in Australia.
Australian super funds are about to return their worst performance in 20 years – which means that members are about to see their first yearly loss since 2001/02. No-one likes to hear that their investment is losing money. And yet, with the annual reporting season now approaching for most super funds, this is the message that most trustees will be telling their members. In this Bulletin, Watson Wyatt’s Communications team provide some useful tips for super fund trustees on how to communicate low or negative returns to members.
Both the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are currently undertaking significant reviews of the accounting for employee benefits in a company’s financial reports. This Bulletin provides a brief summary of recent proposals issued so far by the IASB and the FASB, although discussion on these proposals continues. The IASB changes will have a significant influence on Indonesian accounting standards in the medium term, whilst some of the FASB changes are scheduled to take effect later this year (and will impact those Indonesian companies reporting under this (US) standard).
Various thresholds for superannuation have been indexed in line with increases in AWOTE. The new thresholds for 2008/2009, along with the thresholds for the previous two years where applicable, are set out below.
The federal budget brought down on 13 May 2008 contains very few new measures relating to superannuation. Given the significant legislative changes of recent years which have required so much time to be spent on compliance and administration related activities, it provides a welcome opportunity for funds to consolidate their activities, as well as allowing their energies to be directed to ensuring they deliver better outcomes for their members.
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