Welcome to SuperNews - May 2008
Issue 27 - Second edition of SuperNews for 2008
Budget 2008
Budget 2008 delivers the long awaited personal tax cuts, but not immediately. The changes will be progressive over the next three and a half years. The central shift focuses on a gradual uplift to the current tax tiers, with an immediate reduction in the minimum rate from 15% to 12.5%.
What does this mean for employers?
• Your payroll system will need to be updated prior to the effective date of 1 October 2008 when you have to implement the new tax rates.
• If you make employer contributions to a workplace super scheme, other than a KiwiSaver scheme, and have elected to use the progressive scale for the deduction Employer Superannuation Contributions Tax (ESCT - formerly known as SSCWT) then you may have to recalculate which tier your employees fall within after 1 October 2008.
Funding to protect investors
The government will spend $6.1m of operating funding over the next four years and $2.9m of capital funding for the implementation of new laws to improve the supervision of financial advisers and institutions. Additional operating costs of $5.1m and capital costs of $1.4m will be paid for by the industry,
The funding will allow financial service providers to be registered and set up dispute resolution schemes, and will enable the Securities Commission to undertake a role in the licensing of financial advisers.
This is a clear signal that the mooted changes to the Financial Advisers Bill and Financial Services Providers (registration and Disputes Resolution) Bill, under which the Securities Commission will take a leading role, in place of Approved Professional Bodies, will be implemented.
ASFONZ has a new look!
ASFONZ is pleased to announce the launch of its improved web site. Our new web site offers many of the great features of the previous two sites (ASFONZ & WorkplaceSuper); we have implemented a much more user-friendly layout and navigation, as well as an updated look.
Check out the updated web site which features the latest workplace savings related news, interactive tools to compare KiwiSaver and Master Trust product offerings, information about the ASFONZ 2008 National Conference, as well as upcoming ASFONZ industry events, education opportunities, and much more.
We have also incorporated the new web site look into SuperNews.
ASFONZ is always interested in hearing from members about how we are doing. When you have a free moment, take a look at our new website, and let us know what you think. You could also use this opportunity to send us any other comments, suggestions, concerns, and praises.
All you need do is click here.
Sustainable Workplace Savings
August 28- 29, 2008
SKYCITY Auckland Convention Centre, Auckland
Our 2008 National Conference “Sustainable Workplace Savings” and Super Expo is the must attend event on the workplace savings calendar.
This year’s Conference will look at issues that must be addressed now that the workplace savings industry is bedding down the most significant changes to affect the industry since the tax reforms of the 1980s. It’s time to reflect and with optimism look to the future. We have specifically tailored the programme for the 2008 conference to examine the challenges that lie ahead.
Register NOW, to ensure you get the early bird discount!
Pre-Conference Industry Golf
For the first time ASFONZ is hosting a Pre-Conference Golf Day as a feature of the ASFONZ National Conference and Super Expo.
Being played at Formosa Golf Resort, the event will be teams Ambrose, which is great for both social and serious golfers. The game is played in teams of four and offers golfers of all levels an enjoyable day.
You can participate in the Pre-Conference Golf Day as an individual or you can enter a team. This will be the perfect opportunity for you to reward your clients, network and have fun. The Golf Day is open to conference delegates and guests alike.
We are also offering a limited number of sub-sponsor marketing opportunities for this event. If you are interested please call Bruce Kerr on (04) 381 3382.
For more information or to register for our Pre-Conference Golf Day please click here.
Best Practice pathway for scheme transfers
‘Transferring from a Stand-Alone Scheme to a Master Trust’
With the advent of KiwiSaver, many employers with stand-alone schemes will be considering their options. These may include transferring members to a master trust which offers a KiwiSaver compliant section. It is therefore an opportune time to consider the general legal requirements, and steps along the best practice pathway, applicable to an employer considering the move from a stand-alone workplace superannuation scheme to a master trust.
This article considers transfers from stand-alone superannuation schemes to master trusts (including transfers to KiwiSaver schemes and complying superannuation funds under a master trust). Read more…
Industry Breakfasts
Our next Industry Breakfast is planned for the following dates:
Wellington – Tuesday, June 25, 2008
Auckland – Wednesday, June 26, 2008
We will advise you of the keynote speaker and topic by separate email very soon. Meanwhile, please mark these networking dates in your diary NOW!
Welcomes
We warmly welcome the following new members to the Association:
• BlackRock Investment Management (Australia) Limited
• Gareth Morgan Investments
• SmartShares Limited
We also warmly welcome BlackRock and Mercer (N.Z.) Limited as new financial supporters of our Association.
We would also like to take this opportunity to introduce members to Julie Tennie, our new Admin Assistant. Julie has joined our secretariat team this month, and replaced Louise who is now at university. Louise will continue to work for us on an ad-hoc basis as demand requires. Julie’s background is in marketing and event planning, and as well as working part-time for ASFONZ, she is also studying graphic design.
Acknowledgements
Article Author thank you
We thank Tracey Cross, Partner with DLA Phillips Fox for contributing the article ‘Transferring from a stand-alone scheme to a master trust’.
Past financial supporter
We acknowledge and thank AllianceBernstien New Zealand Limited for the financial support given to our Association over the past two years.
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