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Younger Australians are being told to ride out this volatile patch, while older Australians who are approaching retirement might want to consider their options, a consumer advocacy group has advised.

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The article, which was first published by Super Consumers, states that those who have retired or are approaching retirement may want to consider their options. There are many more factors to weigh when nearing retirement, and your balance size, time until retirement and expenditure will all play a big part in planning.

Pros and cons of creating a ‘cash buffer’

Some people may be in a position to build up a “cash buffer”. This is a portion of your savings that is walled off from the ups and downs of the sharemarket.

In the short term, money moved into your super fund’s cash investment option will not suffer losses like we’re seeing on the sharemarket at the moment, but due to low growth it may not keep pace with inflation.

Most people don’t need to do anything with their super in response to the COVID-19 virus

Moving to a more conservative investment option such as cash can also lock in your losses and mean you don’t benefit when the market recovers, so it may not be a suitable strategy for anyone who has some years to go before they retire.

Industry Super Australia has stated that during the global financial crisis (GFC), people who moved their money from an average balanced industry fund into cash in March 2009 were $13,800 worse off after a year and $34,800 worse off after five years. 

This highlights the greater potential for balanced super accounts to earn more in the long term as the sharemarket eventually recovers.

Should retirees take their money out of super in response to COVID-19?

While investors might read the headlines such as “super retracts following global sell-off” and think moving their money is the best thing, this strategy locks in losses for the retiree.

Ian Yates, chief executive of Council on the Ageing, peak body for older Australians, said this is not the answer, highlighting lessons learnt during the last major financial recession.

“One of the tragedies of the GFC was that people crystallised their losses by taking their diminished funds out of super,” he said. “They then had no way of growing them back. They also lost the tax advantages of being in super.”

Any money invested in a bank will earn historically low returns. This income may also be taxed at a higher rate than superannuation.

“The really critical thing is, if it’s in super, keep it in super,” Mr Yates said. “Even if you crystallise your loss by moving it into a cash option within super, you can later move it back into a growth fund. If you move it out of super, you may not be able to put it back in again,” Mr Yates explained.

Understanding the risk level in your super

“Every super account has a different risk level, but this concept isn’t always understood,” said Xavier O'Halloran, director of Super Consumers Australia.

“There’s a spectrum of super investment options available from the lowest risk (cash) through to balanced options (generally a small amount of cash, some shares and other asset types) and to high risk (which are mostly or all shares).”

The basic idea is that younger people, far from retirement, can invest their super in more high-risk/high-growth options. Their investment will experience more ups and downs, but they’ve got time to ride them out in exchange for a better overall return.

Older Australians who have already built up their nest egg may be aiming to consolidate what they have and a low-risk/low-reward option may be more in line with their needs.

“There are a fair number of people who are retired or approaching retirement who do move their super into a cash option or more conservative asset options,” explained Mr Yates. “Those people will be nowhere near as affected (by COVID-19) because equities will be a much smaller proportion of their super.”

How you can allocate some of your super into a cash buffer

Changing investment allocations for most funds should be a simple online process.

While the process is usually easy, it’s important to understand the implications. Remember that whatever portion of your super is in cash will only grow very slowly over the long term.

Mr Yates said older Australians should seek advice about any changes to how their super is invested.

“The first advice is to talk to your fund,” he said. “Don’t take unilateral action without getting some information on options and their implications from your fund.”

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Younger Australians are being told to ride out this volatile patch, while older Australians who are approaching retirement might want to consider their options, a consumer advocacy group has advised.

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As Australian families and businesses begin to feel the strain of the economic downturn and are turning to their landlords for rental relief, the landlords of SMSF-owned property need to be careful.

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Acknowledging it has received a large number of requests for information around the legality of SMSFs providing tenants rental relief, law firm Cooper Grace Ward has released an article on the topic: “SMSF landlords: Can you agree to COVID-19 rent relief?”

Here are some of the key takeaways:

Can an SMSF-owned property provide rent relief?

According to Cooper Grace Ward partner Clinton Jackson, the firm’s view is that it will be possible for an SMSF to provide rent relief, or other incentives, provided that the SMSF can establish it is in the best interests of the SMSF.

What is required to establish this “best interests” duty, and provide the best chance of fending off the Australian Taxation Office, will depend on a number of factors, Mr Jackson said.

These include the circumstances of each SMSF; the circumstances of each tenant, including its cash flow, operations and restrictions imposed by COVID-19; terms of the existing lease; the property that is the subject of each lease, including the ability for it to be leased to another tenant; and comparative rent relief and any other incentives being offered by arm’s-length landlords.

Beware compliance issues

Mr Jackson warned that because of the seriousness of legislative compliance risks, “obtaining sufficient evidence to justify the rent relief (or any other incentive) will be vital”.

Noting it would also be time-consuming and require detailed analysis and justification, the partner emphasised that it is “essential the new arrangement is properly documented”.

Where the tenant has no connection — either directly or indirectly to the SMSF landlord — there are unlikely to be legislative complexities when offering rent relief.

But it’s fraught with potential compliance risks where the tenant is a related party or related trust, or if a member, relative or related party or trust has an underlying economic interest in the tenant.

The lawyer flagged that when an SMSF does provide rent relief, there are a number of ways it may breach compliance provisions, such as:

• The sole purpose test – as the reason for offering rent relief could be viewed as to assist the tenant, not to increase the retirement benefits of the SMSF member.
• Arm’s length dealing – it could be difficult to establish that the SMSF is dealing with the tenant in the same manner they would an unconnected tenant.
• Financial assistance – due to the relief providing a benefit to a member or relative personally — whether directly or indirectly — outside the SMSF.

Where there is a potential connection, Mr Jackson said the “strict interpretation of these rules requires the SMSF to enforce the terms of an existing lease, including taking all necessary steps to collect the full rent payable, potentially down to taking possession or enforcement action”.

He noted this is the case even where it would have a detrimental impact on the tenant or the members.

In addition, the lawyer highlighted that standard lease provisions that do provide an ability to amend lease terms “will not help the SMSF overcome the potential SIS Act compliance consequences”.

Risks and consequences of non-compliance

Mr Jackson said where rent relief is provided without obtaining sufficient evidence or proper documentation, “there is a high risk of the ATO taking adverse action against the SMSF”.

This could include administrative penalties of up to $12,600 per breach per trustee.

“It is critical that rent relief (or other incentive) is not provided by an SMSF without them first obtaining proper advice in relation to the SIS Act compliance consequences,” the partner concluded.

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As Australian families and businesses begin to feel the strain of the economic downturn and are turning to their landlords for rental relief, the landlords of SMSF-owned property need to be careful.

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Superannuation members with total and permanent disability insurance (TPD) are being urged to check their policy following a new announcement from an insurer that they won’t cover COVID-19.

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Super Consumers Australia found that people may be denied pandemic-related death, total and permanent disability or income protection cover if they recently opened an account or changed their level of cover across various funds.

Super Consumers Australia director Xavier O’Halloran explained most people are defaulted into this insurance cover as part of their superannuation. The funds identified include industry funds for frontline emergency workers and key distribution workers, like truck drivers.

“It is particularly upsetting that the people on the frontline of getting us through this challenge could be left without adequate insurance cover. These funds need to ask themselves if they’ve done the right thing by people in their hour of need,” Mr O’Halloran said.

“We are calling on all super funds and insurers to do the right thing and remove these unfair terms.”

The financial services royal commission recommended the federal government consider establishing universal terms for insurance in super. The recommendation was designed to put an end to fine-print exclusions that were out of step with community expectations, like pandemic exclusions. 

“There has been a steady hollowing out of insurance, which means it is no longer meeting the needs of the community. It’s time to follow the royal commission recommendation and build an insurance scheme that is fit for purpose,” Mr O’Halloran said.

HESTA, Colonial First State FirstChoice and Care Super also have pandemic exclusions, but all have vowed not to rely on them given the current challenges facing the community.

How the pandemic exclusions apply in each of the funds

• TWU Super – pandemic exclusion for death insurance policies for members who have taken out additional cover, or are in the first 30 days of commencing or recommencing cover. Activated where the fund’s insurer has given 14 days’ notice prior to death.
• UniSuper – pandemic exclusion for income protection insurance in a member’s first 30 days of cover, where the fund’s insurer has given 14 days’ notice.
• NGS Super – pandemic exclusion for death insurance policies for members who have taken out additional cover, or are in the first 30 days of commencing or recommencing cover. 
• Prime Super – pandemic exclusions for death insurance where the fund’s insurer has given 14 days’ notice.

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Superannuation members with total and permanent disability insurance (TPD) are being urged to check their policy following a new announcement from an insurer that they won’t cover COVID-19.

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If 1.35 million Australians demand early access to their superannuation as a result of the government’s new policy, around $25 billion could be wiped from funds. 

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The analysis comes from the Actuaries Institute, which is recommending that the Australian Taxation Office “play a significant role in payment of limited, early release superannuation to people financially impacted by COVID-19”.

Passed as legislation earlier this week, the policy sees eligible Australians able to access up to $10,000 from their superannuation this financial year and next financial year if they are suffering financial hardship. 

It comes as the ATO announced its creation of a “one-stop shop” for anyone looking for essential information regarding the early release of super. 

The Actuaries Institute noted that the ATO will be responsible for making the determination on early release, but said it could also hold responsibility with regard to payment distribution and possible invoicing of superannuation funds.

The convenor of the Actuaries Institute’s superannuation practice committee, Tim Jenkins, considered that “there may be a need for the funds and the government to look at ways to enable early access and smooth out the ability and capacity of funds to pay”.

“A possible solution is for the ATO, in addition to making the determination, to distribute the payments to further streamline the process to get money into the hands of those in need quickly,” he outlined. 

Mr Jenkins said the ATO “could then invoice the superannuation funds over the following few months to spread the cash flow impact on funds”.

According to the Actuaries Institute’s chief executive, Elayne Grace, it would have been a difficult financial decision for the government to balance short-term health and economic risks to the community against the long-term effect the early release of super would have on retirement incomes.

Noting that early access to super “will help ameliorate some of the short-term pressures people, their families and their communities face”, Ms Grace said there are several key issues to note.

These include “liquidity for funds, locking in losses for individual investors before investments have time to recover, and also, if superannuation balances fall to zero, there are issues around insurance.”

“We know large parts of the community have insurance through their super fund,” she commented. 

“We want people to have access to their funds, to help them through very difficult times, but it is important to know and map the consequences,” she forewarned. 

She’s not the first person to raise concerns around the early access to super, with both Industry Super Australia and the Australian Institute of Superannuation Trustees urging individuals to consider their super as a “last resort”. 

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If 1.35 million Australians demand early access to their superannuation as a result of the government’s new policy, around $25 billion could be wiped from funds. 

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Superannuation members who take advantage of the government’s new early access to super will see tens of billions of dollars of assets dumped in a declining market and funds potentially being forced to freeze withdrawals, according to a research institution.

Write comment (0 Comments) " ["fulltext"]=> string(4417) "

SuperRatings has called for a reshaping of the current proposal for early release of super to those in financial stress, which allows individuals to withdraw $10,000 before July and a further $10,000 in the next financial year, tax-free. 

The researcher is concerned the eligibility criteria is open to virtually anyone on a self-assessment basis to make a claim, with the potential for rorting the system being significant. 

Jeff Bresnahan, chairman of SuperRatings, said “there must be a better way”, noting nearly all of the scheme’s problems will arise because its eligibility criteria is too generous. 

“This shotgun approach has the potential to come back and bite the government,” the specialist research house has warned, noting the early superannuation release measure will see tens of billions leave the system.

SuperRatings also expressed fear that as a result of unnecessary claims, some funds will be forced to freeze withdrawals to protect remaining members.

“This is not new. Every financial crisis has resulted in a small number of investment funds being frozen, although this might be a first for super funds,” the researcher said in its analysis.

It has calculated, based on ASIC’s MoneySmart calculator using a growth option with an assumed investment return of 5 per cent before fees and taxes on earnings, $20,000 out of a 35-year-old’s account over the next 12 months will forego around $80,000 in future benefits. 

“The focus absolutely needs to be on those who truly do need access to cash, and fast. Quite simply, those displaced from their jobs due to this horrific COVID-19 virus. In reality, those in hardship. This shouldn’t be a self-assessment process for all Australians.

“The government has less than three weeks to tweak what is a valid and morally sound strategy to protect, as best they can, the financial stability of those who have been displaced due to COVID-19 consequences. The idea is sound – the execution not the greatest.”

SuperRatings has proposed three options to improve the early raid measure: 

1. Allow funds to take a loan out from the RBA to meet all claims, which would be secured against members’ benefits and repayable after a period such as five years. Members would supposedly then be able to recoup lost investment earnings, while the government is protected, individuals get emergency funding and the funds don’t have to sell assets into a declining market. 
2. A variation on the first option, but with the ATO handling all claims, making all payments and retaining the loan register. SuperRatings said this is a cleaner payment portal and protects the government, member and fund.
3. Protect funds against having to sell into declining markets by ensuring that payments are only made to those in genuine hardship (which SuperRatings has defined as having registered as unemployed or being stood down and remain so after four weeks). 

“By winding back the eligibility criteria, the level of claims will be lower and hence more manageable. This in turn creates more flexibility for the government on how to best work with the funds to ensure those in need receive assistance as quickly as possible,” SuperRatings stated.

“Opening the floodgates to allow virtually anyone and everyone to drag up to $20,000 out of their super fund, with the current market volatility, is not the answer. All this after bipartisan governments have spent over 27 years – and half a working lifetime – getting Australians’ retirement savings into shape.”

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Superannuation members who take advantage of the government’s new early access to super will see tens of billions of dollars of assets dumped in a declining market and funds potentially being forced to freeze withdrawals, according to a research institution.

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The Australian Taxation Office has developed a resource for anyone seeking “essential” information about the tax and superannuation changes implemented post-stimulus package.

Write comment (0 Comments) " ["fulltext"]=> string(2235) "

With the passage of legislation around tax and superannuation through Parliament early this week, the ATO’s commissioner of taxation, Chris Jordan, acknowledged that many people are heavily affected by the challenging economic conditions created by the outbreak of COVID-19. 

He said the ATO is standing by ready to help where it can.

According to the Tax Office, the coronavirus page – which can be found at ato.gov.au/coronavirus – “provides easy-to-understand and detailed information about what people need to know or do in order to get access to the tax or superannuation measures as announced by the government as part of its economic response to COVID-19”.

Some of the measures include the granting of early access to superannuation, the provision of cash flow assistance to employers, an increase to the instant asset write-off and the backing of business investment. 

Mr Jordan noted that each of the measures have different timings, eligibility and processes.

“Some will be applied automatically and others will require an application,” he continued, so he has recommended using the “one-stop shop” to understand what is possible. 

The ATO also indicated a willingness to work with individuals experiencing financial hardship and their tax agents. 

It said it will apply appropriate tax relief measures for serious and exceptional circumstances, “such as where people cannot pay for food or accommodation”. 

“If you’re impacted by COVID-19 and require immediate assistance, contact us to request support on our Emergency Support Infoline 1800 806 218. If you do not require immediate assistance, you can contact us when you’re ready, to discuss your situation,” the tax commissioner said.

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The Australian Taxation Office has developed a resource for anyone seeking “essential” information about the tax and superannuation changes implemented post-stimulus package.

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