Footnotes
[1] Budget measures 2004-05, Budget Paper No. 2,
p.37.
[2] The description of the various strategies is based
on a Parliamentary Library, Client Memorandum, Background into changes made in 2004 Budget preventing SMSFs from
providing complying pensions, Graeme Selleck, 19 July 2004.
[3] An
excessive component or amount if taken as a lump sum benefit is taxed at 47 per
cent plus the medicare levy. If taken as a pension benefit the amount of the
pension that is represented by the excessive amount does not attract the
pension rebate.
[4] Explanatory Statement, Superannuation Industry
(Supervision) Amendment Regulations 2004 (No. 2) 2004 No. 84, p. 2, at: http://scaleplus.law.gov.au/html/ess/0/2004/N/20040512084.htm,
viewed on 22 June 2004.
[5] The aged based deductible contribution limits sets
a limit on the tax deduction an employer can claim for contributions they make
on behalf of an employee based on the employee’s age.
[6] Explanatory Statement, Superannuation Industry
(Supervision) Amendment Regulations 2004 (No. 2) 2004 No. 84, p.2.
[7] Division 14 of Part 3 of the Income Tax Assessment Act 1936 includes the formula and provisions
for determining the value of a pension for RBL purposes.
[8] Transcript
of Evidence (proof copy), 26 July 2004, Thomas, p.51.
[9] SMSFs are also referred to in the Report as DIY
funds (do-it-yourself funds).
[10] The
terms of reference for the review were released on 5 August 2004, and can be
found at: http://assistant.treasurer.gov.au/mtb/content/pressreleases/2004/001.asp.
[11] Submission 4, CPA Australia, p.1; Submission 6,
PricewaterhouseCoopers, p.1; Submission 9, Investment and Financial Services
Association Ltd (IFSA), p.2; and
Submission 10, Small Independent Superannuation Funds Association Ltd (SISFA),
p.1.
[12] For example:
Transcript of Evidence (proof copy),
26 July 2004, Watson, p.44; and Submission
8, Institute of Actuaries of Australia, p.3.
[13] Submission 8, Institute of Actuaries of
Australia, p.3.
[14] Transcript
of Evidence (proof copy), 26 July 2004, Worthington, p.28.
[15] Transcript
of Evidence (proof copy), 26 July 2004, Watson, p.44; and Submission 2, Actuarial Solutions Pty Ltd, p.1.
[16] Transcript
of Evidence (proof copy), 26 July 2004, Watson, p.44.
[17] Submission 2, Actuarial Solutions Pty Ltd, p.13; and Transcript
of Evidence (proof copy), 26 July 2004, Worthington, p.30.
[18] Transcript
of Evidence (proof copy), 26 July 2004, Thomas, p.51.
[19] Andrew Fairley, Partner, IFS Fairley, Melbourne, Superannuation as a Member Wealth Creation
Device: Part I - Accumulation Phase, Superannuation 2002 A National
Conference for Lawyers, Session Five, p.7.8.
[20] Andrew Fairley, Partner, IFS Fairley, Melbourne, Superannuation as a Member Wealth Creation
Device: Part I - Accumulation Phase, Superannuation 2002 A National
Conference for Lawyers, Session Five, p.7.15.
[21] Gary Riordan, Partner, Holding Redlich Lawyers, Self-Managed Superannuation Funds Strategies
to Prosper: An Update, FPA Convention, Melbourne, 1 May 2004, p.14.
[22] Transcript
of Evidence (proof copy), 26 July 2004, Thomas, p.52.
[23] Transcript
of Evidence (proof copy), 26 July 2004, Thomas, p.52.
[24] Department of the Treasury, paper presented to
the Committee illustrating the characteristics of different pension products.
[25] Australian Government Actuary, paper presented to
the Committee, Small Superannuation Funds
- Actuarial issues: Consequences for Taxation and Social Security Arrangements.
[26] Transcript
of Evidence (proof copy), 26 July 2004, McDougall, p.3.
[27] Transcript
of Evidence (proof copy), 9 August 2004, Coles, p.12.
[28] Submission 9, Investment and Financial Services
Association Ltd (IFSA), pp.1 and 2.
[29] Submission 1, Institute of Chartered Accountants
in Australia, p.1; and Submission 8,
Institute of Actuaries of Australia, Attachment, Letter to the Minister for
Revenue & Assistance Treasurer, pp.1, 7 and 11.
[30] Transcript
of Evidence (proof copy), 26 July 2004, Davison, p.37.
[31] Submission 8, Institute of Actuaries of
Australia, p.3.
[32] Submission 8, Institute of Actuaries of
Australia, p.4.
[33] ASFA dictionary of superannuation online, at: http://www.asfa.asn.au/dictionary/dict_main.htm.
[34] Transcript of
Evidence (proof copy), 26 July 2004, Ward, p.11.
[35] Submission 1, Institute of Chartered Accountants
in Australia, p.4.
[36] Transcript
of Evidence (proof copy), 26 July 2004, Ward, p.10.
[37] Transcript
of Evidence (proof copy), 26 July 2004, Ward, p.11.
[38] Submission 9, Investment and Financial Services
Association Ltd (IFSA), p.2.
[39] Transcript
of Evidence (proof copy), 9 August 2004, Coles, p.12.
[40] Submission 8, Institute of Actuaries of
Australia, p.7.
[41] Transcript
of Evidence (proof copy), 26 July 2004, Kelleher, p.38.
[42] Transcript
of Evidence (proof copy), 26 July 2004, Lejins, Hanscombe, p.60; and Lejins, p.65.
[43] Transcript
of Evidence (proof copy), 9 August 2004, Hanscombe, p.11.
[44] Transcript
of Evidence (proof copy), 26 July 2004, Stanhope, p.24.
[45] Transcript
of Evidence (proof copy), 26 July 2004, Bloore, p.42.
[46] Transcript
of Evidence (proof copy), 26 July 2004, Watson, p.44.
[47] Submission 6, PricewaterhouseCoopers, p.1.
[48] Transcript
of Evidence (proof copy), 26 July 2004, Stanhope, p.18.
[49] Transcript
of Evidence (proof copy), 26 July 2004, Worthington, p.27.
[50] Transcript
of Evidence (proof copy), 26 July 2004, McDougall, p.2.
[51] Submission 7, Smartsuper Pty Ltd.
[52] Transcript
of Evidence (proof copy), 26 July 2004, Lorimer, p.5; Ward, p.14; Kelleher,
p.36; and Watson, p.47.
[53] Transcript
of Evidence (proof copy), 26 July 2004, Heffron, p.35.
[54] Transcript
of Evidence (proof copy), 26 July 2004, McDougall, p.6.
[55] Transcript
of Evidence (proof copy), 26 July 2004, Worthington, p.29.
[56] Transcript
of Evidence (proof copy), 26 July 2004, Kelleher, p.36.
[57] Transcript
of Evidence (proof copy), 26 July 2004, Stanhope, p.19.
[58] Transcript
of Evidence (proof copy), 26 July 2004, Stanhope, pp.18-19.
[59] Submission 9, Investment and Financial Services
Association Ltd (IFSA), p.3.
[60] Submission 3, Association of Superannuation funds
of Australia Limited (ASFA).
[61] Transcript
of Evidence (proof copy), 9 August 2004, Coles, p.5.
[62] Submission 9, Investment and Financial Services
Association Ltd (IFSA), p.4.
[63] Submission 9, Investment and Financial Services
Association Ltd (IFSA), p.2.
[64] See for
example: Submission 8, Institute of Actuaries of Australia, p.5; and Submission 10, Small Independent
Superannuation Funds Association Ltd (SISFA), p.3.
[65] Transcript
of Evidence (proof copy), 26 July 2004, Lorimer, p.4.
[66] For example, Transcript
of Evidence (proof copy), 26 July 2004, Ward, p.11.
[67] Transcript
of Evidence (proof copy), 26 July 2004, Lorimer, p.4.
[68] Transcript
of Evidence (proof copy), 26 July 2004, Ward, p.10.
[69] Transcript
of Evidence (proof copy), 26 July 2004, Lorimer, p.6.
[70] Transcript
of Evidence (proof copy), 26 July 2004, Ward, p.16.
[71] Department of the Treasury, paper presented to
the Committee illustrating the characteristics of different pension products.
[72] Transcript
of Evidence (proof copy), 9 August 2004, Coles, p.26.
[73] Transcript
of Evidence (proof copy), 9 August 2004, Thomas, p.26.
[74] Transcript
of Evidence (proof copy), 9 August 2004, Lejins, p.26.
[75] Transcript
of Evidence (proof copy), 9 August 2004, Martin, p.25.
[76] Explanatory Statement, Superannuation Industry
(Supervision) Amendment Regulations 2004 (No. 8) 2004 No. 155, p.1.
[77] Transcript
of Evidence (proof copy), 26 July 2004, Lorimer, p.8.
[78] Transcript
of Evidence (proof copy), 26 July 2004, Lorimer, p.8.
[79] Transcript
of Evidence (proof copy), 26 July 2004, Watson, p.47.
[80] Transcript
of Evidence (proof copy), 26 July 2004, Heffron, p.37.
[81] Transcript
of Evidence (proof copy), 9 August 2004, Thomas, p.4.
[82] Transcript
of Evidence (proof copy), 9 August 2004, Coles, p.9.
[83] Transcript
of Evidence (proof copy), 9 August 2004, Nicholson and Hanscombe, p.9.
[84] Submission 8, Institute of Actuaries of
Australia, p.5.
[85] Submission 8, Institute of Actuaries of
Australia, p.5.
[86] Transcript
of Evidence (proof copy), 26 July 2004, Ward, pp.10-11.
[87] Transcript
of Evidence (proof copy), 26 July 2004, Ward, p.11.
[88] Transcript
of Evidence (proof copy), 26 July 2004, Stanhope, p.19.
[89] Transcript
of Evidence (proof copy), 26 July 2004, McDougall, p.9.
[90] Transcript
of Evidence (proof copy), 9 August 2004, Lejins, p.25.
[91] Submission 6, PricewaterhouseCoopers, p.3.
[92] Transcript
of Evidence (proof copy), 26 July 2004, Davison, p.34; Submission 6,
PricewaterhouseCoopers, p.3; and Submission
8, Institute of Actuaries of Australia, p.4;
[93] Submission 2, Actuarial Solutions, pp.9-12,
Submission 6, PricewaterhouseCoopers, p.2, Submission 7, Smartsuper Pty Ltd,
Submission 8, Institute of Actuaries of Australia, p.4; Submission 10, Small Independent
Superannuation Funds Association Ltd (SISFA), p.2; and Transcript of Evidence
(proof copy), 26 July 2004, Worthington pp.27-28; Davison, p.34; and Watson, p.45.
[94] Submission 10, Small Independent Superannuation
Funds Association Ltd (SISFA), p.4.
[95] Submission 6, PricewaterhouseCoopers, p.2. See also Submission 7, Smartsuper Pty
Ltd, and Submission 10, Small
Independent Superannuation Funds Association Ltd (SISFA), p.2.
[96] Submission 4, CPA Australia, p.2.
[97] Transcript
of Evidence (proof copy), 26 July 2004, Worthington, pp.27-28.
[98] Transcript
of Evidence (proof copy), 26 July 2004, Worthington, p.28; and also Submission 10, Small
Independent Superannuation Funds Association Ltd (SISFA), p.2.
[99] Transcript
of Evidence (proof copy), 26 July 2004, Worthington, p.28.
[100] Submission 6, PricewaterhouseCoopers, p.3.
[101] Submission 2, Actuarial Solutions Pty Ltd, p.5. See also Transcript of Evidence (proof copy), 26 July 2004, Bloore,
p.43.
[102] Transcript
of Evidence (proof copy), 26 July 2004, McDougall, p.3; Worthington, p.32.
[103] Transcript
of Evidence (proof copy), 26 July 2004, Stanhope, p.25.
[104] Submission 1, The Institute of Chartered
Accountants in Australia, p.1.
[105] Transcript
of Evidence (proof copy), 26 July 2004, Worthington, p.28.
[106] Transcript
of Evidence (proof copy), 26 July 2004, Coles, p.57.
[107] Transcript
of Evidence (proof copy), 26 July 2004, Thomas, p.54.
[108] Transcript
of Evidence (proof copy), 9 August 2004, Coles, p.21.
[109] Transcript
of Evidence, 9 August 2004, Coles, p.29.