spacer
spacer
spacer
spacer



CPA LOGO
spacer
Latest News
Hot Issues
Small businesses may ‘collapse under strain of payday super’, IPA warns
ATO’s hands tied with scrapping on-hold debts, expert says
What Drives Your Business Growth and Profits?
Australian Taxation Office (ATO) shifting to firmer debt collection activity
Why employee v contractor comes down to fine print
Sharing economy reporting regime for platform operators
Countries producing the most solar power by gigawatt hours
Illegal access nets $637 million
Accessing superannuation benefits.
Does your business have a company Power of Attorney?
Labor tweaks stage 3 tax cuts to make room for ‘middle Australia’
GrantConnect
2 in 3 SMEs benefit from instant asset write-off, survey reveals
Updated guidance on R&D claims
Do you know how to recover debts?
Wheat Production by Country
Types of small business benchmarks
What is a Commercial Lease?
ATO warns advisers against suspect R&D tax claims
The year of workplace law upheaval
How to Resolve Invoice Payment Disputes
Raft of revenue tweaks in MYEFO to raise millions
The Countries that Export the Most Wine in the World
Articles archive
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 2 of 2017
Articles
‘Bank-like heists’ make way for new wave of cyber crime
ATO reports on key contraventions for 2016-17
ATO, mid-tiers warn on common expenses myths
SMSF trustees told to take action on contributions
Higher instant asset write-off threshold for small business extended
Australian population figures
New data points to spiralling retirement costs
Personal insolvency numbers spike across Australia
ATO cracking down on taxable fringe benefits
Intangible capital improvements made to a pre-CGT asset
The three core pillars of this year's budget
Federal Budget - 2017-18 - Overview
Does your business import or export goods and services?
Federal Budget - 2017-18 - Budget documents
When does an asset cost less than $20,000? Depreciating assets: composite items
ATO finalises guidance for capped defined income streams
Warning on trap with trust deed updates
2011 Census - what was the make up of your area?
It’s no secret that Australians have some of the largest houses in the world.
Resources on our site to help you and your family.
ATO defends approach to SG compliance
Essential steps for SMSF clients before 30 June
New tax incentives for early stage investors
FBT Reminder – Odometer Reading
ATO on 'aggressive' debt recovery hunt
More ATO downtime looms ahead of tax time
Tax debt release applications refused
Troublesome tax system overhaul picks up speed
Government to ‘put to bed’ uncertainties with TRIS
Travel expense and transport of bulky tools claim denied
New law sheds light on global tax issues
Report tips housing price spikes to wipe out super savings
New data points to spiralling retirement costs

Recent figures by the Association of Superannuation Funds of Australia reveal that the costs of a modest retirement for both singles and couples have risen by around a third in the past decade.



       


 


In the 10 years and nine months between June 2006 and March 2017, the ASFA standard for a modest retirement increased 33 per cent for a single person and 36 per cent for a couple.


The cost of a comfortable retirement rose by 23 per cent for a single person and 26 per cent for a couple.


The current rate of annual income required for a modest retirement living at March 2017 is $24,250 for singles and $34,855 for couples.


The rate of income required for a comfortable retirement is $43,665 for singles and $59,971 for couples.


During this period, there was an overall increase of 28.6 per cent in the consumer price index, ASFA chief executive Martin Fahy said.


Over this time, electricity costs jumped by 124 per cent, health costs rose by 60 per cent, property rates and charges went up by 83 per cent, and food costs rose by 24 per cent.


Price changes for less essential items tended to be lower and, in some cases, fell, Mr Fahy said.


The price of clothing fell by 3 per cent over the period, while the cost of communications including telephone and mobile phone charges fell by 8 per cent.


“The cost of international holidays rose by a relatively modest 16 per cent over the period,” Mr Fahy said.


While the age pension increased in real times by 70 per cent for a single person and 54 per cent for a couple, this was from an incredibly low base, he said.


“The age pension is adjusted by what is the greater of the increase in average wages or the CPI. During the period, average earnings rose by 43 per cent,” Mr Fahy said.


He said ASFA is increasingly concerned about the reality of many more retirees “at the mercy of the private rental market”.


“When you consider the increase in renting costs, it highlights the need for increasing numbers of retirees to have much greater super balances to support a reasonable retirement.”



STAFF REPORTER
Tuesday, 30 May 2017
www.smsfadviser.com




19th-June-2017
spacer
Privacy Policy | Disclaimer