Aviva Australia today announced that pensioners invested with Navigator received a tax refund of A$800 each on average last financial year.
Aviva Australia today announced that pensioners invested with Navigator received a tax refund of A$800 each on average last financial year.
The refunds to customers in the Navigator Personal Retirement Plan relate to earnings in the financial year to 30 June 2007.
Andrew Barker, general manager - wealth management products said that pensioners who invest smartly can really maximize their tax breaks.
"Last financial year was a year of good returns which means that this year the tax refunds have been flowing through to pensions.
"We all know that pensions are now tax free but it gets even better than that. Last year our pensioners averaged A$800 tax back each. That's real money they can spend or reinvest."
If a pensioner invests their superannuation money tax effectively, platforms like Navigator will provide them with direct credit for the franking on the shares they hold.
Aviva's Navigator platform has a wide range of tax efficient features which are also available to investment and superannuation clients. Last financial year, superannuation clients paid an average tax rate of just 8.2% on earnings, instead of the headline rate of 15%.
"We know that some pensioners can struggle and it feels good to know that those who invest efficiently can receive a large pension boost. Zero percent tax is not as good as it gets - pensioners actually get money back.
"During volatile times it is the net of tax returns that count. We can't control the share market but we can keep a lid on the tax we pay," said Mr Barker.
The Navigator platform offers clients a wide range of managed funds, and listed securities along with a newly refreshed integrated margin lending (investment only). Navigator is a top rated platform and was named finalist in the Asset Innovation Awards 2008 for both the Most Improved Platform and for the Best Platform for Administering Self-Managed Superannuation Funds.
-ends-
Contact:
Tim Cobb
General Manager Marketing and Public Relations
Phone: (03) 9829 8509
Mobile: 0418 529 387
Notes to editors:
About Aviva
We are the Australian face of the global Aviva group - a world leader in financial services.
Aviva is the world's fifth-largest insurance group and the largest insurance services provider in the United Kingdom. We are the leading provider of life and pension products in Europe and are actively growing our long-term savings businesses in Asian markets, the USA and Australia.
We have premium income and investment sales of A$103.35 billion and A$764.66 billion of assets under management. Our 59,000 employees serve over 40 million customers.
Aviva has over 150 years of continuous operation in Australia, where our main activities are life insurance, investments and superannuation.
Aviva's consistent record of innovation in the financial planning market dates back to the early 1990s when its Navigator technology and platform first allowed a range of investments to be consolidated into one portfolio. Today, Aviva continues to lead the industry with award-winning wealth creation and wealth protection products.
Together with Portfolio Partners, a funds management company which is also part of the Aviva group, we manage or administer more than A$27 billion in funds for more than 300,000 customers.
*Figures quoted are at 31 December 2007 and in Australian dollars.
Disclaimer
This news release has been provided on the basis that it is only for the information and exclusive use of the particular person to whom it is provided by Aviva (Aviva Australia Holdings Limited ABN 38 095 045 784 and its related companies). While Aviva believes the information in this news release is accurate which in some cases has been provided to us by third parties, Aviva is not making any representation as to the accuracy, reliability or completeness of the information in the news release. Neither Aviva, nor its directors, officers or employees will have any liability to you or any persons resulting from your use of the information in this news release.
The information in this news release is of a general nature and has been prepared without taking into account any person's particular investment objectives, financial situation or particular needs. Applications to invest in a financial product issued by any company within the Aviva group must be made by completing the application form attached to or accompanying the applicable Product Disclosure Statement which is available from Aviva or your financial adviser. Aviva does not receive any remuneration in relation to the provision of the information available from this news release which is of a general nature only.