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End of financial year best time to take stock of super: ATO

June 27, 2019June 26, 2019

The ATO is encouraging Australians to use the end of the financial year to take stock of their superannuation, and commit to growing their retirement savings. ATO Assistant Commissioner Graham Whyte said the end of the financial year is the best time to check on superannuation. “It’s so easy to… Read More »

Former Westpac adviser permanently banned by ASIC

June 27, 2019June 26, 2019

ASIC has permanently banned an adviser from providing financial services or engaging in credit activities because of dishonest conduct while he was working for Westpac. ASIC announced that it has permanently banned Subeer Luthra from providing financial services, in relation to conduct when he was an authorised representative of Westpac… Read More »

Super fund launches micro-contribution spare change tool

June 26, 2019June 25, 2019

A superannuation fund fund has launched a new tool, allowing members to make micro-contributions by rounding up their everyday spending. Industry super fund Intrust Super has launched a new tool, called SuperCents, allowing members to make small superannuation contributions by rounding up their spending. Similar spare change saving apps have… Read More »

3 year SMSF audit proposal may be back on the table

June 25, 2019June 24, 2019

Despite signs the Government’s proposal for some SMSFs to only be audited every three years had been quietly dropped it may still be on the table, with the Government still considering the outcomes of consultation on the measure. The Government is still considering a proposal for some SMSFs to only… Read More »

Last chance to keep insurance in super for people with inactive accounts

June 25, 2019June 24, 2019

This is the last week for people with inactive super fund accounts to tell their funds that they wish to continue their insurance cover, several finance groups have warned. Financial Counselling Australia, the Consumer Action Law Center, and the Australian Institute of Superannuation Trustees, have warned that on 1 July… Read More »

Government returns to pre-election superannuation policies

June 24, 2019June 21, 2019

After an election in which it had little superannuation policy, the Coalition is set to return to its pre-election policies – including default super, making insurance opt-in for some and a retirement incomes framework. The Coalition Government is set to return to many of its pre-election superannuation policies in the… Read More »

ASIC makes cost of living rule change for super and retirement calculators

June 24, 2019June 25, 2019

ASIC will soon change the rules for superannuation and retirement calculators, taking more account of cost of living – a change described by an industry member as “significant”. ASIC has released new rules which it says are aimed an ensuring superannuation and retirement calculators adjust for inflation. Under the changes,… Read More »

Super fund returns down in May 2019, on track for another positive year

June 21, 2019June 20, 2019

Super fund investments had negative returns in May 2019, but are still up for the year though down compared to the returns of recent years. Research firm Chant West has found that the median growth fund – with 61-80% invested in growth assets – was down 0.7% for the month… Read More »

Myth busted. Boosting super would cost the budget more than it saved on age pensions

June 21, 2019June 20, 2019

Written by Brendan Coates, Grattan Institute. It is often claimed that Australia’s superannuation system will ease the budgetary burden of an ageing population. It’s certainly the impression put about by those pushing for an increase in employers’ compulsory contributions from 9.5% to 12%. But new estimates suggest that for up… Read More »

Hostplus allows SMSFs to buy into assets held by large super funds

June 20, 2019June 19, 2019

Super fund Hostplus has launched a new product, called Self-Managed Invest (SMI), which allows SMSFs to invest in the asset ordinarily available within large super funds. Hostplus said the “innovate” new option was a “concerted effort to engage with SMSFs owners to both retain and grow its funds under management”.… Read More »