SolePurposeTest | Superannuation & SMSF news

New ASIC SMSF factsheet “lacks balance”: SMSFA

October 15, 2019October 14, 2019

ASIC has announced that it will be piloting sending a factsheet to new SMSF trustees in November. The factsheet – called Self-Managed Super Funds: Are they for you? – has proved controversial in the SMSF sector, with the SMSF Association now questioning if it is balanced. The SMSF Association says… Read More »

Push to include women’s outcomes in Review of Retirement Income System

October 15, 2019October 14, 2019

A group of high-powered women and men are pushing to ensure that women are not left out of the Review of the Retirement Income System. Coordinated by Women in Super, a long list of prominent people – including CEOs of superannuation funds and academics – have signed an open letter… Read More »

ASIC concerned consumers unaware of downsides of SMSFs

October 14, 2019October 11, 2019

ASIC is concerned that consumers looking to start an SMSF are very aware of the advantages but not the downsides, and plans to send information to new trustees. ASIC warned people considering starting an SMSF to be aware of the potential downsides, and that for many Australians an SMSF is… Read More »

AMP superannuation ‘wins’ 2019 Shonky award from CHOICE

October 11, 2019October 10, 2019

AMP superannuation has ‘won’ one of CHOICE’s 2019 Shonky awards, in part due to having over a million “zombie accounts”. CHOICE said that “cracks” have appeared in the foundations of what was once a shining star of Australia’s financial services sector, pointing to some of the behaviour uncovered by the… Read More »

Effectiveness of Super Guarantee non-payment amnesty questioned

October 10, 2019October 9, 2019

The effectiveness of a proposed amnesty for employers who haven’t paid Super Guarantee has been questioned by the superannuation industry. The Government recently introduced a Bill to Parliament in a second attempt to implement an amnesty for employers who have not paid the Super Guarantee owing for their employees. The… Read More »

All an SMSF’s income could be NALI under new expense rules: ATO

October 9, 2019October 8, 2019

New Non-Arm’s Length Income (NALI) rules applying to expenses could mean an SMSF pays the top rate of tax on its income, according to a new ATO draft ruling. In September the Treasury Laws Amendment (2018 Superannuation Measures No. 1) Act 2019 passed the Parliament. One of the measures in… Read More »

Lower income earner view should be on Retirement Income Review panel

October 8, 2019October 4, 2019

The Australian Council of Social Service (ACOSS) is calling for an expansion of the Review of the Retirement Income System panel to include someone with expertise about the needs of people on lower incomes. “While ACOSS welcomes the review, the panel does not include expertise from community organisations representing and… Read More »

Labor doesn’t think much will come of Retirement Income Review

October 8, 2019October 4, 2019

Labor doesn’t expect much to come of the Review of the Retirement Income System, arguing it is compromised by internal Coalition politics and an appointment to the review panel. Labor backbencher Ed Husic told Sky News: “I don’t think a Josh Frydenberg initiated review is going to come to much,… Read More »

5 questions about superannuation the government’s new inquiry will need to ask

October 7, 2019October 3, 2019

Written by Peter Martin, Crawford School of Public Policy, Australian National University. The government’s new retirement incomes review will need to work quickly. On Friday Treasurer Josh Frydenberg said he expected a final report by June, just seven months after the issues paper he wants it to deliver by November.… Read More »

Professor Ralston resigns as Chair of SMSF Association

October 4, 2019October 4, 2019

Professor Deborah Ralston has resigned as Chair of the SMSF Association, and stepped down as a Director, following her appointment to the Review of the Retirement Income System panel. Professor Ralston was appointed Chair of the Association in February last year. Robin Bowerman – Head of Corporate Affairs with Vanguard… Read More »