Putting Members’ Interests First opt-in insurance changes pass Parliament

The Government’s opt-in changes to insurance in superannuation, in the Treasury Laws Amendment (Putting Members’ Interests First) Bill 2019, have passed the Parliament. The soon-to-be Act will make insurance in superannuation opt-in for many young people and for low balance super accounts. Under the changes super funds will be prevented… Read More »Putting Members’ Interests First opt-in insurance changes pass Parliament

No evidence increases in Super Guarantee comes out of wages

There is “no clear empirical evidence” that increasing the Super Guarantee rate directly lowers wages, according to research by the McKell Institute. As the Institute notes, there is currently a “live debate” over increasing the Super Guarantee rate. The SG rate is currently legislated to gradually increase from its current… Read More »No evidence increases in Super Guarantee comes out of wages

Legislation for employer Super Guarantee amnesty expected “imminently”

New legislation giving employers who haven’t paid Super Guarantee an amnesty can be expected “imminently”, says the Minister responsible. Update: The Government has introduced legislation for the Super Guarantee amnesty – Treasury Laws Amendment (Recovering Unpaid Superannuation) Bill 2019. Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial… Read More »Legislation for employer Super Guarantee amnesty expected “imminently”

How diversified are SMSFs? 30% have 90%+ invested in one asset class

With the ATO contacting SMSFs about their investment strategies there is increased interest in diversification, or lack of diversification, in SMSFs. But how diversified are SMSFs? The ATO recently wrote to around 17,700 SMSFs with asset concentrations of 90% of higher, warning about the investment strategy requirements around diversification. These… Read More »How diversified are SMSFs? 30% have 90%+ invested in one asset class