Closing Salary Sacrifice ‘loophole’ Bill passes Parliament

The Bill to close the ‘loophole’ allowing employers to use employee Salary Sacrifice contributions to offset their Super Guarantee obligations has passed the Parliament. The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No. 1) Bill 2019 has passed the Parliament, after the Government agreed to amendments made in… Read More »Closing Salary Sacrifice ‘loophole’ Bill passes Parliament

If you might have multiple super accounts, check them before 31 October

People who might have multiple super accounts are being urged to check their superannuation, before recent changes come into effect at the end of October. Industry Super Australia is urging people who may have multiple super accounts to check their super before the Government’s Protecting Your Super changes start on… Read More »If you might have multiple super accounts, check them before 31 October

“Junk” TPD insurance an industry-wide problem: ASIC

Some TPD insurance held though superannuation is “junk insurance”, says ASIC, with consumers paying full premiums but with pay outs tied to “very restrictive” definitions. A review by ASIC has found “significant industry-wide problems” with Total and Permanent Disability (TPD) insurance, including policies offered through super funds. ASIC says these… Read More »“Junk” TPD insurance an industry-wide problem: ASIC

Class action filed against Colonial First State over MySuper transition

In yet another class action stemming from the Financial Services Royal Commission, Maurice Blackburn Lawyers have filed a class action against Colonial First State over its transitioning of members to MySuper products. It is alleged that super fund trustee duties were breached, causing “substantial losses to over 100,000 members over… Read More »Class action filed against Colonial First State over MySuper transition

Grattan Institute superannuation figure $50,000 off the mark, claims ISA

Industry Super Australia claims the Grattan Institute has produced “flawed” modelling to support a call for the Super Guarantee rate to stay at 9.5%. The Grattan Institute’s modelling indicates that increasing the Super Guarantee rate to 12% will cost workers $30,000 over their lifetime. But Industry Super Australia says this… Read More »Grattan Institute superannuation figure $50,000 off the mark, claims ISA

Super funds to feel the heat from APRA’s performance heatmaps

Large superannuation funds will ‘feel the heat’ when APRA releases its heatmaps on super fund performance. These heatmaps, which APRA is in the process of finalising, will cover four area – investments, fees and costs, sustainability and, later, insurance. Initially the heatmaps will only be for MySuper products. APRA Deputy… Read More »Super funds to feel the heat from APRA’s performance heatmaps