Salary Sacrifice change not enough to stop superannuation “robbery”

Stopping employers ripping off workers by using Salary Sacrifice contributions to satisfy their Super Guarantee obligations is a welcome change, but doesn’t go far enough, says Industry Super Australia. A Senate Committee is currently inquiring into a Bill which would, in part, stop employers counting the Salary Sacrifice contributions of… Read More »Salary Sacrifice change not enough to stop superannuation “robbery”

No timetable for key Banking Royal Commission superannuation recommendation

The Government has no timetable for implementing a key superannuation recommendation of the Financial Services Royal Commission, despite agreeing with it and setting out a roadmap for other recommendations. The Government has released an ‘Implementation Roadmap’ for the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and… Read More »No timetable for key Banking Royal Commission superannuation recommendation

Growth super funds in the red so far this financial year, conservative funds still positive

The median growth super fund investment option is in the red for the financial year to date, according to Chant West, while the conservative option is estimated to still be in the black. Super funds have had a “mixed start” to investment returns in 2019/20, said research firm Chant West,… Read More »Growth super funds in the red so far this financial year, conservative funds still positive

Grattan on Friday: How ‘guaranteed’ is a rise in the superannuation guarantee?

Written by Michelle Grattan, University of Canberra. Soon after the election Treasurer Frydenberg flagged there would be an inquiry into retirement incomes. Since then, no details have emerged. But there is gossip around Canberra there might be some action in the next couple of weeks on a review that would… Read More »Grattan on Friday: How ‘guaranteed’ is a rise in the superannuation guarantee?

SMSF Association Head of Policy resigns to take up Treasury position

The SMSF Association’s Head of Policy, Jordan George, has resigned to take up a position in the Federal Treasury. The SMSF Association (SMSFA) announced that Gorge, who had been with the organisation for over seven years, had resigned, effective 23 August. George had “made a valuable contribution to the Association… Read More »SMSF Association Head of Policy resigns to take up Treasury position

SMSF reciprocal auditing arrangements an “area of concern” for ATO

The ATO has again warned SMSF auditors about the threats to independence from, and potential consequences of, reciprocal auditing arrangements. The ATO says that reciprocal auditing arrangements – where two SMSF auditors agree to audit each other’s funds – are an “area of concern” and a “threat to independence”. “The… Read More »SMSF reciprocal auditing arrangements an “area of concern” for ATO

Minister told 400,000 employees missing out on super due to $450 rule

The Coalition didn’t adopt the recommendation of two Senate inquiries to abolish the $450 monthly threshold for employees to receive Super Guarantee contributions, despite being briefed that it was affecting 400,000 employees and that it would have minimal impact on wages or employment. Currently employers don’t have to pay Super… Read More »Minister told 400,000 employees missing out on super due to $450 rule