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. Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, said it was still Government policy to give employers who haven’t paid Super Guarantee an amnesty. Speaking as part… 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

ATO compliance activity only helping 1% of employees underpaid super

99% of the employees being short-changed on superannuation by their employers aren’t being helped by the ATO, claims Industry Super Australia. Analysis by Industry Super Australia estimates that 2.85 million workers are being ripped off to the tune of $6 billion in superannuation a year by “unscrupulous employers”. Though the… Read More »ATO compliance activity only helping 1% of employees underpaid super

Communication about insurance from super funds needs to be better

Super funds need to work harder to inform their members about insurance inside superannuation, but there are benefits for the funds and members if they do. Research by MetLife research, contained in its Insurance Inside Super Report 2019, has found that super fund members “lack awareness” about insurance in super.… Read More »Communication about insurance from super funds needs to be better