Luke

APRA uses new directions power, puts licence conditions, on AMP super

APRA has used its new directions power, and imposed additional licence conditions, on AMP super. APRA announced that it has issued directions and put new licence conditions on AMP Superannuation Limited and N.M Superannuation Proprietary Limited – which both make up AMP Super. The prudential regulator said it had done… Read More »APRA uses new directions power, puts licence conditions, on AMP super

ATO sent incorrect excess non-concessional contributions determinations

The ATO sent incorrect excess non-concessional contribution determinations to some clients, and is now taking steps to fix the issue. The ATO says it has identified a “system error” that led to it, inadvertently, sending “incorrect pre-dated excess non-concessional contributions determinations to clients”. In response, the ATO says it will… Read More »ATO sent incorrect excess non-concessional contributions determinations

SMSF members at risk of losing insurance on 1 July, Association warns

Some SMSF members are a risk of losing insurance cover on 1 July 2019, the SMSF Association has warned. Under legislation passed in February, members of APRA-regulated super funds with an account that has been ‘inactive’ for 16 consecutive months will lose insurance cover unless they specifically direct otherwise. While… Read More »SMSF members at risk of losing insurance on 1 July, Association warns

Permanent financial services ban after false evidence given to ASIC

Another financial adviser has been banned as part of ASIC’s Wealth Management Project, this time involving retrospectively creating advice documents, failing to act in the best interest of clients, and failing to give advice documents to clients. ASIC announced that it has permanently banned Perth-based adviser Phillip Emidio Bruni from… Read More »Permanent financial services ban after false evidence given to ASIC

Overwhelming support for 12% Super Guarantee rate by 2025

There is “overwhelming” support for increasing the Super Guarantee rate to 12% by 2025, polling commissioned by the Association of Superannuation Funds of Australia (ASFA) has found. The polling found 79.9% support (either ‘strongly support’ or ‘support’) for gradually increasing the Superannuation Guarantee rate from its current 9.5% to 12%… Read More »Overwhelming support for 12% Super Guarantee rate by 2025