News

Increasing SMSF member cap from 4 to 6 remains Government policy

The Government remains committed to increasing the SMSF member cap from 4 to 6, despite it being almost two years since the change was announced. Jane Hume, the Assistant Minister for Superannuation, Financial Services and Financial Technology, used a speech to the SMSF Association Annual Conference to say that increasing… Read More »Increasing SMSF member cap from 4 to 6 remains Government policy

Super Guarantee under attack from “unholy coalition”: Albanese

The currently legislated increase to the Super Guarantee rate is under attack from an “unholy coalition”, says Labor Leader Anthony Albanese. Albanese used his latest ‘vision statement’ speech to criticised groups opposed to increases in the Super Guarantee rate. “At the moment we are witnessing an unholy coalition attacking the… Read More »Super Guarantee under attack from “unholy coalition”: Albanese

ASIC finds “common problems” with PYSP super fund communications

An ASIC review of communication sent by super funds to members about the Protecting Your Super reforms has found some “common problems”. The ‘Protecting Your Super Package’ (PYSP) reforms were aimed at protecting small superannuation accounts from erosion due to fees and insurance, and reducing the number of unintended small… Read More »ASIC finds “common problems” with PYSP super fund communications

Regulators welcome larger role for ASIC in super sector

ASIC and APRA have both welcomed proposed changes which would increase ASIC’s role in regulating the superannuation sector. One of the recommendation of the Financial Services (Banking) Royal Commission was for ASIC and APRA to be co-regulators of superannuation. This would involve ASIC becoming the ‘conduct regulator’, while APRA remains… Read More »Regulators welcome larger role for ASIC in super sector

RBA forecasts have 80% of Super Guarantee increases coming out of wages growth

The RBA, when preparing its forecasts, is working on the basis that 80% of the cost of increased Super Guarantee for private sector workers is passed on as slower wages growth. Appearing before a House of Representatives Committee, Dr Luci Ellis, Assistant Governor (Economic) with the RBA, said the forecasts… Read More »RBA forecasts have 80% of Super Guarantee increases coming out of wages growth