News

Super fund disclosure rules delayed yet again, as backbench campaign for transparency

Changes which would have revealed more about the investments of superannuation funds to members have been yet again delayed, while government backbenchers campaign for more information and restrictions on the investments of industry super funds. Portfolio Holdings Disclosure – which would require most super funds to publicly release details of their investments – have been …

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Budget 2020/21: not much really new for superannuation

The delayed 2020/21 Federal Budget contains few truly new changes for superannuation. Stapling of super accounts to members Arguably the biggest announcement is the ‘stapling’ of super fund accounts to members. Subject to legislation, from 1 July 2021 employees won’t tell their employer about their super fund. Instead the employer will get the information from …

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Bill to expand super choice passes Parliament, with new start date

Legislation to allow more workers to choose their superannuation fund – in the future – has passed the Parliament. The Treasury Laws Amendment (Your Superannuation, Your Choice) Bill 2019 passed the Parliament on Tuesday, with amendments. Currently not all employees can choose which superannuation fund receives their employer contributions. Choice of super fund can be …

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Net superannuation contributions go negative for first time

The scheme allowing early release of superannuation due to COVID-19 has driven net superannuation contributions negative for the first time. According to APRA, quarterly net superannuation contributions – super contributions less benefits paid – have gone negative for the “first time since compulsory superannuation was introduced”. For the June 2020 quarter net super contributions were …

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Minister responsible for superannuation “ambivalent” about SG rate increases

The Minister responsible for superannuation is “ambivalent” about increases to the SG rate, while the PM has suggested such increases may need to be reconsidered due to COVID-19, and the Retirement Income Review is sitting on the Treasurer’s desk. The debate over when, or if, to increase the Superannuation Guarantee rate has reignited. Currently the …

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Government to extend COVID-19 early access to super deadline

The Government intends to give people impacted by COVID-19 an extra three months to apply to access a second tranche of their superannuation. As part of the COVID-19 response, the Government expanded the early access to superannuation rules to allow people who met certain conditions to withdraw up to $10,000 of their super in 2019/20, …

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Temporary relief from advice rules for early access to super

ASIC has announced temporary relief from some of the financial advice rules, to improve the ability of consumers to get affordable and timely advice about early access to their superannuation. The Government expanded the early access to superannuation financial hardship rules as part of the COVID-19 response. This means more people will be able to …

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Super pension drawdown rates cut, early super release expanded, in response to COVID-19

In response to COVID-19, the Government has announced changes including reducing super pension drawdown rates, expanding early release of superannuation, and cutting age pension deeming rates. Some of these changes require legislation, which Parliament is sitting to consider today. Update: The Coronavirus Economic Response Package Omnibus Bill 2020 has passed the Parliament, with amendments but …

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Super funds down 10.5% so far in March, seeing benefits of diversification

Super fund investments have fallen less than some have feared, but are still down 10.5% for March so far. Chant West estimates that the ‘median growth fund’ – with 61-80% invested in growth assets – is down 10.5% so far in March (figure released Tuesday 17 March). “However, with markets whipsawing from session to session …

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