News

Draft legislation to make super more flexible for older people released

The Government has released draft legislation which it says will make superannuation more flexible for older Australians, by changing the work test, bring-forward rule, and spouse contributions. Under the proposed changes, released for consultation, people aged 65 and 66 won’t need to meet the ‘work test’ to make voluntary super contributions. Also, the non-concessional contribution …

Draft legislation to make super more flexible for older people released Read More »

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 the SMSF member cap remains …

Increasing SMSF member cap from 4 to 6 remains Government policy Read More »

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 increase in the Superannuation Guarantee. …

Super Guarantee under attack from “unholy coalition”: Albanese Read More »

Impressive start for super fund returns in 2020, up 1.9% in January

Investment returns for superannuation funds are off to an “impressive start” in 2020, returning 1.9% for the month of January, says Chant West. Following from a “stellar” 2019 – which saw the median growth fund returning 14.7% – super funds have recorded a strong start to the 2020 calendar year. According to Chant West, the …

Impressive start for super fund returns in 2020, up 1.9% in January Read More »

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 accounts. This was done by …

ASIC finds “common problems” with PYSP super fund communications Read More »

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 the prudential and member-outcomes regulator. …

Regulators welcome larger role for ASIC in super sector Read More »

Transfer Balance Cap expected to be indexed to $1.7 million in 2021

The ATO anticipates that the general Transfer Balance Cap will be indexed in 2021, after it was not indexed for 2020. The eventual indexation of the Transfer Balance Cap to $1.7 million will make the system more complicated. Like many superannuation caps and thresholds, the Transfer Balance Cap is subject to indexation. Starting at $1.6 …

Transfer Balance Cap expected to be indexed to $1.7 million in 2021 Read More »