News

Review needed into how SMSFs can get basic financial advice: SMSFA

September 5, 2019September 4, 2019

There needs to be a review of the financial advice framework so SMSF trustees can get affordable basic advice, as the limited licence regime hasn’t achieved its policy goals, argues the SMSF Association. SMSF Association CEO John Maroney said that the currently advice regulatory system means SMSF trustees who want… Read More »

Loss of choice of super fund not offset by 1 cent an hour pay rise

September 5, 2019September 4, 2019

The Fair Work Commission has ruled that a pay rise as low as one cent an hour is not enough to offset removing the choice of super fund from employees. The Fair Work Commission has knocked back an enterprise agreement between a union and Kmart due to issues with the… Read More »

Being in a ‘fat cat’ super fund could cost $200,000 in retirement savings

September 4, 2019September 3, 2019

Being in a ‘fat cat’ super fund – which, on average, charge fees more than twice that of some other funds – could cost some super fund members $200,000 in retirement savings. Releasing its 2019 Fat Cat Funds Report, Stockspot says it has found that “fees make all the difference”… Read More »

FASEA transition extension supported by professional bodies

September 3, 2019September 2, 2019

The Government’s decision to extend two FASEA transition deadlines has been welcomed by professional bodies. Jane Hume, the Assistant Minister for Superannuation, Financial Services and Financial Technology, announced an extension for the transition to the Financial Adviser Standards and Ethics Authority (FASEA). Under the extension, advisers who were registered on… Read More »

Industry fund assets closing in on SMSFs, pull away from retail funds

September 2, 2019August 30, 2019

Industry super funds continue to pull ahead of retail funds in terms of assets, and are closing in on SMSFs. Industry super fund assets grew by 13.83% during 2018/19, according to the latest APRA statistics. Retail funds were up a slight 0.51%. SMSFs grew by 1.66% and corporate funds were… Read More »

Industry Super launches new ‘the only thing to look for’ campaign

September 2, 2019August 30, 2019

Industry Super Australia has launched a new campaign, encouraging consumers to look for the “iconic” industry super fund symbol. The campaign is aimed at increasing the reliance on, and confidence in, the industry super fund symbol when choosing a super fund, according to a statement by Industry Super Australia. This… Read More »

ATO to stop accepting TBAR spreadsheets from 31 October

August 30, 2019August 29, 2019

The ATO will not be accepting Transfer Balance Account Reporting (TBAR) lodgements as spreadsheets from 31 October. The tax office announced an end to spreadsheet TBAR lodgements, calling it an “interim solution for tax agents”. “Since the functionality of Online services for agents has allowed for online TBAR lodgement since… Read More »

ATO finding “common mistakes” with Downsizer Contributions

August 30, 2019August 29, 2019

The ATO is finding some common mistakes with downsizer contributions, and warns that failing to meet the criteria means the contribution could be counted against contribution caps. The downsizer contribution started on 1 July 2018, and allows older Australians to contribute up to $300,000 from the sale of their home… Read More »

‘Dirty dozen’ of Coalition MPs trying to blow up super system: Labor

August 29, 2019August 29, 2019

A Labor shadow Minister has claimed there is a ‘dirty dozen’ of Coalition MPs with the mission of “blowing up” the superannuation system. The “plot of these conspirators was undisclosed” during the election campaign, Stephen Jones, Labor’s Shadow Assistant Treasurer and Shadow Minister for Financial Services told the Financial Services… Read More »

Minister criticises super funds for not taking action, amid policy go-slow

August 29, 2019August 28, 2019

The Minister responsible for superannuation has criticised the industry for “complacency and inertia”, while Government policies remain unenacted and serious reports languish without a response. The superannuation industry is “beset with complacency and inertia”, said Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, in an speech to… Read More »