News

Super fund members overcharged for insurance, class action alleges

In another class action stemming from the Banking Royal Commission, Shine Lawyers is taking Commonwealth Bank subsidiaries to court alleging that super fund members were overcharged for insurance. It is alleged that Colonial First State Investments Limited – a subsidiary of the Commonwealth Bank – put super fund members into… Read More »Super fund members overcharged for insurance, class action alleges

Government consults on bringing BEAR regime to super funds

The Government has started consultation on bringing the Banking Executive Accountability Regime (BEAR) regime to superannuation funds, a recommendation of the Banking Royal Commission. The BEAR was legislated in 2017, in order to impose a new accountability regime on banks. One of the recommendations of the Royal Commission into Misconduct… Read More »Government consults on bringing BEAR regime to super funds

Outstanding returns for super funds in 2019, best year since 2013

Superannuation funds had an “outstanding” financial performance in 2019, according to firm Chant West, which described it as a “standout year”. The ‘median growth fund’ – with 61-80% invested in growth assets, and in which the majority of Australians have their super invested – returned 14.7% for the 2019 calendar… Read More »Outstanding returns for super funds in 2019, best year since 2013

Research questioning raising SG rate based on “fantasy world”: ISA

Industry Super Australia has disputed the findings of ANU research on the appropriate level of the Super Guarantee rate, describing it as based on a “fantasy world with dangerous conclusions”. There is currently a debate raging about how high the Super Guarantee rate should be set. The Government has started… Read More »Research questioning raising SG rate based on “fantasy world”: ISA

Employers warned that SG salary sacrifice ‘loophole’ is now closed

The Institute of Public Accountants has warned employers that a Superannuation Guarantee salary sacrifice‘loophole’ has now been closed. Previously employers were allowed to claim the salary sacrifice superannuation contributions of their employees against their own Super Guarantee obligations – leaving the employee worse off. Last year legislation – the Treasury… Read More »Employers warned that SG salary sacrifice ‘loophole’ is now closed

ATO working on end of year SBSCH tax deduction concession

The ATO is proposing a compliance concession for employers claiming a tax deduction for super contributions made through the Small Business Superannuation Clearing House (SBSCH) late in the financial year. Under an a currently draft Practical Compliance Guideline PCG 2019/D8 the ATO has proposed new rules for when employer contributions… Read More »ATO working on end of year SBSCH tax deduction concession