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
Super fund AustralianSuper has introduced a new levy to offset the cost the Government’s Protecting Your Super cap on the fees charged to small super accounts, in a move criticised by members of the Government. The Protecting Your Super package of changes included a cap of 3% on the fees… Read More »AustralianSuper adds new Protecting Your Super levy
In the latest class action stemming from the Financial System Royal Commission, NAB is being taken to court over how it transitioned members to MySuper products. Law firm Maurice Blackburn Lawyers has filed a class action against two NAB companies over how super fund members were transitioned to MySuper products,… Read More »MySuper transition class action launched against NAB companies
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
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
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
Labor won’t be taking the exact same franking credits policy to the next election, but may not be dropping it altogether. Labor Leader Anthony Albanese said that Labor wouldn’t be taking the same policy on franking credits to the next election, in an interview on Sky News. Well ahead of… Read More »Labor won’t take same franking credit policy to next election: Albanese
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
The SMSF Association expects the workshops being held as part of its 2020 National Conference to fill up quickly. The two-and-a-half day 2020 SMSF Association National Conference is being held on the Gold Coast from 19-21 February. The Association said the workshops had proved “very popular” with conference delegates in… Read More »SMSFA conference workshops expected to fill up quickly
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