Stopping increases in the Super Guarantee rate is not the solution to low wages growth, and much of the arguments against increases are based on assertions, new economic research has found. Dr Jim Stanford, Director and economist with the Centre for Future Work at the Australia Institute, says that record-low… Read More »Stopping SG rate increases not a fix for low wages growth
The amount of lost and unclaimed superannuation has reached a new high, following law changes which expand the types of super accounts which need to be transferred to the ATO. The total amount of lost and unclaimed superannuation reached a new high of $20.8 billion as at 30 June 2019,… Read More »$20.8 billion in lost and unclaimed superannuation a new record
APRA will release its ‘heatmaps’ of MySuper super fund products in mid-December, and has released details of how they will look. APRA Deputy Chair Helen Rowell used a speech to the ASFA 2019 conference for unveil the APRA heatmaps for MySuper products, which will be a “key tool” as APRA… Read More »APRA MySuper heatmaps to be released mid-December
A senior member of the superannuation industry has warned that the retirement income system risks being undermined. Association of Superannuation Funds of Australia (ASFA) CEO Dr Martin Fahy told the ASFA conference that “superannuation is currently in the grip of a contagious false narrative which risks undermining the retirement outcomes… Read More »False narratives risk undermining the superannuation system
Labor has set up a Senate inquiry into wage and superannuation theft, including its cost to the national economy and the most effective way of recovering these entitlements. Labor Senators have been successful in referring wage and superannuation theft to a Senate Committee for inquiry. The Senate Economics References Committee… Read More »Labor sets up Senate inquiry into wage & superannuation theft
The ATO will be contacting SMSFs that don’t have a unique bank account for their fund in November, asking for bank account details. The tax office announced that it would be contacting SMSFs without a unique bank account for superannuation payment in November, and will ask them to update their… Read More »ATO to contact SMSFs without unique bank account
A world first digital financial literacy education program to assist First Nations people has been launched by the First Nations Foundation (FNF). The FNF, a national Indigenous financial foundation which also runs the Big Super Day Out events, has launched the financial literacy program called My Money Dream. It is… Read More »First Nations digital financial literacy program launched
APRA has started work on a project to transform the collection of data about superannuation funds, including around Choice products and investment options. APRA has announced the multi-year ‘Superannuation Data Transformation’ project, to improve the “breadth, depth and quality of its superannuation data collection”. “APRA’s Superannuation Data Transformation aims to… Read More »APRA starts project to collect more and better super fund data
Liberal MP Tim Wilson has written to the ATO Commissioner, asking for clarification on the $13,900 annual cost of an SMSF figure used by ASIC in its warning fact sheets to new SMSF trustees. ASIC announced that it would be trialing sending fact sheets about SMSFs to new trustees in… Read More »MP asks ATO to confirm fact sheet figure of $13,900 to run an SMSF
A Senate Committee inquiry into the proposed Super Guarantee amnesty has split along party lines. Unsurprisingly, a Senate inquiry into the proposed amnesty for employers who haven’t paid the Super Guarantee they owe has recommended along party lines – with the Coalition saying the Bill should be passed, and Labor… Read More »Senate view on Super Guarantee amnesty split along party lines