News

Overwhelming support for 12% Super Guarantee rate by 2025

June 5, 2019June 19, 2019

There is “overwhelming” support for increasing the Super Guarantee rate to 12% by 2025, polling commissioned by the Association of Superannuation Funds of Australia (ASFA) has found. The polling found 79.9% support (either ‘strongly support’ or ‘support’) for gradually increasing the Superannuation Guarantee rate from its current 9.5% to 12%… Read More »

Shake-up in Labor shadow treasury ministry under Albanese

June 4, 2019June 3, 2019

Labor Leader Anthony Albanese has announced Labor’s new Shadow Ministry, including a shake-up of the Shadow Treasury positions. Queensland MP Dr Jim Chalmers will replace Chris Bowen as Shadow Treasurer. Chalmers had been serving as the Shadow Minister for Finance. He was previously Shadow Minister for Financial Services and Superannuation,… Read More »

5 year adviser ban connected to setting up SMSFs for borrowing

June 3, 2019May 31, 2019

ASIC has banned a financial adviser from providing financial services for five years, in connection to advice on SMSF borrowing. The regulator announced that Gold Coast adviser Daniel John Renneberg had been banned from providing financial services for five years for failing to act in the best interest of his… Read More »

Reckon releases free Single Touch Payroll mobile app

May 31, 2019May 30, 2019

Accounting software company Reckon has released a free Single Touch Payroll (STP) mobile app for small businesses. Single Touch Payroll is a new system for employers to report tax and superannuation information to the ATO. From 1 July 2019 small businesses (19 or fewer employees) will need to report using… Read More »

Easier for Millennials to save a home deposit without Super Guarantee

May 30, 2019May 29, 2019

The Centre for Independent Studies argues that younger people would find it easier to save for a home deposit with lower levels of compulsory superannuation contributions. The Centre for Independent Studies (CIS) policy paper, Millennials and Super: the case for voluntary superannuation, doesn’t make any firm recommendations, but does strongly… Read More »

Industry super funds gaining on SMSFs, retail funds losing on rollovers

May 29, 2019May 28, 2019

Industry super funds are gaining on SMSFs in terms of superannuation assets, while retail funds are losing money to rollovers, according to the latest statistics from APRA. The APRA Quarterly Superannuation Performance statistics for March 2019 has total superannuation assets at $2,782.6 billion, up 6.7% from March 2018. Industry funds… Read More »

Treasurer would like to establish review of retirement incomes system

May 28, 2019May 27, 2019

Treasurer Josh Frydenberg intends to set up a review of the retirement incomes system. The Treasurer told the Australian Financial Review that he would consult with the Cabinet and Treasury to implement the recommendation of the Productivity Commission for an independent inquiry into the retirement incomes system. “My intention would… Read More »

Superannuation to return to the Ministry post-election

May 28, 2019May 28, 2019

Superannuation will again have a named Minister, in the post-election Ministry. Victorian Liberal Senator Jane Hume will be appointed as Assistant Minister for Superannuation, Financial Services and Financial Technology, it was announced over the weekend. Before being elected in 2016, Hume held a number of positions the financial services industry,… Read More »

Retail super fund members are misinformed, and they don’t know it

May 27, 2019May 24, 2019

Many retail super fund members are misinformed about their super funds, and they don’t know it, research released by AIST has revealed. The research, commissioned by the Australian Institute of Superannuation Trustees, found a “high level of confusion” amongst retail super fund members. While many retail fund members were confident,… Read More »

Isolated price rises, and low interest rates, putting pressure on retirees

May 24, 2019May 23, 2019

Low interest rates, combined with rising costs in some areas, is putting pressure on retirement budgets. Costs for retirees were largely stable over the March 2019 quarter, according to the ASFA (Association of Superannuation Funds of Australia) Retirement Standard. The cost of the ‘comfortable’ retirement was up 0.1% for couples… Read More »