News

AFCA to be able to accept financial complaints dating back to 2008

March 4, 2019March 1, 2019

Treasurer Josh Frydenberg has announced that the remit of the Australian Financial Complaints Authority (AFCA) will be expanded to consider some financial complaints dating back as far as 1 January 2008. This would provide “expanded access to redress for consumers and small businesses harmed by financial misconduct,” Frydenberg said. The… Read More »

APRA sets out superannuation policy priorities for 2019

March 1, 2019February 28, 2019

APRA has set out its superannuation policy priorities for 2019, though some of them depend on action by the Government and the Parliament. APRA has released its annual Policy Priorities document, which outlines areas of policy focus over the next year and a half – including on superannuation. In the… Read More »

Small increase in retiree cost of living in December quarter 2018

March 1, 2019February 28, 2019

There was a small average increase in the cost of living for retirees in the December 2018 quarter, the Association of Superannuation Funds of Australia has found. This is despite “significant cost rises” across 2018 in the medical (up 4.2%), postage (10.4%) and meat categories – lamb was up 11.2%,… Read More »

Total superannuation assets fall in last quarter of 2018

February 28, 2019February 27, 2019

The latest superannuation statistics from APRA reveal that the total amount of super fell in the last quarter of the 2018 calendar year. Over the December 2018 quarter total superannuation assets fell by more than $100 billion, or -3.64%. $74.4 billion of this related to APRA-regulated super funds (-3.95%), while… Read More »

Industry funds extend satisfaction lead over retail funds to 4.8%

February 28, 2019February 27, 2019

Industry super funds have extended their satisfaction lead over retail super funds. Roy Morgan has found that the member satisfaction gap between retail and industry funds has widened from 1.6% to 4.8%. Between January 2018 and January 2019 the satisfaction with industry funds improved by 1.4%, from 60.7% to 62.1%.… Read More »

Labor’s non-refundable franking credit policy unfairly targets SMSFs

February 27, 2019February 26, 2019

Labor’s policy to stop most refunds of excess franking credits unfairly targets SMSFs, the SMSF Association has told an inquiry into franking credits. The House of Representatives Standing Committee on Economics has been conducting an inquiry into refundable franking credits – effectively an inquiry into the opposition’s policy to stop… Read More »

Largest LIC asks for shareholder views on Labor franking credit policy

February 27, 2019February 26, 2019

Four companies ASX-listed companies have written to their shareholders to ask for their views on Labor’s franking credit policy. One of these companies is Australian Foundation Investment Company Limited (AFIC), which is Australia’s largest Listed Investment Company and has a market cap of over $7 billion. “You may be aware… Read More »

Australia Institute runs full page ad in support of franking credit policy

February 26, 2019February 25, 2019

The Australia Institute has bought a full page advert, and started a petition, in support of Labor’s policy to stop most refunds of excess franking credits. The ad ran over the weekend in The Saturday Paper: The Australia Institute calculates that the money raised from stopping refunds of franking credits… Read More »

ATO to clear up SMSF ‘Registered – status not determined’ confusion

February 26, 2019February 25, 2019

SMSFs will go from ‘Registered – status not determined’ to ‘complying’ on Super Fund Lookup quicker in a change announced by the ATO. Super Fund Lookup can be used to check the complying status of SMSFs, including for contributions or rollovers. Currently a new SMSF is shown as ‘Registered –… Read More »

3 year SMSF audit cycle – has time run out to pass legislation?

February 25, 2019February 27, 2019

Time has likely run out for the Government to pass it’s proposed 3 year audits for some SMSFs. A Bill to implement the measure, which was announced in the 2018/19 Budget, has not been introduced to Parliament and there now likely isn’t time before the election. Under the Government’s proposal,… Read More »