Labor concerned SG amnesty will let employers wipe the slate clean

Labor is concerned that the proposed Super Guarantee amnesty may let employers “wipe the slate clean” without having to pay all the superannuation they owe. The Government is again trying to legislate an amnesty for employers who historically haven’t paid the Super Guarantee they owe for their employees. Opinion is… Read More »Labor concerned SG amnesty will let employers wipe the slate clean

Don’t delay responding to Transfer Balance letters till after holidays: ATO

The ATO has warned taxpayers who receive Transfer Balance Cap letters from the ATO to not delay in responding, as the due dates fall over the holidays. The ATO says that Excess Transfer Balance Determination and Commutation Authorities issued in October will have due dates that fall over the Christmas-New… Read More »Don’t delay responding to Transfer Balance letters till after holidays: ATO

ASIC expects better from funds contacting members about insurance

ASIC has warned large super fund trustees to improve their communication with members about upcoming changes to insurance in superannuation. The regulator has called on funds to lift their game, after raising concerns about communications from super funds to members about earlier changes. Super funds already had to contact members… Read More »ASIC expects better from funds contacting members about insurance

Westpac disregarded best interest of super rollover customers, Court finds

The Full Federal Court has found that subsidiaries of Westpac gave personal financial advice over the phone, in breach of their financial services licences, in an attempt to get customers to roll their super into funds connected to Westpac. “Westpac pursued its own self-interest and disregarded the best interests of… Read More »Westpac disregarded best interest of super rollover customers, Court finds

16% opted to keep insurance after Protecting Your Super changes

More people than expected opted-in to keep their insurance coverage in superannuation after the Protecting Your Super changes, which may have implications for the coming Putting Members’ Interests First changes. Under the Protecting Your Super changes, insurance cover in superannuation would stop for accounts that hadn’t received a contribution for… Read More »16% opted to keep insurance after Protecting Your Super changes

Australia’s retirement income system gets B+ grade in global ranking

Australia’s retirement income system has received a B+ grade in global rankings, coming third behind the Netherlands and Denmark. But with policy changes Australia could receive an A grade, according to industry figures. Australia’s retirement income system received a B+ grade in the 2019 Melbourne Mercer Global Pension Index. The… Read More »Australia’s retirement income system gets B+ grade in global ranking