SMSF members at risk of losing insurance on 1 July, Association warns

Some SMSF members are a risk of losing insurance cover on 1 July 2019, the SMSF Association has warned. Under legislation passed in February, members of APRA-regulated super funds with an account that has been ‘inactive’ for 16 consecutive months will lose insurance cover unless they specifically direct otherwise. While… Read More »SMSF members at risk of losing insurance on 1 July, Association warns

Permanent financial services ban after false evidence given to ASIC

Another financial adviser has been banned as part of ASIC’s Wealth Management Project, this time involving retrospectively creating advice documents, failing to act in the best interest of clients, and failing to give advice documents to clients. ASIC announced that it has permanently banned Perth-based adviser Phillip Emidio Bruni from… Read More »Permanent financial services ban after false evidence given to ASIC
Superannuation, SMSFs, retirement

Overwhelming support for 12% Super Guarantee rate by 2025

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 »Overwhelming support for 12% Super Guarantee rate by 2025

Easier for Millennials to save a home deposit without Super Guarantee

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 »Easier for Millennials to save a home deposit without Super Guarantee

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

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

Treasurer would like to establish review of retirement incomes system

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 »Treasurer would like to establish review of retirement incomes system