Automated Tax Statements could drive time savings for 95% of Class Super users

95% of SMSF professionals using Class Super could find time savings from the automated processing of tax statements. Class estimates that 95% of the clients using its software, and 34% of the SMSFs, will directly benefit from the Tax Statement Automation feature. Class launched its Tax Statement Automation feature earlier… Read More »Automated Tax Statements could drive time savings for 95% of Class Super users

Super funds giving inducements to employers “generally illegal”: ASIC

ASIC has given some guidance on what super funds can offer to employers, after laws were tightened following a Royal Commission recommendation driven by spending on entertainment and sporting events. “Superannuation trustees must understand that providing inducements to employers to influence them in their choice of a default super fund… Read More »Super funds giving inducements to employers “generally illegal”: ASIC

Australians reject slower increase to Super Guarantee rate, survey finds

Australians have “overwhelmingly rejected” an attempt to slow or freeze increases in the Superannuation Guarantee, says Industry Super Australia. A survey, released by Industry Super Australia, found 87% supported the Super Guarantee rate rising from 9.5%, with some preferring either 10%, 12% or 15%. The Super Guarantee rate is currently… Read More »Australians reject slower increase to Super Guarantee rate, survey finds

Opt-in insurance in super change may be pushed back to December 2019

Making insurance in superannuation opt-in, instead of opt-out, for young people may be pushed back several months, but it is unlikely to exempt people with high-risk jobs – despite this previously being Government policy. The Government recently re-introduced to Parliament a Bill to make insurance in superannuation opt-in for young… Read More »Opt-in insurance in super change may be pushed back to December 2019

Low income earners should be able to opt-out of Super Guarantee: Liberal Senator

A Liberal Senator has argued for allowing people on low incomes to opt-out of receiving Super Guarantee contributions – instead receiving the money directly – at a time when senior members are ruling out changes to the Super Guarantee. Liberal Senator Andrew Bragg has used his first speech to the… Read More »Low income earners should be able to opt-out of Super Guarantee: Liberal Senator