SolePurposeTest | Page 5 of 229 | Superannuation & SMSF news

Average net wealth gender gap down to 11%, or $49,000

August 6, 2019August 5, 2019

The net wealth gender gap has shrunk over the last 12 years, down from 20% ahead of the GFC to 11% in 2019. Statistics from the Roy Morgan Wealth Report have the average net wealth (personal assets less debt) for women, at $400,000 on a per capita basis, or 89%… Read More »

Growth in people with multiple jobs means default super has to change: FSC

August 5, 2019August 2, 2019

An increase in the number of people working multiple jobs has pushed the Financial Services Council to reiterate calls for changes to the default super system. The latest statistics from the ABS show that the number of workers with more than one job had increased from 1.8 million in 2011/12… Read More »

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

August 2, 2019August 1, 2019

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 »

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

August 1, 2019August 1, 2019

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 »

Spike in balances used to start SMSFs evidence of quality advice: SMSFA

July 31, 2019July 31, 2019

A spike in the balances used to start SMSFs is evidence of trustees receiving quality advice, argues the SMSF Association. The SMSF sector is performing well and there is a positive outlook for future growth and strong performance, an analysis by the SMSF Association of the ATO’s 2016/17 SMSF statistics… Read More »

Voluntary super: a good way to increase women’s dependence on men

July 31, 2019July 30, 2019

Written by Helen Hodgson, Curtin University and Myra Hamilton, UNSW. Making super contributions voluntary for people earning less than A$50,000 a year, as proposed by Liberal Senator Andrew Bragg, would be a backward step for women. It would predominantly be used by women, because more women earn less than A$50,000… Read More »

Australians reject slower increase to Super Guarantee rate, survey finds

July 30, 2019July 29, 2019

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 »

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

July 29, 2019July 26, 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 »

12 month amnesty for employers not paying super still Government policy

July 26, 2019July 26, 2019

A plan to give employers who haven’t paid the superannuation entitlements of their workers a 12 month amnesty remains Government policy. The 12 month Super Guarantee amnesty – first announced in May 2018 – remains Government policy, despite not including it in recent Bills and it not appearing in the… Read More »

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

July 25, 2019July 25, 2019

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 »