Changes to superannuation insurance won’t jack up rates – but if anything they don’t go far enough

The life and disability insurance offered by superannuation accounts can be the best possible deal for members. But the experience is often bitter for younger people, who are “opted in” to insurance they won’t need until they have dependants, face administrative hurdles to opt out, and are often charged fees and premiums through multiple super… Continue reading Changes to superannuation insurance won’t jack up rates – but if anything they don’t go far enough

$1.6 billion from super pocketed in budget instead of fixing problems

Over $1.6 billion raised from superannuation in the 2018 Budget goes to the bottom line instead of being used to fix issues like unpaid super and the super gender gap. Industry Super Australia said the Government had missed an opportunity to tackle these issues by failing to re-invest the “windfall” $1.615 billion raised by 2018… Continue reading $1.6 billion from super pocketed in budget instead of fixing problems

Budget 2018: draft legislation released for super fee cap, insurance opt-in

The Government has released draft legislation for three of the superannuation changes announced in the 2018 Budget. The 2018 Budget, which was released last night, included a number of superannuation changes. The Government has now released, for consultation, draft legislation for three of the changes: Cap on some super fund fees, ban on all exit… Continue reading Budget 2018: draft legislation released for super fee cap, insurance opt-in

Superannuation association warns about 2018 Budget changes

The Association of Superannuation Funds of Australia (ASFA) has warned about the consequences of several of the superannuation changes in the 2018 Budget. One of the superannuation changes announced in the 2018 Budget is moving insurance in super to opt-in instead of opt-out for young people and some other members. ASFA warns that this change… Continue reading Superannuation association warns about 2018 Budget changes

Budget 2018: ‘protecting your super’ boosts Budget bottom line

The 2018 Federal Budget includes ‘integrity’ changes to superannuation which boost the Budget bottom line, makes small improvements to SMSFs, and revisits a change the Government announced and then dropped. Superannuation changes in the 2018 Budget: Three-year audit cycle for SMSFs with good history One year exemption from Work Test for some Crackdown on claiming… Continue reading Budget 2018: ‘protecting your super’ boosts Budget bottom line

SMSF maximum number of members to be increased from 4 to 6

The Government plans to increase the maximum number of members an SMSF can have from four to six, and extend SuperStream to SMSF rollovers. Minister for Revenue and Financial Services Kelly O’Dwyer, speaking at the inaugural SMSF expo, said the Government appreciates the role SMSFs play in increasing competition in the super sector and the… Continue reading SMSF maximum number of members to be increased from 4 to 6

Taxpayers need new tools to comply with superannuation rules

Taxpayers need new tools to comply with the changed superannuation rules, says Tax & Super Australia in its 2018/19 pre-Budget submission. The organisation used its pre-Budget submission, in part, to call on the Government to provide new online tools to help taxpayers comply with the new rules that took effect on 1 July 2017. “To… Continue reading Taxpayers need new tools to comply with superannuation rules

Minister argues against raising Superannuation Guarantee rate

A Government Minister has argued against increasing the Super Guarantee rate, and suggested that the superannuation industry is calling for increases out of self-interest. The Government appears to be building a case, ahead of the Budget in May, for wages in the present over superannuation in the future. “It would be wrong to think that… Continue reading Minister argues against raising Superannuation Guarantee rate

Reduce lost super member threshold back to $2,000: AIST

AIST is calling for a reduction in the threshold at which ‘small’ lost superannuation member accounts are transferred to the ATO, from the current $6,000 back to $2,000. In the past the ‘small’ lost super account threshold at which superannuation was transferred to the ATO was $200. This was increased to $2,000, then $4,000, and… Continue reading Reduce lost super member threshold back to $2,000: AIST

SMSF Association calls for transparency in SMSF levy

The SMSF Association is seeking increased transparency around the SMSF supervisory levy, including a review of its level. “We believe greater transparency will ensure that SMSF trustee fees are used to regulate the sector with increasing efficiency, regulatory improvements, and an appropriate levy amount,” says the SMSFA 2018/19 pre-Budget submission. “The SMSF levy has risen… Continue reading SMSF Association calls for transparency in SMSF levy