Superannuation will not free people from the pension: Costello

Peter Costello has told the 2014 ASFA National Conference that most people will have to rely on both superannuation and the age pension in retirement. “Let us bear in mind that for most people, occupational superannuation will not free them from the pension,” Costello said. These were his personal comments, rather than in his position as Chairman… Continue reading Superannuation will not free people from the pension: Costello

No “unexpected detrimental changes to super”, says Ciobo

“We won’t make any unexpected detrimental changes to superannuation” said Steven Ciobo, the Parliamentary Secretary to the Treasurer, in a speech to the Group Insurance Summit 2014. Ciobo used the speech to outline the strengths of the superannuation system and the Government’s proposed changes. Four facts about superannuation Ciobo listed what he sees as the “four… Continue reading No “unexpected detrimental changes to super”, says Ciobo

44% of super fund members have multiple accounts, says ATO

According to the ATO 44% of Australian super fund members have more than one superannuation account. This is one reason why the ATO is taking a “special interest” in multiple super accounts, said ATO Assistant Commissioner John Shepherd in a speech to the Tax Institute National Superannuation Conference. According to Shepherd the ATO is now using… Continue reading 44% of super fund members have multiple accounts, says ATO

ATOs SMSF compliance focus

In the recently published speech to the SPAA national conference Alison Lendon, Acting Second ATO Commissioner, explained the ATOs SMSF compliance focus. While acknowledging one of the roles of the ATO is to “ensure the health and security of this sector”, which Lendon thought was “in good shape”, the ATO does sometimes need to take “firmer actions”, such… Continue reading ATOs SMSF compliance focus