2019 ends with so much left to do in superannuation policy

With 2019 coming to a close, and Parliament risen for the year, its worth stepping back and looking at all the superannuation policies that aren’t yet implemented, many of which are stalled, delayed, or with progress simply unknown. 2018 ended with a range of Government superannuation Bills stalled in the Senate. But the 2019 Federal… Continue reading 2019 ends with so much left to do in superannuation policy

Minister criticises super funds for not taking action, amid policy go-slow

The Minister responsible for superannuation has criticised the industry for “complacency and inertia”, while Government policies remain unenacted and serious reports languish without a response. The superannuation industry is “beset with complacency and inertia”, said Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, in an speech to the Financial Services Council Summit.… Continue reading Minister criticises super funds for not taking action, amid policy go-slow

Priorities for superannuation policy post-election? Industry has some ideas

Now the election is over, what will be the Government’s superannuation policy priorities? The superannuation and financial services industry has started putting forward suggestions. Related: Liberal superannuation policy Policy stability supported by legislative objective The SMSF Association has called for policy stability, supported by legislating objectives for superannuation. Association CEO John Maroney called on the… Continue reading Priorities for superannuation policy post-election? Industry has some ideas

Liberals and Labor promise no new or higher taxes on superannuation

Both the Liberals and Labor have promised no new or higher taxes on superannuation. “Under my government there will be no higher taxes or new taxes on superannuation. Not now, not ever. Not now, not ever,” said Prime Minister Scott Morrison. After Morrison made his announcement, Opposition Leader Bill Shorten was asked to rule out… Continue reading Liberals and Labor promise no new or higher taxes on superannuation

Government should stop undermining super system & industry super funds

There are vital steps that need to be taken to safeguard superannuation, including the Government cease undermining industry super funds, according to a new report released by Vision Super. “Our superannuation system was essentially designed in the 1990s,” said Vision Super Deputy Chair Geoff Lake. “And while it’s still overall a world-beating system, we need… Continue reading Government should stop undermining super system & industry super funds

6 point plan for superannuation released by FSC

The Financial Services Council has released a 6 point plan to improve the superannuation system. FSC CEO Sally Loane called on the Government to adopt the plan, saying it would “allow the superannuation system to achieve its objective of enabling more Australians to self-fund their retirement and to decrease pressure on the public purse.” The… Continue reading 6 point plan for superannuation released by FSC

Labor supports clear and simple objective for superannuation

Shadow Treasurer Chris Bowen has called for the establishment of a “clear objective for the superannuation system,” in an address to the Centre for International Finance and Regulations. The final report of the Financial System Inquiry had called for a legislated objective for superannuation, a recommendation which Bowen describes as “arresting in its simplicity.”

Raising age pension and super preservation ages ‘last resort’

Industry Super Australia Chief Executive, David Whiteley, has said that raising the age pension or superannuation preservation ages should be a last resort, but the superannuation tax concessions do need reform. Mr Whiteley told the Australian Workers Union National Conference that the aging of the population is one of the key economics challenges for Australia,… Continue reading Raising age pension and super preservation ages ‘last resort’

Issues with progressive taxation of super contributions

OPINION – Last week the Greens released a superannuation policy for progressive taxation of concessional superannuation contributions. The policy would replace the current flat rate of 15% with a sliding scale of between 0% and 32% depending on the members marginal tax rate. The policy is not fully detailed in the two page document, but it appears… Continue reading Issues with progressive taxation of super contributions