More options to contribute to your superannuation

From

Over the last 10 years, the ability of Australians to contribute more to superannuation has reduced. Superannuation is a great system which has led to Australia having the fourth largest pool of retirement savings in the world. This year there is a new strategy up your sleeve to help you contribute a little extra to […]

continue reading

“Open super” an opportunity for smart super funds

From

The superannuation industry should prepare for an “open super” regime in the next few years, in light of current moves towards “open data” and “open banking” and the fundamental shift in the balance of power in the information economy, says Jonathan Steffanoni, principal consultant – legal and risk at QMV. “We are seeing growing momentum […]

continue reading

Milliman analysis: Home downsizing scheme to help older Australians with smaller super balances

From

Milliman, Inc., a premier global consulting and actuarial firm, has released research that found a new scheme aimed at encouraging older Australians to downsize their homes is likely to help couples with lower superannuation balances. The new scheme will allow Australians aged 65 and over to sell a long-held home and divert up to $300,000 […]

continue reading

Raising super access age a negative move: Deakin Report

From

Calls to raise the super access age beyond 60 are not likely to return economic or social benefits, according to a Deakin Law School superannuation law expert. Dr Rami Hanegbi, who researches tax and superannuation law and policy, has reviewed the pros and cons of raising the superannuation access age and found that raising the […]

continue reading

Company Directors unaware of superannuation obligations: Tax expert

From

Many company directors are unaware that they could be personally liable for unpaid superannuation payments for contractors and are potentially easy targets for the Australian Taxation Office (ATO), warns a leading tax strategist. Murray Howlett, a partner at chartered accounting firm Pilot Partners, said the ATO rules around superannuation payments had tightened substantially in recent […]

continue reading

Potential pension minefields

From

It has been a big year for the SMSF industry given the major policy changes the federal government made to super in the 2016 budget. Last week the Self-managed Super Fund Association held its national conference in Sydney and it provided a natural forum for the leading practitioners in the SMSF industry to reflect on […]

continue reading

Traditional social security systems and company pension plans no longer feasible for retirees globally

From

Established to comprehensively address Australians’ longevity risk, Optimum Pension has encouraged the superannuation industry to transform its approach to fulfil the true purpose of superannuation or face the risk of losing members to market challengers. With both male and female Australians now outliving standard longevity tables, post retirement income streams have the potential to deliver […]

continue reading

New CPI weightings no closer to tracking retirees’ expenditure

From

Australia’s newly revamped consumer price index (CPI) may provide a more accurate picture of what the average household spends its money on, but it’s no closer to solving the problems faced by retirees. The Australian Bureau of Statistics (ABS), which recently reweighted the CPI’s basket of goods for the first time in more than six […]

continue reading

SuperConcepts first to market with new reporting capability

From

SuperConcepts continues to lead the way in SMSF administration with the launch of new Transfer Balance Account Report (TBAR) functionality on its SuperMate platform. A first for the market, the capability will help SMSF practitioners comply with the new transfer balance cap (TBC) requirements coming into effect on July 1 2018. Transfer balance cap events […]

continue reading

Reversionary TRISs – Government acts to resolve issue

From

The Government has now moved to resolve the issue of reversionary TRISs, which has been dragging on since 1 July 2017 when the “Fair and Sustainable Superannuation” changes commenced. The reversionary TRIS issue is simply that when a reversionary pension transfers on the death of the primary pensioner, the pension is now a death benefit.  […]

continue reading