Do I boost my super or reduce my home loan?

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Does it make sense to make additional concessional contributions to superannuation if you still have non-deductible debt such as a home loan? The maths is simple for an average couple on the average tax rate. If $1 of earned income is paid to their personal bank account, the tax man currently collects 39 cents in […]

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Proposed changes to default super to deliver enhanced choice and better financial outcomes

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The Productivity Commission (PC) has recommended changes to the $474 billion default super market that would encourage greater customer choice and engagement.  If enacted, the changes will result in employees holding fewer super accounts, potentially delivering them better financial outcomes through improved returns and reduced fees. The draft report[1] proposes four model alternatives to allocate […]

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Super industry expects 2017 to be better than last year

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The pace and poignancy of change has certainly heightened in the past few months; spurred on by new leadership in the US, as well as increasingly innovative ways organisations, are using technology. If Amazon (soon to hit our shores in a big way) can sell cars online, while Alibaba has become the world’s biggest e-commerce […]

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Productivity Commission draft report on alternative models for default super released

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The Productivity Commission (PC) has released its draft report on alternative models for default super, supporting an overhaul of how members join default super funds.  The PC will finalise their report by July 2017 that will feed into its subsequent Review of the efficiency and effectiveness of super. In the report the PC proposes removing […]

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Fair and sustainable super regulations passed into law

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After receiving feedback from industry, the federal parliament has passed amendments giving effect to regulatory change, continuing the implementation of changes to superannuation that were announced by the Turnbull government in the 2016 federal budget. Martin Breckon, IOOF’s Head of Technical Services said “We are pleased to see the Government continuing to refine the operation […]

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WSSA responds to Productivity Commission MySuper Review

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Fewer superannuation funds, reduced innovation and less competition within superannuation funds could be the future of superannuation in Australia if the Government chooses to go down the path of a tender or auction for fund selection, which looks to restrict the number of default funds to a maximum of 10. According to the Workplace Super […]

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Smart Defaults: why trustees dumping MySuper members in one investment bucket is no longer good enough in this digital age

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What would happen if you as a professional financial adviser placed all your clients in the same investment, regardless of amount involved or remaining human capital, for up to the next 45 years? Surely your colleagues and peers wouldn’t let you do it! You would lose credibility, face inquiries, lose accreditation and have to leave […]

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Why the industry’s “comfortable retirement” measures are wrong

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The superannuation industry has placed an extraordinary emphasis on helping members achieve a “comfortable” retirement given it has so little information about what it actually means. What we do know is largely composed of averages and assumptions which are ranked against the ASFA Retirement Standard’s portrait of the average Australian. The standard represented an important […]

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The Fair and Sustainable Superannuation amendments will soon be upon us… but what to do next?

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Online legal documents provider, SUPERCentral, has produced a list of issues to consider and potentially action for superannuation clients by their accountants and advisers. The New Super Laws Checklist was produced in response to the ‘Fair and Sustainable Superannuation’ amendments that constitute the most significant change to superannuation in the last 10 years. “We produced […]

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Water Corporation to join AMP’s SignatureSuper

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AMP  has announced that Western Australia’s Water Corporation Superannuation Plan will transfer to AMP’s SignatureSuper master trust. The  Water Corporation Superannuation Plan currently has more than 3,500 members and $450 million in funds under management. AMP  was selected after an extensive tender process to find a fund that was competitive on price, delivers a high-quality […]

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