COVID-19: Summary on early release of superannuation

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The Coronavirus Economic Response Package Omnibus Act 2020 (“the Act”) received assent on 24 March 2020.  Schedule 13 of the Act amends the SIS regulations to make provision for COVID-19 temporarily early release of superannuation.  Application for this early release must be made within the period of 6 months starting on the day the new regulation […]

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Super splitting is more than agreement between the parties

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When the Family Court orders are finalised, the parties might think that it’s all over, but when it comes to super-splitting there’s considerably more to do. With one in three marriages in Australia likely to end in divorce, the splitting of interests in a Self-Managed Super Fund has raised a number of questions. Under the […]

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Government needs to refine super access — fast

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The Government is getting most things right. But no one is perfect in the face of a crisis. For some of the most vulnerable people in society the Government’s message is effectively saying, “Use your own super to tide yourselves over and by the way, you’ll need to take it out at a massive loss, […]

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Market fragility reminds us why risk is so important in super

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History has taught us that share market falls are inevitable. What is harder to predict is when they’ll occur. 9/11, the dot-com bubble and, more recently, the GFC, triggered significant declines. Just like Coronavirus, few, if any, saw those events coming and their impact on global markets. The full impact of Coronavirus remains to be […]

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Do bushfires + financial hardship = early access to your super?

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Given all the talk about the dreadful bush fires you’d be forgiven for thinking victims could access their super to help with their recovery.  Think again, as Elizabeth Wang reports. Robert and Mary have been affected by the devastating bushfires. They are struggling financially and are wondering whether it is possible to withdraw some of […]

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ATO steps up its documentation requirements

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ATO investment strategy guidelines update The ATO has recently issued new guidelines in relation to SMSF investment strategy compliance.  The rules or legislation in this regard have not changed but the ATO has stepped up its documentation requirements. The adoption of a tailor-made investment strategy approach by the ATO will necessitate changes in some industry […]

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Buybacks show why you can’t trust the numbers

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Australia’s recent spate of off-market share buybacks highlights the misalignment between super funds’ pre-tax investment focus and what matters to fund members – after-tax returns. This is the view of global implementation manager Parametric in new research that graphically illustrates that funds participating in these share buybacks must ‘step backwards’ in pre-tax returns to ‘step […]

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Super funds that invest responsibly outperform peers – new RIAA study

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Australian super funds that comprehensively engage in responsible investment are outperforming their peers over one, three and five-year time frames, a new report from the Responsible Investment Association Australasia (RIAA) has found. The report also shows that in the face of rising public concern and increasing financial materiality of climate change, the consideration of climate risk […]

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AMP to unite ‘lost’ shareholders with A$13 million in unclaimed dividends: is your client one of them?

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AMP Limited has launched a campaign to find 43,000 ‘lost’ shareholders and connect them with their holdings and A$13 million worth of unclaimed dividends. Lost shareholders own AMP shares but the company has exhausted all means to contact them or pay their dividends. In many cases, investors – most of whom are likely to now […]

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Hands off our Super: Education industry fund members support SG increase to 12 per cent

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New research by specialist education industry superannuation fund, VISSF, shows strong support for increasing the employer superannuation contribution to 12 per cent – even if that is delivered instead of a pay rise. Created over 60 years ago for teachers by teachers, VISSF today has over 8,000 members working in the education sector and over […]

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