ATO to provide super details in family law property matters

From

An amendment bill has now been introduced into Parliament to permit the Australian Taxation Office (ATO) to provide details about the superannuation accounts of a party to a Family Law property proceeding. Given that superannuation accounts are, after the matrimonial home, likely to be the most significant financial assets of a married couple, it is... Read more continue reading

A new financial year… and the beat goes on

From

Fresh from delivering a staggering 18% return for the 2020/21 financial year, super funds got off to a bright start to the new financial year with the median growth fund (61 to 80% in growth assets) up 1.1% in July. Chant West Senior Investment Research Manager, Mano Mohankumar says funds have picked up from where... Read more continue reading

Best interest now best financial interests

From

Previously, trustees of self managed superannuation funds were required to perform their duties and exercise their powers in the best interests of the beneficiaries of the fund. This requirement was imposed by s52B(2)(c) of the Superannuation Industry (Supervision) Act 1993. Now, because of a recent amendment to that provision, the requirement is for trustees to perform... Read more continue reading

‘Green’ super could halve Australia’s entire household carbon footprint

From

Australia’s original climate-friendly super fund manager, Australian Ethical and Zali Steggall OAM are urging Australians to open their eyes to the power of their super, after new calculations revealed Australians have an unprecedented opportunity to address climate change through their super savings. The average Australian might feel their super can’t make a huge difference, but... Read more continue reading

More Australians engaging with super to secure retirement savings impacted by COVID-19

From

More Australians are engaging with their superannuation and are positive about new increases to the Super Guarantee (SG) and higher contribution caps. However, the COVID-19 pandemic is causing uncertainty around retirement plans. The findings are from a national survey of more than 2,000 Australians released yesterday by leading superannuation provider, Colonial First State. The CFS... Read more continue reading

CPD: Behaving badly – could our decision-making flaws undermine the consumer protection intent of recent superannuation changes?

From

It is widely accepted that consumer financial protection is important not only to protect consumers but also for the stability of the financial system. Whilst the major knowledge asymmetry that exists between consumers and financial services providers is, in itself, justification for robust protections, there is also a widely held view that consumers need protection... Read more continue reading

Super funds post a stunning 18% gain – the second highest return ever

From

Super funds have delivered their strongest financial year result in 24 years, with the median growth fund (61 to 80% in growth assets) returning a stunning 18% for FY21. This is the second highest return since the introduction of compulsory superannuation in 1992 – the only better financial year result was 19.4% recorded back in... Read more continue reading

‘Sufficient income for life’ the new retirement paradigm

From

In a major update on their research-based approach to retirement income portfolio construction, leading active equity investment manager Martin Currie Australia reaffirms that retirees need to rethink the use of typical defensive portfolios based on risk/return theory and adopt a ‘sufficient income for life’ approach. Martin Currie highlights in their newly released research paper[1] that the sufficient... Read more continue reading

UniSuper hits $100b as it opens to all Australians

From

UniSuper, Australia’s fifth largest superannuation fund, surpasses $100 billion in funds under management as it officially opens to new members outside the higher education and research sector, giving more people access to one of Australia’s top performing funds[1]. From 5 July UniSuper welcomes members from outside the higher education and research sector, while maintaining its... Read more continue reading

Superannuation changes from 1 July set to boost retirement savings of millions of Australians

From

Leading superannuation provider Colonial First State is encouraging Australians to make the most of the 1 July changes to super, saying the planned super guarantee (SG) increases as well as expanded concessional contributions are a major win for millions of Australians. Millennials can make an extra $650,000 at retirement by maximising the new increase in... Read more continue reading