Retirement adequacy falls as Australians remain cautious

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The retirement adequacy of working Australians was at its lowest level since the GFC, falling almost 2 percentage points to 69.4% while projected retirement savings fell 7% to $492,000, according to the latest AMP Retirement Adequacy Index.  Superannuation was a major driver of these falls with the average worker’s total superannuation contributions falling to the […]

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SMSFs should stay in ATO’s jurisdiction, says SPAA

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The Australian Taxation Office (ATO) is the right regulatory body to oversee the self managed super fund sector, says SMSF Professionals’ Association of Australia (SPAA) CEO Andrea Slattery.   Mrs Slattery says: “All the evidence suggests that the ATO does an excellent job regulating this sector, and calls for SMSFs to come under the umbrella of […]

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APRA releases consultation package on revised reporting requirements for superannuation

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The Australian Prudential Regulation Authority (APRA) has released for consultation a discussion paper outlining its proposed revised reporting requirements for APRA-regulated superannuation funds. The consultation package includes 31 draft reporting forms and instructions. APRA’s proposed reporting requirements implement the transparency and accountability recommendations from the Government’s Stronger Super reforms, and the proposals APRA previously consulted […]

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Education workshops mark financial planning history

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The Financial Planning Association (FPA) has announced that it will be conducting a series of exclusive educational workshops across Australia as part of its 20th Anniversary celebrations. The workshops, targeted at financial planning professionals, will be led by industry leaders presenting sessions on: Integrating trust into your advice process presented by The Tax Institute Building your […]

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Centrelink attribution & testamentary trusts

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Do your clients with testamentary trusts have beneficiaries who are Centrelink administered benefit recipients? Have you discussed how these arrangements will operate and the impact they will have on the beneficiaries? Specialist advice may be needed. The source and control tests for Centrelink attribution of a trust’s capital and income pose challenges for the operation […]

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ATO proposals ‘more equitable’ for SMSF trustees who break the rules

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Proposed changes to the superannuation law mean that trustees who break the rules may be treated more equitably when it comes to penalties. The current penalty system for some breaches is cumbersome and out of step with the severity of the breach. The proposals, now in the public arena for consultation and due to take effect […]

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Cash love affair heading for heartbreak

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Investors’ continuing love affair with cash could be leading them towards heartbreak if they don’t diversify, says David Bryant, head of Australian Unity Investments.  “While all available research shows that investors have been focused on cash as the best safe haven to protect capital, falling interest rates are making such a strategy increasingly unsound.  “Having […]

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APRA releases quarterly superannuation statistics for June 2012

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The Australian Prudential Regulation Authority (APRA) today released its June 2012 Quarterly Superannuation Performance publication. Total estimated assets, which includes the assets of self-managed superannuation funds and the balance of life office statutory funds, rose by $49.6 billion (3.7 per cent) to $1.40 trillion over the 12 months to 30 June 2012, taking into account […]

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New brochure promotes better consumer awareness of advice as CFP designation takes hold

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The Financial Planning Association (FPA) has launched a new plain English guide to simplify the complexities that financial planning can entail for Australians seeking financial advice.  The brochure is available on the FPA’s new consumer website, fpadifference.com.au. The site was launched this week as part of Financial Planning Week, an annual initiative held by the […]

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Wealthtrac lowers fee cap and introduces more flexible structure

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Independent superannuation and investment platform provider Wealthtrac, has launched a renewed offering for advisers; lowering fees, introducing a market-first cap of $350k and allowing advisers greater control in setting their Adviser Service Fees (ASF).  Wealthtrac Managing Director and CEO, Matthew Johnson, said the new pricing model was designed to give advisers greater flexibility and was […]

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