New Laws for Super, Insurance and Exit Fees

From 1 July 2019, new laws commenced preventing superannuation providers from eroding member balances with unwanted or unnecessary insurance and exit fees. Plus, inactive accounts with low balances are now moved to the ATO to try and unite the unclaimed super with its owner. These changes do not apply to self-managed superannuation funds or small...
Desk calendar with July 1st

Superannuation Changes Coming July 1st

  An alarming stat shows how many Australians have no idea about a major change coming on July 1. And it could leave you without life insurance. Australians could be left stranded without life insurance on July 1 when a little-known but significant change to superannuation is enforced. Most are unaware their superannuation has a...

Blog: Single Touch Payroll Extended for all Employers

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts. Employers with 20 or more employees have been required to...

BEWARE: ATO Takes Man’s Life Superannuation Savings as Penalty for Overpayment

A tribunal has implored the Tax Office to reconsider the imposition of a “catastrophic” penalty that stripped retired postal truck driver Colin Ward of $209,000 – the entirety of his superannuation savings. Administrative Appeals Tribunal deputy president Gary Humphries said if Tax Commissioner Chris Jordan would not afford 71-year-old Mr Ward and his wife Joan some…

Retiree spending drops faster than predicted

The latest analysis into retirement trends has revealed the financial services industry may have underestimated the dramatic falloff in retiree spending as they age. The Milliman “Retirement Expectations and Spending Profiles” analysis, which used real world expenditure data, found the median retired couple’s expenditure falls by more than 36.7 per cent as they move from…

The Rise of Bitcoin and SMSF Investment Strategies

With the meteoric rise of bitcoin over the past year, popular interest in it and other digital currencies has grown exponentially. The SMSF community too has been very interested, with a growing number of trustees branching out to include digital currencies in their investment strategies. SMSFs are the only vehicle through which investors can include…
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