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 – Legislation in Limbo

A budget, an election and the legislation that hasn't made it through. The February 2019 Parliamentary sitting days were the last opportunity before the Federal Budget for the Government to introduce or push through new legislation. Next month, on 2 April, Parliament reconvenes for the Federal Budget and it’s likely that an election will be...

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…

Jail Time for Employers who don’t pay super

Employers who fail to pay super entitlements to their employees, under the Tax Office’s direction, will be subject to court-ordered financial penalties as well as up to 12 months’ imprisonment. And directors of companies that don’t pay super will come in for special attention with a “director identification number” to help the Tax Office identify those directors who are…
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