Industry battles over early super release

The superannuation industry is deeply divided over whether the government’s decision to change the super early release rules is really in the interest of the super fund members. The measure allows Australians to apply via myGov for access of up…

Government consults on new work test rules

The Government has released a draft bill for consultation, outlining measures to provide greater flexibility in the superannuation system for older Australians. The bill includes three changes: • the age at which the work test starts to apply for voluntary…

Buyback outcomes show benefits of post-tax reporting

A spate of share buybacks in recent years has revived debate about whether investors would be better off if fund managers and super funds reported performance on a post-tax basis. Investment consultant Parametric argues in a new paper on the…

Forget more compulsory super

The Grattan Institute has released its submission to the government’s retirement incomes review, a review called in anticipation of five annual increases in compulsory superannuation contributions, scheduled to begin in July 2021. Our research shows the super increases aren’t necessary.…

Restore tax in the super pension phase

The government’s retirement income review is being told our current tax and benefit treatment of retirement incomes is a mess. Much of financial planning industry is devoted to structuring affairs to maximise access to the age pension. The means test…

SuperAA morphs into Seamless SMSF

The self-managed super fund (SMSF) administration and audit firm Superannuation Advisors Australia – known as “SuperAA” is changing its name to Seamless SMSF to better reflect its service delivery and product suite. Set up in 2013 by CEO Mike McHenry,…

APRA names and shames underperforming super funds

The Australian Prudential Regulation Authority (APRA) will be looking for significant change from poorly performing superannuation funds, following the release of its MySuper heatmap. APRA’s heatmap of over a hundred MySuper products has outlined the worst performing funds but not…

Compliance failures common in super fund advice to members

Less than half of the financial advice provided by superannuation funds to their members was fully compliant with advisers’ best interests duty and related obligations, a review has found. And a significant number of members were at risk of suffering…

We’re delaying major life events and our retirement income system hasn’t caught up

Asked to conduct an independent review of Australia’s retirement income system, the panel appointed by treasurer Josh Frydenberg reported on Friday that it was all tied up with the family home. At every age range, Australians have more money saved…

Gaps appear in the Retirement Income Review

The Retirement Income Review panel appears unlikely to address whether the value of the family home should be included in the means test for the Age Pension. Nor is it clear that it will address the hotly debated issue of…