Hefty fines for dishonest super release

The Australian Taxation Office has announced it will take no prisoners in situations where applicants are found deliberately exploiting the early release super system. The tax office has already stopped applications and prevented super money from being released and reviews…

Superannuation passes the test

Australians worried about their retirement savings during the pandemic-induced market volatility can now rest easy as it is revealed that superannuation has weathered the economic storm. Last week the Australian Prudential Regulation Authority (APRA) revealed that just 0.3 per cent…

Consolidating super not always a benefit

Superannuation members should be on high alert if using third parties to consolidate or locate their super to ensure the safety of their retirement savings. The Australian Securities and Investments Commission (ASIC), in conjunction with the Australian Tax Office (ATO),…

Super funds cushion the blow

Superannuation funds have held up well despite ongoing market volatility. Members are encouraged to hold on to their current option and avoid making “knee-jerk” reactions. Members have reaped the benefits of diversification with different portfolio options performing in line with…

Is taking $10,000 from super always a bad thing?

In response to COVID-19 (aka “Coronavirus”), the Australian Government has approved limited early access to $10,000 of superannuation. For eligible Australians, this means they could pull $10,000 from their super balance twice, $10k before June 30th and $10k in the first few months after July 1st, 2020.…

DIY approach to industry superannuation funds

Following the double-digit drops in industry super fund performance and the revaluation of unlisted assets in those funds, a ‘do it yourself’ approach to asset allocation may allow investors to avoid falls in unlisted asset values. Super funds allow investors…

Super life cover changes take effect next month

From 1 April 2020, super funds will no longer be able to provide insurance automatically to members if the member is under 25 years old or has an account balance of less than $6000. For existing super fund members, regardless…

Contribution rules eased for older Australians

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…

Early release of super may impact life cover

People planning to apply for early access to their superannuation to deal with severe financial hardship or serious medical problems need to consider the impact early release might have on their insurance cover. Early release may mean losing the right…

No TBC indexation this year

Q: I read in your publication last year that the superannuation transfer balance cap would be indexed to $1.7 million this year. Is that still the case? A: No. The Australian Taxation Office has advised that the transfer balance cap…

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