One of the best recommendations in the Productivity Commission (PC) draft report on the superannuation industry was the backing the PC gave to making permanent the current temporary (until 1 July 2020) tax rollover relief for fund mergers and transfer events.
For many employers, complying with complex superannuation rules is an enormous challenge and despite best intentions, there are occasional errors.
After 25 years, superannuation was due a landmark critical analysis – and the Productivity Commission’s draft report out yesterday certainly has not disappointed in that respect.It has spotlighted many important issues I would endorse.
The next decade will see a major rationalisation of Australia’s superannuation sector – with the number of funds in Australia being cut in half. But this is a natural evolution from the current market situation which is already seeing a two-speed divide between larger and smaller funds
KPMG is concerned the Budget announcements surrounding the removal of default insurance in super for people under the age of 25, plus inactive accounts and small balances will damage the overall system for relatively little benefit.
We do not anticipate much Budget night action in the super tax area – unlike the last two years. But it is worth thinking about Treasury’s recent release on the costs to the public purse of current ‘concessions’ .
Since Archer won in 1861, it’s the race that stops the nation and Damien Ryan has all the tips for the race and for your superannuation
The launch of a number of new superannuation products to the market in the last six-months has many industry commentators sceptical about their value
There has been many adverse media stories in recent years over life insurance, with accusations of people paying twice for policies they don’t need and their benefits being eroded.
The latest ATO figures show and estimated $2.85 billion did not make its way to employees’ super accounts. How can this happen?
