Author: Recruitment Super
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Downsizer Contributions Boost Retirement Savings, Women Lead Participation Trend
Downsizer contributions into superannuation have shown consistency with around 16,000 individuals contributing over $4 billion collectively in the 2024/25 financial year. Although the total contributions slightly decreased from the previous year, the scheme has attracted a steady number of participants. Retirement Savings Guide for Every Age: Maximize Your Financial Freedom with Smart Retirement Savings Strategies…
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Superannuation Tax Concessions Fuel Wealth Inequality, Spark Policy Debate
Superannuation tax concessions, initially intended to promote saving, have instead exacerbated inequality by primarily benefiting the wealthiest individuals who exploit these concessions to minimize tax obligations. The government’s current efforts to limit tax breaks on superannuation balances exceeding $3 million have sparked debate, with critics arguing that such measures penalize responsible savers. However, the reality…
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Survey: Majority of Older Australians Support Tax Increase on High Super Balances
Amid discussions on superannuation fairness, a survey reveals that over half of older Australians support the federal government’s proposal to increase taxes on high superannuation balances. The government is contemplating raising taxes on balances exceeding $3 million from 15% to 30%, affecting a small fraction of savers. Calculators HIHUHEN Large Calculator Solar & Battery Power…
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Industry Funds Thrive, Government Funds Struggle in Super Rankings
Australian super funds are experiencing a shift in rankings, with industry funds gaining momentum while government schemes are facing setbacks. Industry funds are seeing growth in member inflows and expansion through consolidation, whereas government funds are struggling due to ageing memberships and conservative strategies. The Self-Managed Super Fund Investment Secrets: Full Guide on How To…
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Superannuation Governance Shift Sparks Trust and Performance Focus
A new battleground is emerging in the realm of superannuation, with increased scrutiny on trust and governance within the industry. Former treasurer Wayne Swan recently faced a Senate inquiry regarding the scandal surrounding the super fund he chairs, emphasizing the superior performance of industry funds compared to retail funds. The unique governance structure of industry…
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ASIC Review Targets Superannuation Funds’ Property Investment Expansion
The Australian Securities and Investments Commission (ASIC) has initiated a targeted review aimed at potentially increasing property investments by the superannuation funds in the country. This move by ASIC is significant as it could have implications for the investment strategies of these funds, which play a crucial role in the Australian financial landscape. 30 Properties…
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Super Funds Charging Fees to Deceased Members: ASIC Report
Some super funds have been found to charge fees to deceased members, according to a report by the Australian Securities and Investments Commission (ASIC). The report, known as REP 806, highlighted how superannuation funds handled death benefit claims, revealing that insurance premiums and financial advice fees were still being deducted from deceased member accounts. This…
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ASIC Reviews Regulation of Private Markets Amid Superannuation Growth
The Australian Securities and Investments Commission (ASIC) is conducting a review of the regulatory framework for private assets in response to the growing influence of Australia’s $4 trillion superannuation industry in private markets. ASIC Chair Joe Longo highlighted the importance of regulating private markets, emphasizing that it impacts not only institutional investors but also everyday…
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Government Considers Tighter Regulations After Shield Master Fund Collapse
The federal government is considering tighter regulations on superannuation investment funds following the collapse of the Shield Master Fund. Macquarie Group has agreed to reimburse $321 million to 3000 members of Shield after being sued by the Australian Securities and Investments Commission for not acting fairly. A PRACTICAL GUIDE TO AUSTRALIAN SUPERANNUATION: A Plain-English Guide…