Super Alert – 31 January 2025
From www.khq.com.au: ASIC has urged superannuation trustees to enhance their anti-scam measures following findings that none of the reviewed trustees had comprehensive strategies in place to combat scams.… read more
Superannuation
Super scams: ASIC’s warning to trustees
From www.claytonutz.com: ASIC has issued a warning to superannuation trustees, urging them to assess and improve their anti-scam measures in light of increasing scam risks targeting fund members.… read more
Jones unlamented
From financialnewswire.com.au: Outgoing Assistant Treasurer and Minister for Financial Services, Stephen Jones, is set to leave Parliament, having made minimal progress in addressing the financial planning sector’s challenges, which he described as a “hot mess.”… read more
Draft LCR lacks NALE cost guidance
From smsmagazine.com.au: Accounting bodies have urged the ATO to provide clearer guidance for SMSFs on pricing non-arm’s-length income and expenditures, as the current draft lacks firm advice for properly determining commercial prices.… read more
Why bank hybrids are being phased out
From smallcaps.com.au: APRA is phasing out bank hybrid securities, which currently hold $43 billion in investments, due to concerns they pose risks to the financial system.… read more
ASIC calls out super trustees over scams and fraud
From asic.gov.au: ASIC has issued an open letter to superannuation trustees, urging them to enhance their anti-scam practices to protect members from sophisticated scam tactics.… read more
DBFO reforms to save retirees lacking advice
From financialnewswire.com.au: Research from the Super Members Council reveals that approximately 700,000 retirees in Australia are unnecessarily overpaying taxes on their superannuation, averaging an additional $650 annually, by leaving their funds in accumulation accounts.… read more
TBC indexation increase to $2m from 1 July 2025
From www.smsfadviser.com: The general transfer balance cap will increase from $1.9 million to $2 million starting 1 July, as confirmed by the latest Consumer Price Index data from the Australian Bureau of Statistics.… read more
The challenges with building a dividend portfolio
From morningstar.com.au: The hurdles in building a dividend portfolio, with insights on the prevailing dividend landscape, understanding dividends, high yield ETFs, stocks with growth potential, and international investment opportunities.… read more
SMSF establishment practices in ASIC spotlight
From www.smsfadviser.com: ASIC will prioritise the assessment of financial advice quality for establishing SMSFs in 2025, as it aims to address concerns over unsuitable superannuation advice leading to negative consumer outcomes.… read more
SMSF clients can complicate wholesale designation
From www.smsfadviser.com: Financial advisers and accountants face challenges in classifying SMSF clients as wholesale clients due to complexities in the rules surrounding income and assets eligibility tests.… read more
Mandatory service standards for APRA Funds
From the Treasurer: The Albanese Government is introducing mandatory and enforceable service standards for large APRA-regulated superannuation funds to enhance member service and outcomes.
The standards will focus on critical areas such as the handling of death benefits, processing of insurance claims, and communication with members.… read more
Super bill on Senate schedule next week
From www.smsfadviser.com: The government plans to bring the controversial Better Targeted Superannuation Concessions Bill before the Senate on February 4.
The SMSF Association expressed concerns about the lack of necessary Senate crossbench support for the bill and highlighted the potential for unintended consequences with the proposed tax reforms.… read more
Digital advice and affordability
From www.ifa.com.au: Industry consultants suggest that despite the introduction of digital advice initiatives by five superannuation funds to enhance affordability, the low uptake indicates a need for reassessment.… read more
Super funds back ASIC over ACCC
From financialnewswire.com.au: The Association of Superannuation Funds of Australia has expressed support for the ASIC to oversee the Scams Prevention Framework in financial services, rather than the ACCC.… read more