Prime Minister Scott Morrison and Treasurer Josh Frydenberg unveiled details of the stimulus packages on March 12 and March 22, saying they have three priorities: to keep people in work, keep businesses open, and ensure the economy bounces back when the spread of the virus abates.
Pensioners, veterans, other income support recipients and concession card holders will receive a one-off payment of $750 as part of the Government’s $17.6 billion plan to prevent the economy sliding into recession following the coronavirus pandemic.
Super funds stay safe in short-term volatility, NAB hit with new class action, no increase in $1.6m transfer balance cap, older Australians resist home modifications and more Australian seniors would downsize if they could.
This month we look at what support is available to Australians affected by the bushfires, changes to legislation allow high earners to opt out of some SG payments, warnings from the ATO and ASIC on early release of super schemes, the price of medications for pensioners has come down, FASEA’s ethics rules are now in place and APRA launches a new sustainability standard.
This month we look at APRA’s MySuper heatmap, the new ‘Right to remain’ test recommendation, longevity tables in need of an update, new research shows that the majority of Australian retirees are independently navigating their way through their retirement finances and Treasury invites submissions as it considers the present and future performance of our retirement income system.
Asked to conduct an independent review of Australia’s retirement income system, the panel appointed by treasurer Josh Frydenberg reported that it was all tied up with the family home.
US investment giant sets its sight on Australian super, AFCA’s comparative reporting tool launches, ASIC flags potential downsides of SMSFs, Australian financial institutions at risk of cyberattack and SMSF couples track well against lifestyle goals.
This month we look at the new proof-of-life certificates required for pensioners overseas, the launch of Australia’s first independent superannuation consumer advocacy organisation, the announcement of a major review of Australia’s retirement income system and an awareness campaign to help you stay safe online.
Industry super funds continue to hold their edge over retail funds for member satisfaction, with Cbus rating highest.
The government’s new retirement incomes review will need to work quickly so it is completed (as recommended by the Productivity Commission) “in advance of any increase in the superannuation guarantee rate”.
The government has announced very broad terms of reference for its inquiry into Australia’s retirement income system, which will trigger fresh debate about the planned future rises in the superannuation guarantee rate.
This month we look at rising mortgage stress for retirees, Fat Cat Funds results, the suburbs with the most unclaimed super and the Better Retirement Outcomes report on super balances.
APRA to rate super funds, ATO cracking down on SMSF diversification and Australians working longer.
As official interest rates drop to a record low of 1%, Age Pensioners who depend on income from cash investments face a double whammy. Not only do they receive less income from their bank deposits as interest rates fall, but they also risk losing some pension because they are deemed to earn more than they do.
If you are wondering how recent rule changes have affected your super and retirement plans, here’s a quick guide to the key changes and when they commenced.