Superannuation supported economy in GFC
Superannuation has played a vital role in strengthening the economy, helping Australia avoid recession, according to new research commissioned by ASFA. The research, conducted by the Allen Consulting Group (ACG) for ASFA, showed that GDP would have been 1.8% lower in June 2008 without the superannuation system. The research was overseen by Dr Vince Fitzgerald of ACG ...more
Financial services and super reviews – are we all reviewed out?
In April this year (ie before the 2009 Federal Budget), the Minister for Superannuation and Corporate Law, Senator Nick Sherry, and a coalition of peak superannuation industry bodies released a Communiqué of Principles on the Australian superannuation system, including a resolution that the current operational features of the system be examined. Sherry said this review ...more
Super administration complaints continue to rise
The Superannuation Complaints Tribunal (SCT) has advised that, during the June 2009 quarter, the number of complaints within jurisdiction relating to fund administration as a percentage of total complaints continued to rise and comprised the largest category (64.7% of all complaints). However, the SCT noted that, during the quarter, the total number of written complaints ...more
Minimum pension relief for self-funded retirees
The Tax Office noted that relief for self-funded retirees from the minimum payment requirement for account-based pensions has been extended. Contains an example. Note that the Amending Regulations to extend this relief were registered on 5 June 2009 This article appeared in Thomson Reuters Latest Tax News (Tuesday 4th August 2009). With tax fast-moving and ...more
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