Super 'choice' regime draws closer

Article Abstract:

A law has been introduced into Parliament which would require companies to set aside Superannuation Guarantee contributions to a fund chosen by the employee. Choices would include a public offer fund, a Retirement Savings Account, an in-house fund, and an industry fund. Choices may be either unlimited or limited. Employees would have 28 days after employment to select a fund or receive the default fund. If this bill passes, employers would need to provide advice and education for their employees.

Retirement Policy, Social policy, Retirement, Personnel policy

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New rules for DIY super: definitions, directions and the ATO

Article Abstract:

Changes have been proposed for small, self-managed pension plans. Current rules include that there must be fewer than five members, all members of the plan must be related through family or as a co-worker and all members are trustees. The Australian Taxation Office rather than the Australian Prudential Regulation Authority will now manage these pension plans.

Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Planning, Services, Accounting firms, Accounting services, Retirement income

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SLAB 4: problems ahead for small super funds

Article Abstract:

Pension legislation was introduced on Aug 11, 1999, in Australia. This bill will implement in-house asset investment restriction expansion on pension funds. This legislation could impact small pension fund trustees and the fund's advisers. A pension fund cannot allocate over 5% of its assets 'in-house' otherwise, its tax status is affected.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Benefit Regulation

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