DIY super taxes the ATO

Article Abstract:

According to the superannuation industry the Australian Taxation Office is ill equipped to regulate the increasing numbers of self-managed pension funds and the problems are likely to aggravate with the introduction of super fund choice effective from July 2005. ATO on the other hand is confident of ensuring compliances by these do-it-yourself super funds. After a recent provision of finance for 40 extra officers by the government, the total number of ATO officers working on compliances of super funds has come to 200 and 140 of these are auditors.

Services information, Services, Australia. Australian Taxation Office

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AMP's hard slog

Article Abstract:

AMP, Australia's largest life insurance and superannuation company, will encounter many risks as it attempts to maintain a strong financial position after the end of the George Trumbull management era. AMP has spent $4.5 billion to buy two British businesses. Industry analysts viewed its takeover of insurance company GIO as a failure. AMP's profitability is too much at the mercy of the markets, and its 1998 net profit of $1.03 billion was made up of $315 million of operating margins and $712 million from investment earnings.

United Kingdom, Life Insurance, Direct Life Insurance Carriers, Statistical Data Included, Finance, Insurance industry, Cover Story, Life insurance industry, AMP, AMP Financial Services, Trumbull, George

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Super funds get lucky

Article Abstract:

The recovery in the performance of large, diversified superannuation funds continues in the 2003-04 financial year on account of the strength of the Australian equities market. Fund managers are wondering if they should continue to be overweight in Australian equities or reduce their holdings.

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