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Government Passes Changes to the Superannuation System

Government Passes Changes to the Superannuation System

The changes to the superannuation system have passed through Parliament today, following compromises reached, after the initial announcement in the 2015-16 Budget. Changes include: A $1.6 million cap on the amount of tax free savings a member can have in retirement from 1 July 2017. (The cap will be indexed and will rise each year…

Professional Standards for Financial Advisers Introduced

Professional Standards for Financial Advisers Introduced

On 23 November 2016, the Minister for Revenue and Financial Services, the Hon Kelly O’Dwyer MP introduced legislation into Parliament to mandate professional standards for financial advisers. Requirements The Bill will require: Compulsory education requirements for both new and existing financial advisers; Supervision requirements for new advisers; A code of ethics for the industry; An…

Melbourne Mercer Global Pension Index 2016

Melbourne Mercer Global Pension Index 2016

The Melbourne Mercer Global Pension Index:  The index measures 27 retirement income systems against more than 40 indicators, covering 60% of the world’s population.  It is considered the world’s most comprehensive comparison of pension systems. The retirement income systems of Denmark and the Netherlands have taken the top two spots in 2016, with Australia placing…

FSC welcomes changes to non-concessional superannuation caps

FSC welcomes changes to non-concessional superannuation caps

On 15 September 2016, the Financial Services Council (FSC) welcomed the Government’s revised proposal on superannuation taxation following industry consultation. Under the revised rules, it will be possible to contribute up to $125,000 into superannuation each year until a limit of $1.6 million is reached.  This comprises $25,000 concessional contributions (before tax) and $100,000 non-concessional…

Statement on Life Insurance – FSC

Statement on Life Insurance – FSC

The CEO of the Financial Services Council, Sally Loane, has issued a statement suggesting its support for reforms to life insurance advice, based on the review it commissioned by John Trowbridge during 2014/15 with reforms aimed at removing conflicts from the industry. Calling for ‘swift passage’ during the legislative sitting week commencing 13 March, the…

Discussion Paper on the Objective of Superannuation

Discussion Paper on the Objective of Superannuation

In response to a recommendation from the Financial System Inquiry, The Hon Kelly O’Dwyer MP, released a discussion paper on 9 March 2015, entitled the “Objective of Superannuation” setting out for public consultation the Government intention to enshrine the ‘objective‘ of superannuation in law. Setting out the objective in legislation is intended to guide policy…

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