Editor's Choice
Australian Unity lashed by ASIC over TMD questionnaire
|Australian Unity Funds Management has been told to stop offering its Select Income Fund, with ASIC saying retail clients are unlikely to understand the questionnaire used to determine whether they would be in the target market.
More businesses fold, unpaid super recovery measure to launch
|As the number of business insolvencies spike, workers will soon be able to claim unpaid superannuation owed to them by defunct employers.
NZ Super awards mandate to Northern Trust
|NZ Super has awarded a mandate to Northern Trust to use its Data Warehouse Solutions offering.
Sequoia chief learns his fate at EGM
|Sequoia chief executive Garry Crole has managed to hold onto his position after shareholders voted to keep him in the top spot at an extraordinary general meeting.
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Jason Huljich
JOINT CHIEF EXECUTIVE OFFICER
CENTURIA CAPITAL LIMITED
CENTURIA CAPITAL LIMITED
A single decision can change your life, and that's exactly what Centuria Capital joint chief executive Jason Huljich learned when he came to Australia in the 1990s. Eliza Bavin writes.
That is EXTREMELY poor form by the DSS - to make a ruling on a product, that is then launched and sold and then decide to reverse their decision in order to reduce their payments to those in Aged Care. A blatant and morally corrupt money grab at our most vulnerable. If the Government want to make changes to Social Security, they should propose them ahead of time (like the changes to AP income assessment from 1st January 2015), NOT look through previous rulings to reverse immediately without ruling to save some money and not even allow grandfathering for those who are already in product - entered into it in good faith.
"The Department of Social Services is working with Challenger to ensure that investors are appropriately informed by Centrelink about this reassessment prior to any changes taking effect."
That's like informing a person who is about to be run over by a car, that it hurts...!!
What good does that do for anyone, the driver, or the pedestrian?
Yep, nothing.
Various governments have changed their mind on how to assess various types of income streams probably 5-6 times over the last 10 years. Absolutely disgraceful. Basically no-one can plan their retirement properly because the govt backflips every 2-3 years.