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Consultation paper released on aligning super payments with wages

ANDREW MCKEAN  |  MONDAY, 9 OCT 2023
... superannuation payments with wages ensures employees have clearer visibility over correct SG contributions. This adjustment not only offers employees extended time in the fund, amplifying the benefits of compounding returns, but also bolsters the ATO's ...

AMP shareholder class action settlement slashed

KARREN VERGARA  |  MONDAY, 9 OCT 2023
... which may therefore be deducted from the Settlement Sum," the shareholder notice said. Currently, Maurice Blackburn said it is not possible to estimate how much each participant will receive as it needs to take into consideration factors like the registration ...

Peter Costello steps down from Future Fund

ANDREW MCKEAN  |  MONDAY, 9 OCT 2023
Peter Costello has informed the government he will not pursue a third term as the chair of the Future Fund. A formal, merit-based search is now underway for a new chair of the $250 billion sovereign wealth fund, with the government viewing future board ...

Aussies largely unsure of legacy plan: Research

CHLOE WALKER  |  FRIDAY, 6 OCT 2023
... issues in more complex family situations- a challenge for wealthier people in particular. Superannuation, of the other hand, is not intended to be a wealth transfer tool, and the tax implications can be an issue when its used as an intergenerational ...

Magellan FUM, share price tumble

ANDREW MCKEAN  |  FRIDAY, 6 OCT 2023
Magellan Financial Group's funds under management (FUM) has continued to nosedive, following the fund manager registering $2 billion in net outflows. At September end, the ASX-listed company's FUM stood at $35 billion, consisting of $16.2 billion from ...

Global economy 'remarkably resilient', faces growth challenges: IMF

ANDREW MCKEAN  |  FRIDAY, 6 OCT 2023
The global economy has shown "remarkable resilience" stemming from a strong demand for services and "tangible progress" in combatting inflation, International Monetary Fund (IMF) managing director Kristalina Georgieva said. In a speech in Abidjan, Ivory ...

Advised Aussies more financially confident: Research

KARREN VERGARA  |  FRIDAY, 6 OCT 2023
... chair David Sharpe said. "But with these research findings, the high value that financial advice can bring is undeniable. Not only do clients who work with a financial planner feel they are better off, they also feel more at peace with their finance ...

Adviser cops 10-year sentence

KARREN VERGARA  |  FRIDAY, 6 OCT 2023
A former financial adviser who took more than $10 million from clients to fund his lavish lifestyle will spend the next 10 years in jail. Judge Wraight sentenced Terence Rio Nugara to nine years and 11 months imprisonment at the Victoria County Court ...

La Trobe University appoints lead for $200m campaign

CHLOE WALKER  |  FRIDAY, 6 OCT 2023
... officer to drive fundraising. Joining from Queensland University of Technology, Powell brings over 20 years' experience in not-for-profit organisations across the arts, health and medical research, and higher education sectors. La Trobe vice-chancellor ...

Housing crisis costing Australia $64bn: Aware

CASSANDRA BALDINI  |  FRIDAY, 6 OCT 2023
... to break down, brick by brick, those obstacles preventing us from scaling up our commitment in a sector," she said. "That not only provides our members a source of stable returns but also houses those who provide our families and communities with essential ...