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Showing 21 - 30 of 70 results for "Sole Purpose Test"

US considers restricting ESG in pensions

ELIZABETH MCARTHUR  |  WEDNESDAY, 22 JUL 2020
... value of a particular investment or investment course of action." The proposal appears to be similar to the sole purpose test which is in place for Australian superannuation funds. The sole purpose test requires each trustee of a super fund to ensure ...

ATO warns against SMSF property development

ELIZA BAVIN  |  WEDNESDAY, 10 JUN 2020
... include whether the arrangement amounts to the SMSF being maintained for a purpose outside those permitted by the sole purpose test, whether the SMSF continues to meet the relevant operating standards and whether the arrangement includes the provisions ...

Sole purpose test poses SMSF rent relief issue

ELIZABETH MCARTHUR  |  TUESDAY, 26 MAY 2020
... SMSF trustee landlords offering rent relief to those facing financial hardship could mean they fail to meet the sole purpose test. Breaching the sole purpose test is not the only issue SMSF trustees could run into when attempting to provide rent relief ...

APRA urged to probe industry funds

KANIKA SOOD  |  TUESDAY, 26 MAY 2020
... interconnectedness of industry funds and their investment structures that raises questions about their fulfilment of the sole purpose test (such as allocating significant capital to ME Bank when it has never returned a dividend), conflicts of interest ...

ISA questioned over political donations

ELIZABETH MCARTHUR  |  FRIDAY, 15 MAY 2020
... questioned by Tim Wilson over whether political donations made by ISA or its member funds could possibly pass the sole purpose test. Dean was adamant that ISA does not make political donations. "ISA doesn't give money to political organisations," ...

ME Bank pays industry funds no dividends

ELIZABETH MCARTHUR  |  THURSDAY, 14 MAY 2020
MP Tim Wilson has argued industry super funds' ownership of ME Bank is at odds with the sole purpose test as the bank has yet to pay dividends. Following ME Bank's controversial decision to slash redraw balances on some legacy home loans, and ...

Super funds need to act like banks: PM

ELIZA BAVIN  |  FRIDAY, 17 APR 2020
... investment capacity." However, the FSC added superannuation funds have legal obligations to invest with regard to the sole purpose test, which requires funds to be maintained for the sole purpose of delivering retirement benefits to members. "Each individual ...

Legal fight could change super game

ELIZABETH MCARTHUR  |  FRIDAY, 8 NOV 2019
... special counsel at Mills Oakley, explained the case has ramifications for the ways super funds interpret the sole purpose test. "The sole purpose test is 25 years old and guidance is warranted, especially in what appears to be an era of social and environmental ...

Superannuation mergers strike oligopoly fears

KARREN VERGARA  |  TUESDAY, 23 APR 2019
... members and reviewing investment management decision-making processes, he says. "What is clear is that the super sole purpose test means funds have a primary duty to ensure the fund provides benefits to its members on their retirement," he adds. The ...

Fee for no service on APRA and ASIC radar

KARREN VERGARA  |  WEDNESDAY, 10 APR 2019
... of circumstances where services are not provided and substantiate if the deductions are consistent with the sole purpose test and in the best interests of members. They emphasised that "care needs to be taken to ensure that controls do not place undue ...