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Showing 441 - 450 of 959 results for "ATO"

Slow but steady: SMSF growth continues

HARRISON WORLEY  |  MONDAY, 11 MAR 2019
... not-for-profit funds by inflows from SMSFs were AustSuper, UniSuper, HostPlus, QSuper and Cbus. For context, Rainmaker analysis of ATO data shows SMSF establishments have halved over the last six years, to around 6000 per quarter. In 2012, quarterly ...

Sole purpose test divides industry

HARRISON WORLEY  |  MONDAY, 11 MAR 2019
... secured fund members a discount card at the former retail behemoth. The scheme attracted the attention of both APRA and the ATO, and was subsequently banned in 2002 for being inconsistent with the sole purpose test. "This [Coles Myer offer] was quite ...

New reforms to smash major super funds

JAMIE WILLIAMSON  |  TUESDAY, 26 FEB 2019
... this month, AMP confirmed it would take a $30 million annual hit if forced to send its 370,000 low balance accounts to the ATO. AMP said the figures were estimates, and could change depending on the administrative cost efficiencies it might achieve and ...

IOOF braces for new super package, grandfathered commissions changes

KARREN VERGARA  |  TUESDAY, 19 FEB 2019
... analyses, he said. AMP announced yesterday it will lose $30 million when it transfers 370,000 low-balance super accounts to the ATO. Part of the Protecting Your Super Bill includes banning exit fees, and capping administration and investment fees to ...

Pay super fortnightly: ISA

HARRISON WORLEY  |  TUESDAY, 19 FEB 2019
... superannuation contributions are paid each quarter, instead of alongside their wage payments. Releasing analysis based on ATO data this week, ISA said about 5.8 million Australian workers aged between 20 and 69 lost $225 million because their super contributions ...

Super account consolidation to hurt AMP

HARRISON WORLEY  |  MONDAY, 18 FEB 2019
AMP will take a $30m hit to the hip pocket if it is forced to send 370,000 low balance super accounts to the ATO. Following the Senate passage of the Government's centerpiece superannuation legislation late last week, AMP informed the market it would ...

Industry funds wary of stapling default members

KANIKA SOOD  |  FRIDAY, 15 FEB 2019
... Your Super Bill from last year's budget. The Senate last evening passed legislation to give the Australian Taxation Office (ATO) the power to take inactive accounts under $6000, starting July 1. It also passed an end to exit fees and introduced a cap ...

Aussies find $860m in lost super

HARRISON WORLEY  |  FRIDAY, 8 FEB 2019
... superannuation was found and consolidated towards the end of 2018. Releasing new data this week, the Australian Taxation Office (ATO) said more than 66,000 Australians found and consolidated some of their retirement savings at the end of last year, with ...

Will the PC recommendations fall through the cracks?

KARREN VERGARA  |  WEDNESDAY, 23 JAN 2019
... Parliament," he said. While some of the recommendations may be possible to legislate by way of delegated authority via APRA, the ATO, or ASIC, much of the policy would require the passage of bills through Parliament. "As we've seen with the stalling ...

SMSF returns not accurate in Productivity Commission report

KANIKA SOOD  |  MONDAY, 21 JAN 2019
... running SMSFs $500,000 or less in net assets, Class said. In July last year, Class made a submission to the PC saying APRA and ATO used different methodologies to calculate SMSF returns - as a result, the ATO's returns for the sector were systematically ...