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Market wrap

AAP  |  FRIDAY, 26 AUG 2005
The Australian share market is likely to open firmer as slight gains across the board in the US, coupled with fresh record high oil prices combining to help push the local market higher. On the Sydney Futures Exchange, the September share price index ...

HESTA attracts more employers post Choice

The superannuation fund for health and community services, HESTA, has experienced an influx of employer members since the introduction of the choice of fund regime on 1 July 2005. The fund has attracted 1,200 new employer members in July, which is more ...

ASIC completes wind up of SMSF adviser

The Australian Securities and Investments Commission (ASIC) has completed a shut down of a self-managed superannuation adviser following earlier action taken by the regulator. Pitcher Partners has been appointed as the provisional liquidator for PFS ...

Weekly economic roundup

The Westpac/Melbourne Institute leading index and the Australian Bureau of Statistics (ABS) Wage Price Index were among the major statistics released last week. The Westpac/Melbourne Institute leading index of economic activity rose by 2.9 per cent ...

S&P backs Allco Max securities

Standard & Poor's (S&P) has assigned a 'recommended' rating to mortgage backed securities provider, the Allco Max Securities and Mortgage Trust. "The Max securities are suitable for investors seeking excess returns in an equity-style product with fixed-income-style ...

Employees indicate mystery still surrounds Choice

A survey conducted on behalf of TWUSuper has revealed consumers remain unclear about the implications of the new choice of fund environment. While the majority of the public may be aware of the new superannuation regime, shown to be 93 per cent by a ...

Super surcharge finally abolished in new Senate

Legislation to abolish the superannuation surcharge has now been passed in the new Senate. The measure follows the government's initiatives to boost superannuation savings including an expanded co-contribution scheme to encourage low and middle-income ...

Navigator changes tax treatment to boost super returns

Navigator will now allow the members of its superannuation products to maximise their returns through a change to its tax deduction timing. The financial services company has decided to deduct the 15 per cent contributions tax from investors' accounts ...

Another win for Bridges against the taxman

Bridges Financial Services has won its legal battle against the New South Wales Office of State Revenue (NSW OSR) regarding its payroll tax assessment in the New South Wales Supreme Court. As long as the NSW OSR does not appeal the decision, the ruling ...

Macquarie LPT buys into booming US retail market

A Macquarie Bank listed property trust (LPT) has taken a major stake in the US retail property market capitalising on growing opportunities in the market. Macquarie DDR Trust will purchase 50 per cent of a national US retail shopping chain for $US396.2 ...