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Search ResultsShowing 1 - 10 of 51 results for "Sole Purpose Test"
DomaCom to deliver affordable housing
ANNABELLE DICKSON  |  MONDAY, 9 NOV 2020
... investment returns. "This is particularly important to superannuation funds as they are required to comply with the Sole Purpose Test when investing and are not able to accept discounted investment returns even if it is for a good social purpose," he ...
Super funds squander member money: Bragg
KARREN VERGARA  |  THURSDAY, 24 SEP 2020
... wants to see better governance in how members' money is spent, pointing to how such conduct is failing the Sole Purpose Test. While Bragg insists that he does not want to upend or abolish the entire system, he would rather see members get "more bang ...
APRA reopens for licences
ANNABELLE DICKSON  |  MONDAY, 10 AUG 2020
... accounting framework; and the prudential standard for insurance in superannuation and updated guidance on the sole purpose test. "In January this year, APRA published an ambitious policy agenda. The onset of COVID-19 necessitated the suspension of many ...
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 ...
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 ...
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