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Search ResultsShowing 1 - 10 of 46 results for "Sole Purpose Test"
Sole purpose test poses SMSF rent relief issue
ELIZABETH MCARTHUR  |  TUESDAY, 26 MAY 2020
... 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 for ...
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
... 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 fund ...
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 ...
APRA warns trustees on expectations
ELIZABETH MCARTHUR  |  THURSDAY, 28 MAR 2019
... of interest, data and reporting, accountability and remuneration, insurance and inactive accounts, and the sole purpose test. On the issue of the sole purpose test APRA said: "The industry has previously noted that there is ambiguity around the intent ...
Sole purpose test divides industry
HARRISON WORLEY  |  MONDAY, 11 MAR 2019
... of superannuation regulation, as the industry debates whether bonus frequent flyer points schemes breach the sole purpose test. AustralianSuper is currently offering 20,000 Qantas points to members of the airline's frequent flyer program if they join ...
Sunsuper introduces advice fee caps
JAMIE WILLIAMSON  |  THURSDAY, 28 FEB 2019
... Sunsuper has introduced financial advice fee caps to combat unnecessary balance erosion, further ensuring the Sole Purpose Test is met. From this week, the $60 billion industry fund has capped the fees payable to a financial adviser via a clients' ...
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