Your superannuation provides insurance for life that is way cheaper than the insurances which are being missold by a few shonky practitioners in the traditional insurance world. The Australian Securities and Investment Commission has released a report that says more than a few insurances policies being offered today are below standard and suits only the purpose of the financial advisors, not the clients.
From 1st July 2013 onwards, individuals exceeding the upper cap of their concessional contributions will find the extra amount included in their assessable income. This amount will be chargeable at the marginal tax rate and will also attract an interest.
While there is no substitute for face-to-face contact, Super fund members may soon wake up to an alternative. Yes, in not too distant a future, fund members may begin to receive automated financial advice in “bite-sized chunks”.
There has always been some speculation about the degree to which Super fund owners understand their insurance cover within the Super. A media release on the ASFA website gives it a final confirmation. The release implores all the super fund members to give a thorough reading to their policies and figure out if it is good enough for them.
If things do not go awry, retirement is a phase of life that can bring a lot of creative happiness, satisfaction, and peace. While it can be a really fulfilling time allowing us to find pleasure in small old-world things again, retirement can also hinder you in one special way — financially!
With continued advancement of artificial intelligence (AI), complete automation of SMSF audits clearly looks like a possibility, reports Katarina Taurian in an article for the SMSF Adviser. SMSFs, owing to their basic transaction structure can gain more from such automation. Of course, all this if machine learning and AI keeps improving!