There is a school of thought which is in favour of keeping life insurance outside Super. It talks about the adverse impact of funding premiums with Super. To add, it talks about inadequate coverage (case in point being Trauma Insurance) and the legalities of the Binding Death Nomination which can make payment claim a long-drawn out process.
Super News
Changes in Super Contribution Caps – August 2014
You know the grind if you exceed the upper ceiling on your Super contributions. This is probably why you will be none the poorer knowing where you exactly stand. The sun rose on the first of July this year, changing, for at least the foreseeable future, the super contribution caps.
ATO Targets DIY Super for Dividend Washing (and more!)
In an article for the Sydney Morning Herald, Sally Pattern talks about the notification that the Australian Tax Office has sent to over 2,000 SMSFs, citing that they have engaged in the unethical strategy of dividend washing.
AIST Warns Against Using Super Funds For Properties
Despite harsh housing affordability, the Australian Institute of Superannuation Trustees (AIST) is busy warning of potential dire consequences if first home buyers are allowed to use their superannuation for their deposit. Super must always be kept to gain an upper hand during retirement and any other use jeopardises your retirement nest egg, feels Tom Garcia, AIST CEO.
ASIC Appoints SMSF Taskforce
The collapse of Charterhill brings to the fore certain serious apprehensions one always had for the otherwise buoyant SMSF industry. One-size-fits-all approach cannot possibly work for this sector. Any company, and I include Charterhill, that proposes the same mantra of “go for a combination of Limited Recourse borrowing, properties and SMSF” without analysing the hierarchy of investors is bound to collapse. The writing was always on the wall and it was only a matter of time.
ATO Reports More Than 300 SMSF auditors to ASIC
The Australian Securities and Investments Commission (ASIC) has received details of more than 300 SMSF auditors from the ATO. The approved auditors are vital cogs in the ATO wheel and registration concerns may turn out to be a serious issue.
