Hunter Partners are Accountants Tax Agents and Financial Planners

Consumers to have better protection under new ASIC powers. In response to the recommendations of the Banking and Financial services Royal Commission and the ASIC Enforcement Review Taskforce Report, the government has proposed new enforcement and supervision powers for ASIC to restore consumer confidence in the financial system, particularly in relation to financial advice.

Superannuation savings increased by no cost strategies. With all the pandemonium of the holiday season and the end of the year rush, your super is probably the last thing on your mind. However, this is precisely the right time to think about implementing some strategies to increase your super for the coming year.

SMSF sole purpose test and fractional investments. Previously, it was thought that any benefit provided directly or indirectly to members or related parties of an SMSF from an investment would contravene the sole purpose test. However, a Full Federal Court decision has re-framed the sole purpose test which will provide some flexibility to trustees on certain investments.

Super guarantee opt out for high income earners with multiple jobs. If you’re a high-income earner with multiple employers, there is a good chance that you may unintentionally exceed the super concessional contributions cap in any year, which may cause excess contribution issues.

Insurance changes in superannuation are on the horizon. You may have heard a lot recently about super funds providing either opt-in or opt-out insurance and have wondered how will affect you and your retirement savings.