Earn
Government ‘prioritising the wealthy’ with 6-member SMSF bill, says ACTU
The government’s six-member SMSF bill will exacerbate the misuse of superannuation “as a vehicle for tax avoidance and intergenerational wealth transfers”, according to the the Australian Council of Trade Unions.

Government ‘prioritising the wealthy’ with 6-member SMSF bill, says ACTU
The government’s six-member SMSF bill will exacerbate the misuse of superannuation “as a vehicle for tax avoidance and intergenerational wealth transfers”, according to the the Australian Council of Trade Unions.

In a submission to the Senate economics legislation committee, the ACTU said the bill to increase the number of members allowed in an SMSF to six “prioritises the wealthy with more generous SMSF rules to make it even easier to transfer their wealth to the next generation”.
“The result will be an even greater gap between the worker’s retirement outcomes and the already wealthy that will extend into the next generation,” the ACTU submission stated.
“The bill reflects the priorities of the Morrison government to continually advantage the wealthy while undermining compulsory superannuation for workers. This change does nothing to improve the retirement savings of workers but instead promotes its use as an estate planning tool.”
The ACTU said the government should instead be focusing on improving the retirement outcomes of women by removing the $450 per month minimum threshold for superannuation guarantee eligibility, paying superannuation on paid and unpaid parental leave, acting on the nearly $6 billion per year of superannuation theft and restoring the superannuation savings of those who accessed the early release of super scheme.
The submission also argued that expanding SMSF operating powers could provide further opportunity for poor financial advice.
“The expansion of SMSF operating rules also assume a sufficient level of financial literacy within the general community, given that SMSF rules place accountability on an individual for the decisions they make as trustee. This change makes SMSFs even riskier, and this is compounded by the Productivity Commission’s concerns,” it said.
The SMSF Association, in its submission, stated that the measure will help lower fees and will also offer greater investment choice.
SMSF Association chief executive John Maroney said that while any substantial take-up of this option is unlikely, with around 93 per cent of SMSFs run by one or two members, increasing membership from four to six will provide additional flexibility and choice without raising any substantial integrity or administration issues for the SMSF sector.
“We believe this is strengthened by the fact that any administrative risks that may currently exist with four-member SMSFs have not been detrimental to the sector. It will allow families with five and six members the option to establish an SMSF together or allow the remaining members of a family to join a fund that is unavailable to larger families, who must have separate funds,” he said.
“Our only note of caution is that any SMSF adding extra members should be properly planned and accompanied by specialist SMSF advice to reduce any potential risks.”

Earn
Apprenticeship wage subsidy scheme extended by 70k new places
The wage subsidy scheme for apprentices and trainees has officially been extended by another year, a move that is expected to generate around 70,000 new apprentice and trainee places. ...Read more

Earn
JobSeekers could soon be asked to head to the regions to fill jobs
The government is planning to plug regional jobs by taking a tougher approach to JobSeekers, requiring Aussies on the payment to move to fill jobs in regional Australia. ...Read more

Earn
Sydney’s vacancy rates continue to rise
Sydney’s vacancy rates continue to rise overall, but the middle ring is outperforming the rest of the city, new research has revealed. ...Read more

Earn
Why this expert doesn’t expect the regional appeal to last
A certain class of individuals is heading to the regions, with their city jobs in tow, as a direct result of the shifting mindset created by the COVID-19 pandemic, but will this trend last and should...Read more

Earn
Will your job be in demand in 2021?
COVID-19 has brought significant disruption to the economy, and with it, there has been permanent changes to the jobs landscape. So, what jobs will be on the rise this year? ...Read more

Earn
2021 new year, new you: How well does your portfolio stack up against your goals?
Markets in 2020 were challenging and unpredictable, but 2021 offers families an opportunity to review their portfolio and make sure they are still in alignment with their financial goals. Your life, a...Read more

Earn
nestegg’s top 10 most-read stories for 2020
From a global pandemic, economic recession, robodebt refunds and a US election, 2020 has been a huge year for finances in Australia. ...Read more

Earn
Why change is crucial for your career – even if you’re the boss
The proverb would have us believe, “Change is as good as a holiday”. ...Read more

Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now

Raging floods, the tech stock bubble and the ongoing SG debate
Listen now

Meet the Manager with Trilogy’s Philip Ryan: RBA rates and property price growth
Listen now

The continued property boom, ethical investing and engaging with your super fund
Listen now

Earn
Apprenticeship wage subsidy scheme extended by 70k new places
The wage subsidy scheme for apprentices and trainees has officially been extended by another year, a move that is expected to generate around 70,000 new apprentice and trainee places. ...Read more

Earn
JobSeekers could soon be asked to head to the regions to fill jobs
The government is planning to plug regional jobs by taking a tougher approach to JobSeekers, requiring Aussies on the payment to move to fill jobs in regional Australia. ...Read more

Earn
Sydney’s vacancy rates continue to rise
Sydney’s vacancy rates continue to rise overall, but the middle ring is outperforming the rest of the city, new research has revealed. ...Read more

Earn
Why this expert doesn’t expect the regional appeal to last
A certain class of individuals is heading to the regions, with their city jobs in tow, as a direct result of the shifting mindset created by the COVID-19 pandemic, but will this trend last and should...Read more

Earn
Will your job be in demand in 2021?
COVID-19 has brought significant disruption to the economy, and with it, there has been permanent changes to the jobs landscape. So, what jobs will be on the rise this year? ...Read more

Earn
2021 new year, new you: How well does your portfolio stack up against your goals?
Markets in 2020 were challenging and unpredictable, but 2021 offers families an opportunity to review their portfolio and make sure they are still in alignment with their financial goals. Your life, a...Read more

Earn
nestegg’s top 10 most-read stories for 2020
From a global pandemic, economic recession, robodebt refunds and a US election, 2020 has been a huge year for finances in Australia. ...Read more

Earn
Why change is crucial for your career – even if you’re the boss
The proverb would have us believe, “Change is as good as a holiday”. ...Read more