Retirement
Big changes on the way for DIY super funds
The outcome of the six-member bill may be an early indication of how likely the minor parties are to support Labor’s franking credit proposal, says a technical expert.
Big changes on the way for DIY super funds
The outcome of the six-member bill may be an early indication of how likely the minor parties are to support Labor’s franking credit proposal, says a technical expert.

After the Treasury Laws Amendment (2019 Measures No. 1) Bill 2019 was referred to the economics legislation committee by the Senate on 14 February 2019, the committee has now reported back.
The government introduced the bill into Parliament in mid-February this year.
In its report, the committee recommended that Treasury Laws Amendment (2019 Measures No. 1) Bill 2019 and the Excise Tariff Amendment (Supporting Craft Brewers) Bill 2019 be passed.
The committee said that by allowing groups of five or six people to establish an SMSF or small APRA fund, the amendments would provide increased flexibility for those with larger families to manage their retirement savings.

The two Labor senators on the committee were opposed to the amendment to extend the SMSF member limit to six members.
Labor senator Jenny McAllister said the government has not provided an adequate or compelling policy rationale for increasing the membership limit of SMSFs from four to six.
“No detailed analysis has been provided by the government, nor has any formal public consultation been conducted by Treasury on this measure as far as Labor senators are aware,” Ms McAllister said.
The one independent senator on the committee, Australian Greens senator Peter Whish-Wilson, did not raise any concerns about the measure.
Peter Burgess, SuperConcepts general manager of technical services and education, said the stage now appears to be set for this bill to be debated in Parliament next week, as the government attempts to pass this measure before the election is likely to be called at the end of that week.
“With Labor senators during the committee inquiry recommending this measure be removed, from an otherwise non-controversial package of bills, it will be interesting to see whether the government now agrees to remove this particular measure from the bill package to secure its smooth passage through the Parliament, or whether they stay the course and decide to dig their heels in,” Mr Burgess said.
“If it’s the latter, they are likely to need the support of the minor parties to get this particular measure through, which may still happen particularly if the minor parties don’t support Labor’s policy to remove refundable franking credits.”
Allowing additional accumulation members to join an SMSF should reduce that fund’s entitlement to excess franking credits, meaning they are less likely to be impacted by Labor’s franking credit policy, he explained. You can read about the proposed franking credit policy more here.
“In this regard, this could emerge as an early test of support for Labor’s franking policy proposal.”
Read more of DIY super here.

Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more

Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more

Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more

Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more

Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more

Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more

Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more

Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more

Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more

Retirement Planning
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income. Read more

Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more

Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more

Retirement Planning
Planning systems under scrutiny as Australia's ageing population grows
The Retirement Living Council (RLC) has called for governments to address planning system shortfalls in preparation for Australia's ageing population, following the release of new data from the ...Read more

Retirement Planning
Retirement Living Council calls for focus on seniors' housing as population ages
The Retirement Living Council (RLC) has urged governments across Australia to prioritise age-friendly housing solutions in response to new data revealing an ageing population. Read more

Retirement Planning
Macquarie University study reveals benefits of guaranteed income in retirement
A new study by Macquarie University's School of Psychological Sciences has found that mental health, enjoyment, and financial security are key benefits of incorporating guaranteed income and annuities ...Read more

Retirement Planning
Retirement villages offer affordable housing amid market crisis, study finds
Retirement villages are providing a significantly more affordable housing option for older Australians compared to the traditional property market, according to new data released today. Read more