Super

Build a strong path to wealth with our superannuation news and insights.

Survey reveals huge surge in number and value of frauds

The latest in a series of six-monthly reports from KPMG has revealed a huge jump in the occurrence and financial value of frauds. Its “Fraud Barometer” showed that over the six month period to March this year, 116 frauds were committed, with a value of $381.1 million (that is, an average of $3.3 million per

[ Read More ]

How to find and merge all your lost super accounts in three easy steps

It’s human nature to avoid painful administrative tasks – even when completing those tasks results in clear benefit. How to find and merge all your lost super accounts Superannuation is one of those tasks. Recent ATO stats suggest too many taxpayers are setting-and-forgetting their super responsibilities; in 2014, $14 billion in lost super went unclaimed.

[ Read More ]

SMSFs, tempted by higher yields, should read this report first

SMSFs, tempted by higher yields, should read this report first. Trustees, in the scramble for yield in a lower interest rate environment, would be well advised to read the Australian Competition and Consumer Commission’s (ACCC) seventh annual report on scams activity. By far the most concerning trend in the ACCC’s data related to investment scams,

[ Read More ]

Non-arm’s length LRBA grace period is to be extended

Non-arm’s length LRBA grace period is to be extended. Continuing from the ATO’s determinations that limited recourse borrowing arrangements (LRBA) maintained not on arm’s length terms give rise to non-arm’s length income (NALI), the ATO’s deadline for fixing the terms of existing LRBAs was 30 June 2016. However, additional time has been granted and now

[ Read More ]