Oz government closes superannuation loophole
AUSTRALIA - Legislative changes will prevent unscrupulous debtors from transferring assets into superannuation when bankruptcy is looming.
The amendments were announced by attorney general Philip Ruddock and minister for revenue and assistant treasurer Peter Dutton. While closing the loophole, the changes will ensure genuine contributions...
More on Australia
Bill introduced to increase contribution rate to 12%
AUSTRALIA - The wheels were finally set in motion to raise the contribution limit in Australia to 12% from 9% with the introduction of a new bill today.
Australian Future Fund returns -2.9% in third quarter
AUSTRALIA - The A$73.2bn ($78.2bn) Future Fund lost 2.9% in the third quarter, though moves to decrease equity exposures helped stave off more drastic losses.
Australian super falls for the fifth month
AUSTRALIA - The median balanced superannuation fund has fallen for the fifth consecutive month returning -1.8%, -4.9% for the September quarter and -3.8% for the past year, SuperRatings finds.
StatewideSuper and Local Super takes a step forward
AUSTRALIA - The merger between the A$2.4bn (US$2.5bn) StatewideSuper and the A$1.7bn Local Super will move to the next stage, beginning the due diligence process following approval in principle from the funds' major shareholders.
Video: Jeremy Cooper - Architect of reform
Jeremy Cooper, author of Australia's Cooper review on superannuation, talks about his vision behind a lower-cost, more efficient pension system. He talks about the failure of traditional drivers of competition to lower prices in the financial services...
