News Muncher - searching for billion - category superannuation

5 months ago

ATO moves to claw back $50 billion in debt, but during a cost-of-living crisis it's causing turmoil

ABC

The tax office is once again perceived as the 'bad cop' on the beat and it's the Albanese government that's given it a mandate to go hard and recoup more than $50 billion in debt owed, most of it by small business. ATO takes 'firmer' action against directors it says owe billions tax and super Photo shows Andrew Christodoulou pic …

Tax Director Workers Debt Small Businesses Billion Businesses

6 months ago

Tax office urges more than 4 million Australians to track down $16b in lost, unclaimed superannuation

ABC

In short: The tax office says there is $16 billion in lost and unclaimed superannuation in Australia, and 23 per cent of working Australians have more than one account. Super stapling Mr James said the next generation of workers will be less susceptible to having multiple super accounts since the federal government introduced super stapling in 2021. A spokesperson for …

Financial James Lost Queensland Unclaimed Super Super Funds

1 year, 3 months ago

Superannuation payout delays throw spotlight on 'harrowing' ordeal for families

ABC

John Bothman has been locked in a battle with one of Australia's largest funds to have his partner's superannuation paid out after her death. Key points: The partner of a deceased nurse struggles with her lengthy death benefits claim Aware Super, one of the largest funds in Australia, apologises and partially blames outsourced contractor The voluntary system of dealing with …

Death Claims Funds John Aware Super Julie

1 year, 5 months ago

ECONOMIC PERSPECTIVES | Sri Lankan debt crisis to get worse if IMF prescription is heeded

The Hindu

Published : Jul 13, 2023 11:00 IST - 6 MINS READ On July 1, Sri Lanka’s parliament approved, through a majority 122-62 vote, a plan to restructure the government’s domestic debt, which totalled 15.4 trillion Sri Lankan rupees at the end of March 2023. At that point in time, of the government’s total debt of $86.5 billion, $46.9 billion was …

Domestic Treasury Debt Crisis Foreign Exchange Cent Funds Foreign

1 year, 5 months ago

Sri Lankan Central Bank moots recast of pension funds, haircut on sovereign bonds

The Hindu

Sri Lanka’s Central Bank has proposed restructuring the beleaguered nation’s debt by recasting the outgo on the country’s pension funds and offering international sovereign bondholders a repayment plan that entails a 30% haircut. Addressing a media briefing in Colombo Thursday morning, Central Bank Governor Nandalal Weerasinghe unveiled the Ranil Wickremesinghe government’s domestic debt restructuring plan that seeks to protect local …

Sri Lanka Central Bank Debt Domestic Treasury Restructuring Plan

1 year, 7 months ago

Superannuation customers stay in dud funds, with one-in-five 'significantly underperforming'

ABC

Many superannuation customers are losing out, staying in dud funds with high fees, according to the latest data from the industry's regulator. Key points: One-in-five so-called "Choice" super funds "significantly underperformed" the regulator's benchmarks Fees tended to be higher and investment returns lower in underperforming funds Five funds failed the test, with some barred from taking on new members Superannuation …

Performance Investment Funds Members Choice Superannuation New Members

1 year, 10 months ago

Labor wants to revamp superannuation, but does it have workers' interests in mind?

ABC

In every debate about superannuation, there's a reality that is often forgotten. You could lose hundreds of thousands of dollars if you stay in a dud fund Photo shows Retirement nest egg The "name and shame" list of super funds is designed to make Australians more aware. "Right now, we're on track to spend more on super tax concessions than …

Labor Retirement Savings Tax Money Workers Fees

3 years, 1 month ago

How millions of Australian workers are being ripped off by their bosses

ABC

Bosses are failing to pay superannuation, and it's a growing crisis costing workers billions of dollars. "We investigate every claim of unpaid super that is reported to us," Ms Rosenzweig says. Ms Rosenzweig says the ATO tries to get back workers' unpaid super in cases of insolvency but, if a company no longer legally exists, "the ATO is constrained from …

Workers Pay Unpaid Dean Paid Australian Her Employer

3 years, 3 months ago

Australians urged to switch where they invest for retirement as best and worst superannuation funds revealed

ABC

More than 1 million Australians who are members of underperforming superannuation funds will soon receive letters urging them to switch where they invest their retirement savings. APRA executive board member Margaret Cole said 84 per cent of products passed the performance test, "however APRA remains concerned about those members in products that failed". Super Consumers Australia director Xavier O'Halloran says …

Fees Cent Funds Invest Members Return Switch

4 years, 1 month ago

Super tax breaks not needed for wealthy, they should tap into their home equity, retirement income review

ABC

The almost $42 billion annual cost of superannuation tax concessions is largely benefiting wealthy savers, according to the Federal Government's retirement income review, which suggests they should instead tap into the equity of their homes to help fund their retirement. Key points: The 650-page Retirement Income Review by former IMF director and senior Treasury bureaucrat Michael Callaghan has been released …

Retirement Tax Equity Wealth Age Income Review

4 years, 4 months ago

Early access superannuation scheme estimated to hit $42 billion in coronavirus support

ABC

More than half a million Australians are estimated to have "completely cleaned out" their superannuation savings during the COVID-19 crisis, as Treasury predicts workers will withdraw a total of $42 billion under the early-access scheme. Key points: More than 2.6 million Australians have accessed their superannuation early More than 2.6 million Australians have accessed their superannuation early The initial estimate …

Access Treasury Scheme Australians Superannuation Mr Combet Combet

4 years, 5 months ago

Coronavirus superannuation early withdrawal scheme hits $25 billion as new financial year starts

ABC

The latest figures show up to 2.4 million people have applied for early withdrawal of part of their superannuation, with around $25 billion worth of applications approved by the Tax Office. Key points: ATO figures show 2.4 million "unique applications" for early superannuation withdrawal As of June 28, funds had already paid out more than $18 billion to their members …

Financial Access Applications Early Billion Funds Scheme

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