ASIC is responsible for investor and consumer protection in financial services, including super and investments. ASIC is focused on the behaviour of trustees of superannuation funds impacting consumers. ASIC may take action against trustees of superannuation funds in cases of serious misconduct or where trustees fail to meet their key obligations. ASIC wants to see superannuation funds operate in a way that is fair to members and promotes confidence in the superannuation system. Read more about ASIC's role in super. Watch out for emails or calls requesting your personal or account details.
Superannuation in Australia - Wikipedia
Consolidation is often beneficial for consumers, but there are risks that trustees must be careful about when they encourage people to consolidate their super. One such issue is that members may be paying unnecessary fees from separate accounts. To counter these issues, both industry and the Government have done significant work to raise consumer awareness of the potential harms from having multiple accounts. SuperMatch2 enables superannuation trustees and other entities authorised by the trustee to obtain a list from the ATO of active super fund accounts, including lost member accounts and ATO-held monies, that belong to their members or clients. But tools for good can be misused.
Can I Withdraw My Super to Start a Business?
Several changes to superannuation were announced in the October Federal Budget, when the government unveiled its Your Future, Your Super package. The Super Guarantee SG is scheduled to increase from 9. Critics of the idea of leaving the SG on hold include the Federal Opposition, which has argued that wages growth has not improved in recent years despite the SG rate being kept at 9.
A superannuation is an organizational pension program created by a company for the benefit of its employees. It is also referred to as a company pension plan. Funds deposited in a superannuation account will grow, typically without any tax implications, until retirement or withdrawal.