Mon, 2nd Sep 2024

This episode of the Weekly Superannuation News Wrap discusses key changes in Australia's superannuation landscape as of September 2024. The Australian Taxation Office is proposing guidelines to increase financial security for unprotected subcontractors, potentially affecting operational costs for businesses. The Australian Prudential Regulation Authority is intensifying oversight on super fund expenditures, with plans to publicize fund-level expense data. Meanwhile, intense mergers and exits have led to the top five superannuation funds controlling 47% of total memberships. The Super Members Council is battling Australia's unpaid super crisis, proposing measures like aligning super payments with paydays and setting recovery targets. Lastly, the Commonwealth Superannuation Corporation is revamping its advisory framework to better serve public service and defense force members. These changes underscore the importance of staying updated on superannuation issues.