Acorns Grow Now Being Developed for Aussie Super Funds
Acorns, a micro-investment company that recently entered Australia, has joined forces with the Association of Independently Owned Financial Professionals to create Acorn-like apps for superannuation contributions. It works by using the spare change model, which means spare change from your transaction account gets deposited into your superannuation account, and you never see it or know the difference. It is just rounded up and taken away.
See our article on Acorns Grow
The Budget and Superannuation
The Federal Budget has some possible ramifications for superannuation, with an estimated 560,000 people affected by additional tax revenue being raised from superannuation contributions and investment earnings. Limitations have been suggested on super contributions, the Low Income Superannuation Tax Offset (LISTO) is in the pipeline, to offer up to $500 per year for millions of people, in particular, women. Balance transfer caps may be dropped by almost $1 million.
Stronger Super Regime Updates
ASIC has updated industry on scheduling for key superannuation reforms.
- Commencement for portfolio holdings disclosure reporting and choice product dashboard requirements is deferred until 30 June 2017.
- ASIC has extended previous relief allowing registrable superannuation entities (RSE) licensees to provide a product dashboard that includes a periodic statement (a website address). No hard copies will be required.
- Certain disclosures required for standard employer-sponsored sub-plans has been deferred until 1 July 2017. After this date, all RSE licensees must fully comply with the s29QB requirements.
For more information, see:
- ASIC Superannuation (Amendment) Instrument 2016/351, which amends ASIC Class Order [CO 14/443];
- ASIC Corporations (Amendment) Instrument 2016/364, which amends ASIC Class Order [CO 14/443] and ASIC Class Order [CO 13/1534];
- ASIC Superannuation (Amendment) Instrument 2016/345 which amends ASIC Class Order [CO 14/509].