Australia s biggest SMSF is worth $544m afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
This week saw a big drop in adviser numbers to 19,953 as licensees with limited advice services continued to cut advisers roles and advisers opting not to proceed with the FASEA exam.
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Australia’s bloated superannuation sector was a major beneficiary of last night’s federal budget.
Not only did the budget keep the scheduled rise in the superannuation guarantee (SG) to 12% in place, but it also:
removed the current $450 per month minimum income threshold for the superannuation guarantee;
removed the work test for older Australians to make voluntary contributions to superannuation; and
allowed those aged over 60 to contribute up to $300,000 into their superannuation if they downsize their home.
The inevitable result is that more funds will now flow into the superannuation system, increasing the sector’s size relative to the economy.
Rice Warnerâs female staff lose super perk
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Itâs not often that an acquisition results in a portion of a companyâs workforce taking an immediate pay cut.
But thatâs the lot of the women at Rice Warner, who for the past seven years have been receiving what must (thanks to the power of compound interest) be one of corporate Australiaâs most lucrative employee benefits. Theyâve been putting away an extra 1.5 per cent in super, paid by the actuarial firm only to its female staff.
Michael Riceâs Rice Warner in 2012 embarked on one of corporate Australiaâs most interesting policy experiments. Â
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