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Jun 13, 2024 | 
moneymag.com.au | Tom Watson |Mark Chapman |Lisa Palmer
The start of the 2024-25 financial year is just around the corner, and with it comes a host of new laws which will impact the financial lives of a significant number of Australians. So what's about to change from July 1? From tax reductions and superannuation tweaks to new parental leave entitlements, here are some of the major incoming changes that you'll want to know about.
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Jun 13, 2024 | 
moneymag.com.au | Karren Vergara |Lisa Palmer |Nicola Field
AustralianSuper copped the highest number of complaints in the last six months of 2023 totalling 936, which was nearly three times more than other major super funds like Cbus, Australian Retirement Trust (ART), and Aware Super. New data from the Australian Financial Complaints Authority (AFCA) put Australia's largest super fund at the top of the pile as the most complained about fund. Less than half (49.4%) were resolved at the stages of registration and referral.
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Jun 7, 2024 | 
moneymag.com.au | Nicola Field |Lisa Palmer
Like a dividend with your burrito? Fast food chain set to list, battlers bypass banks for help, and millennials' favourite payment method to be regulated. Here are five things you may have missed this week. Holy guacamole! Mexican fast food chain Guzman Y Gomez (GYG) is listing on the Aussie stock exchange. The Mexican-inspired fast food chain is set to list on June 20, 2024 with an offer price of $22 per share.
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Jun 6, 2024 | 
moneymag.com.au | Andrew McKean |Lisa Palmer |Nicola Field
Active Super has been found guilty of misleading the public with false claims about its environmental, social, and governance (ESG) credentials. The profit-to-member fund, which is set to merge with Vision Super in March 2025, made claims on its website and social media, and through public statements - including from former chief executive Phil Stockwell - that it eliminated investments that posed a risk to the environment and the community, including gambling, coal mining, and oil tar sands.
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Jun 4, 2024 | 
moneymag.com.au | Paul Clitheroe |Lisa Palmer |Nicola Field
Dear Paul,I am 57 soon and, after many years spent raising a large family, have recently started casual work. I have a matured investment plan sitting in an account, but because it is superannuation I am not allowed to access it until I am 60. My husband has good superannuation so we are planning to focus on growing it for retirement. We still owe $150,000 on our mortgage. Can I access my matured super funds now to put towards reducing my mortgage? Why do I have to wait until I'm 60?
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Jun 3, 2024 | 
moneymag.com.au | Karren Vergara |Lisa Palmer |Nicola Field
Three people will go to prison after pleading guilty to defrauding the COVID-19 early release of superannuation scheme for $103,500. The Brisbane District Court sentenced three women from Queensland, whose identities were not revealed, for submitting several fraudulent applications to access the early release of super during the pandemic by using myGov accounts to claim to be other super account holders.
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May 28, 2024 | 
moneymag.com.au | Paul Clitheroe |Lisa Palmer |Nicola Field
Dear Paul,I am 66 and working about 33 hours a week. I have about $170,000 in superannuation but don't own my own home. As super is going to be crucial to my financial security to supplement the age pension, I would like to maximise its growth while I am still working. Would you recommend switching to an industry fund to minimise costs? I am currently salary sacrificing up to the $27,500 cap set by the government.
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May 22, 2024 | 
moneymag.com.au | Lisa Palmer |Tom Watson |Renae Anderson |Rob Tucker
The journey to retirement can see us navigating uncharted waters. We share five tips to help make your retirement transition a breeze. For much of our working life we may look forward to the day we retire and leave the 9-5 grind behind. But as retirement approaches, we don't always feel ready to take control of our retirement journey. Engaging with your super fund early - and often - can make a valuable difference.
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May 22, 2024 | 
moneymag.com.au | Nicola Field |Lisa Palmer
There's a lot to love about superannuation - and it goes beyond funding for a decent retirement. Our super can provide financial benefits long before we hang up our work boots. One such benefit is personal insurance. Chances are, your super fund automatically provides:Life insurance, which pays a lump sum if you die, andTotal and permanent disability (TPD) insurance, which provides a payout if you become totally and permanently disabled because of illness or injury.
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May 22, 2024 | 
moneymag.com.au | Nicola Field |Lisa Palmer
Taking time out of the workforce to raise a family shouldn't leave you shortchanged in retirement. Here's how to keep your super growing while on parental leave. The 2024 Federal Budget delivered a rare win for families, and in particular, women. Under the latest Budget, superannuation will be paid on government-funded Paid Parental Leave (PPL) for parents who have a baby or adopt a child after July 1, 2025. It's a step that's likely to help close the super gender gap.
