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Recently released draft exposure legislation will require trustees of super funds, including SMSFs, to exercise their powers in the best financial interests of beneficiaries and require APRA-regulated funds to support their expenditures with evidence.
The latest industry research has shown SMSFs with low balances grow to levels allowing them to become cost-efficient very quickly.
While the government has announced plans to increase governance over the performance of super funds, super members will still need to actively monitor the performance of their fund to avoid being stapled to an underperforming one, says a mid-tier firm.
Vanguard surveyed more than 850 millennials in the U.S. currently aged 24 to 39, who make at least US$50,000 per year, as part of a broader study on how people across different generations feel about retirement, investing, and financial advice during market volatility.
Recent research has revealed that more than half of retirees are projected to fall short of their desired retirement income level by more than 10 per cent, says Russell Investments.
SMSF investors will increasingly be attracted to investments offering capital preservation post-COVID, with volatile markets and lower dividends compromising their ability to meet investment objectives, according to an asset manager.
Over the coming weeks, around 12 million working Australians will start receiving extra cash in their pay packets as a result of changes to personal income tax brackets announced by the federal government.
The response by our Governments to the COVID-19 crisis has been a very good one. Following is a comprehensive listing of links to important Federal and State initiatives and programs since the pandemic began.
Trustees must ensure any purchase from a related party is not a proxy for a loan or financial assistance to avoid breaching their obligations.
Data only just released by the Australian Tax Office, detailing the asset allocations for all SMSFs in the quarter to the end of June, shows there was still a large investment weighting at that time towards cash and term deposits.
Australian banks this month started the largest ever customer contact program in the industry's history.
Portfolio construction is always a popular topic among investors, but as markets become more volatile, the practice of carefully piecing together a jigsaw of investments that weathers both good times and bad is particularly relevant.
With the work test changes for over-65s opening up opportunities for recontribution strategies, clients may be able to even up balances and adopt tax strategies for estate planning, particularly once the bring-forward measure is passed, says a technical expert.
The 80 cents per hour work-from-home deduction method has now been extended for a further three months to the end of the year.