Media Releases

Taking action on the Banking, Superannuation and Financial Services Royal Commission – Recommendation 2.4: Grandfathered Commissions

30 July 2019

The Coalition Government will introduce legislation on Thursday to ban the grandfathering of conflicted remuneration paid to financial advisers. Conflicted remuneration is where the payment of a benefit to a financial adviser may incentivise them to recommend to a consumer a financial product that may not be in their best interests. Grandfathered conflicted remuneration can […]

SMSF rollovers in SuperStream to be deferred

28 June 2019

The Morrison Government is proceeding with the deferral of the extension of SuperStream to self-managed superannuation fund (SMSF) rollovers from 30 November 2019 to 31 March 2021. As part of the 2019-20 Budget measure to bring electronic release authorities into SuperStream, the extension to SMSF rollovers was deferred to March 2021. This deferral means that system changes to update SuperStream […]

New measures to protect your superannuation: commencing 1 July 2019

28 June 2019

The Morrison Government is delivering on its commitment to put the interests of superannuation members first. From 1 July 2019, new measures will further protect hard-earned superannuation savings. Commencing on 1 July, the Protecting Your Superannuation Act will safeguard Australians’ superannuation savings from excessive fees, unnecessary insurance and the costs of inadvertently holding multiple superannuation […]