NEWS

While Gen X holds the most wealth in property, Baby Boomers have the highest net worth, according to analysis from KPMG. The new analysis reveals that for households aged between 45-54 years, property dominates their wealth, while for the older age brackets 65 years and over, wealth is being drawn down to fund retirement. Terry Rawnsley, KPMG urban economist, said the shift in asset ownership highlights the acceleration of the great wealth transfer.  “The great wealth transfe

There are two choices to make in regard to a disability lump sum from a superannuation tax perspective, a senior technical manager said. Scott Quinn, senior technical manager for MLC, said on a recent webinar that those choices are either taking a disability lump sum first and then commencing a pension, or taking a disability pension first and then a partial lump sum from the disability pension – a partial computation from the disability pension. “There are pros and cons for

The gender superannuation gap is exacerbated by an outdated law that denies super to most under-18 workers. The Super Members Council is urging the government to  scrap the law after new analysis shows it widens the gender gap and can cost women up to $11,000 at retirement. Under current rules, workers under the age of 18 are only legally guaranteed super if they work more than 30 hours a week for one employer. The exclusion was originally made to prevent fees eroding low-bal