Latest news with #seniormanagers
Bloomberg
15-07-2025
- Business
- Bloomberg
Top Bankers Face Looser Conduct Rules Under UK Deregulation Push
UK regulators are planning to streamline a post-crisis regime that covers the conduct of senior bankers, part of the government's efforts to ease regulations and drive growth in financial services. The Financial Conduct Authority and the Prudential Regulation Authority said in a statement Tuesday that they aim to make the so-called Senior Managers Certification Regime 'less onerous' on firms while continuing to protect consumers and markets, and the safety and soundness of businesses.
Yahoo
10-07-2025
- Business
- Yahoo
Aussie jobs hit hardest by $3 million superannuation tax change revealed
Doctors, business professionals, senior managers, farmers, engineers and CEOs are among the jobs most likely to be impacted by the government's extra tax on superannuation balances above $3 million. The average impacted Aussie has incomes around three times that of the general population, new research has revealed. The federal government plans to increase the rate of tax on earnings from 15 to 30 per cent on the portion of super balances above $3 million. The plan has sparked controversy due to the fact that it will apply to unrealised capital gains and because the threshold is unindexed. Australian National University analysis has revealed which households would be liable for the extra tax. It found large super households typically had 'substantial wealth' that was 12 to 13 times that of the general population, at more than $19 million. RELATED Superannuation 'red alert' for millions as $1 billion in retirement savings feared lost Centrelink alert for 240,000 Aussie families as some see popular payment stopped Major banks reveal updated RBA interest rate cut predictions after 'surprise' hold Households who would be immediately impacted by the tax had a median super balance of $5.9 million and had other median wealth outside of super of $3.2 million. For comparison, the average super balance is $387,000, while the median is just $143,000. Two-thirds of the estimated 87,000 people with high super balances were men and were over the age of 65, three in four lived in a capital city, and a small majority of 54 per cent don't work. The analysis of ABS survey data found that only 0.6 per cent of individuals with large balances, or 500 people, would struggle to find the cash to pay for the extra earnings.'Stress testing suggests most of these households faced with an increased taxation burden as proposed by the government would have ample funds to cover most reasonable scenarios,' ANU associate professor Ben Phillips said. For example, someone with a $4 million superannuation balance that increases in value by 10 per cent to $4.4 million would face an extra tax liability of $19,019. Phillips said households most likely to be adversely impacted would be those who had large super balances over $3 million where the assets were illiquid and they had limited income or other assets to cover the new tax. 'A typical example of such an illiquid asset could be a superannuation account heavily in a family farm,' he said. 'This sort of arrangement would be more likely in a SMSF (Self-Managed Superannuation Fund).' Phillips said the 'reality' was that in 'almost all cases', a household with one large super account had other substantial sources of income and or wealth. "The research does not attempt to critique the pros and cons of the proposed policy, however, it does provide evidence that the impact of the extra tax would likely be relatively easily absorbed by the vast majority of impacted households," he said. The new tax was first announced in late 2023 and was originally meant to start from July 1, 2025. It has not yet been in retrieving data Sign in to access your portfolio Error in retrieving data
