MUMS AND DADS at home on parental leave, and other Australians taking a break from the workforce, only have four days left to check if they’re affected by changes to super and insurance coming into effect on 1 July.

Industry Super Australia chief executive Bernie Dean urged Australians to get in touch with their super fund if they were concerned about changes to their insurance and check if they will be affected.

The changes, part of the Federal Government’s Protecting Your Super package, will see the automatic consolidation of all low balance ($6,000 and less), inactive accounts to the ATO, and the cancellation of insurance attached to all super accounts that have been inactive for 16 months or more.

Mr Dean said while the changes should deliver significant boosts to people’s super balances, there were some catches to look out for.

“There are some real positives for people in these changes and we expect to see more money for consumers as multiple accounts are consolidated and insurance on those old accounts cancelled,” Mr Dean said.

“There’s a few catches people should be aware of though, especially the parents or others out there who might have been out of the paid workforce for a while and haven’t had any super contributions.

“Getting insurance through your super can be really cost effective and a good way for people to get covered where they might not otherwise be able to afford it, but it can also see super balances eroded if people are paying for premiums for insurance they don’t need.”

Mr Dean said super funds have been contacting members letting them know about the changes, and how to keep their insurance attached to their account if they want to.

“With only days to go until the changes kick in, this is one of those times people really need to think about their super and not throw the letter from their fund straight in the bin, or mark the email as spam,” he said.

“Straightening it out is easy – if you decide you do want to continue the insurance cover, just let your super fund know.

“If you’re worried or don’t know if you’ll be affected give your super fund a call. With only days to go until 1 July it’s vital people get engaged with their super now and don’t put it off to another day.”

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SUBMISSIONS are open now for the inaugural Trans-Tasman Innovation and Growth Awards, a showcase of emerging businesses in Australia and New Zealand that demonstrate outstanding innovation, growth and impact.

Regional Development Australia is encouraging innovative small-to-medium businesses throughout Australia to enter the awards.

According to RDA, eligible applicants will have:

• secured investor funding and a market cap under $A100 million
• established strong roots in Australia and New Zealand
• a compelling growth story to share.

Four winners will each receive a $20,000 cash prize, media exposure and an exclusive alumni package of corporate support – including funding to participate in two 2020 summits.

Submissions close July 5, 2019.

For more information: https://www.accenture.com/au-en/about/events/trans-tasman-innovation-growth-award

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THURSDAY June 27, is World MSME DAY celebrating the existence of millions of micro and small to medium enterprises around the world and the Institute of Public Accountants (IPA) says we should all celebrate.

According to the data provided by the International Council for Small Business (ICSB), formal and informal micro, small and medium-sized enterprises (MSMEs) make up over 90 percent of all firms and account on average for 60-70 percent of total employment and 50 percent of GDP.

The General Assembly of the United Nations, in recognition of the importance of the sector, declared June 27 the Micro, Small and Medium-sized Enterprises Day to raise public awareness of their contribution to the global economy and sustainable development.

“We all know of the critical role that small business plays not just in Australia but across the globe,” said IPA chief executive officer, Andrew Conway.

“With some 75 percent of our members servicing small business or being small businesses in their own right, it is certainly worthy of celebration.

“Our Australian Small Business White Paper aims to create better policy outcomes to strengthen small business productivity which is essential for our economic prosperity and protection of the living standards we currently enjoy,” Mr Conway said.

www.publicaccountants.org.au

About the Institute of Public Accountants

The IPA, formed in 1923, is one of Australia’s three legally recognised professional accounting bodies.  In late 2014, the IPA acquired the Institute of Financial Accountants in the UK and formed the IPA Group, with more than 36,000 members and students in over 80 countries.  The IPA Group is the largest SME focused accountancy organisation in the world. The IPA is a member of the International Federation of Accountants, the Accounting Professional and Ethical Standards Board and the Confederation of Asian and Pacific Accountants. 

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CONSTRUCTION industry leaders met in Canberra today to urge the Federal, State and Territory Governments to act now to address the building certifier insurance crisis that has potential to bring building and construction activity to a halt. 

Denita Wawn, CEO of Master Builders Australia said, “The leader of Master Builders Associations from around the country are gravely concerned. Up to 30 percent of insurance renewals for building certifiers and surveyors may not be renewed as early as July and construction activity will grind to a halt if a solution is not found urgently.

“Insurers as a result of a number of fires around the world, including the Grenfell fire in the UK, have elevated risk ratings on cladding affected buildings.  They are declining to provide professional indemnity insurance, offering it with unacceptable exclusions or asking for unaffordable premium increases for building certifier professional indemnity renewals.  As a result, certifiers who are needed to sign-off new buildings are being forced to close up shop,” Ms Wawn said. 

“The problem is already causing delays to building projects across the country and will only get worse as more insurers withdraw from the market. 

“We need all governments to come together now to manage what has become a risk for the whole industry caused by the use of combustible cladding on some buildings,” Ms Wawn said. 

What’s needed to avert the crisis is: 

• Establish a national pool of qualified engineers to sign off high risk components.
• Set up a working group to deliver options within six months for funding the rectification of existing buildings with combustible cladding.
• State governments allow for temporary licence exclusions for combustible cladding, specific to aluminium composite panels and expanded polystyrene.

"Master Builders wrote to Building Ministers in April seeking action ahead of the July deadline,” Ms Wawn said. 

“Master Builders around the country are also calling for governments to speed up implementation of recommendations in the Shergold-Weir Building Confidence report to improve access to and the reliability of regulatory requirements for the building and construction sector."

www.masterbuilders.com.au

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