Monday 22 July 2019

The ATO has published a fact sheet outlining the super (eg contribution), income tax and goods and services tax (GST) consequences for super funds receiving compensation payments from financial institutions and insurance providers.

The consequences depend on the circumstances in which the compensation amounts are received, including:

  • Fees were charged where no service is provided
  • Deficient financial advice
  • Overcharged insurance premiums
  • Interim use of reserves
  • Payments where no right to seek compensation

Further information

APRA Resources – Fact Sheet, Compensation received by super funds from financial institutions and insurance providers 19 July 2019

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Any information on this page in relation to mortgages has been prepared by Macquarie Securitisation Limited (MSL) Australian Credit Licence (ACL) 237863 ACN 003 297 336.

Unless stated otherwise, this information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502.

This information is provided for the use of licensed and accredited brokers and financial advisers only. In no circumstances is it to be used by a potential client for the purposes of making a decision about a financial product or class of products.