POWERED BY MOMENTUM MEDIA
Govt grants more time on SuperStream
Superannuation funds have been given more time to get their SuperStream data standards in place.
The Minister for Finance and acting Assistant Treasurer, Senator Mathias Cormann said that superannuation funds were being given up to 1 July, next year, to meet the new SuperStream standards.
He said the move was aimed at providing increased flexibility for the superannuation industry as it continues to make the necessary changes to implement the SuperStream contributions data standards.
The Government has faced numerous submissions from the superannuation industry outlining difficulties being experienced in meeting the original SuperStream deadline.
Cormann said the ATO would provide more information to industry through their regular consultative forums.
He said the Government remained committed to the effective implementation of the SuperStream reforms in close cooperation with all stakeholders.
Recommended for you
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
