POWERED BY MOMENTUM MEDIA
Super tax concessions worth it - Costello
Former Federal Treasurer, Peter Costello says super tax concessions are worth the cost to the Budget.
The tax concessions granted to superannuation funds are justified and will lead to long term cost savings to the Commonwealth, according to former Federal Treasurer and chairman of the Future Fund board of guardians, Peter Costello.
Addressing the Association of Superannuation Funds Australia (ASFA) conference in Melbourne, Costello said that while the Treasury had valued the cost of the tax concessions at around $16 billion he believed they could be justified.
"They can be justified because the Government has the ability to claw that value back in savings to the cost of providing the age pension," he said.
The former Treasurer also pointed to the findings of the recent Commission of Audit report which had suggested that by 2050 around 80 per cent of Australians would still be on a full or part pension - something which underscored the benefits of superannuation.
Further, he said that even with the superannuation guarantee at 12 per cent, the number of people taken off the age pension would be very small.
Recommended for you
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
Insignia Financial has announced the status of the two private equity bidders as due diligence comes to an end.
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
