POWERED BY MOMENTUM MEDIA
Employer contributions well monitored by SMSFs
Self-managed super funds (SMSFs) experience far less issues with non-payment of contributions than other superannuation funds, thanks to a direct involvement of their members, according to the SMSF Association.
The direct administration and management of the superannuation by the SMSF trustees and members helped ensure they received all employer contributions as they were more aware of the contributions being made to their funds.
SMSF Association's managing director and chief executive, Andrea Slattery, noted that the industry funds sector was concerned that large amounts of compulsory superannuation was not being paid to employees and the issue is currently a subject to an inquiry by the senate standing committee on economics.
"As the non-payment of compulsory superannuation to employees can have a severe impact on people's capacity to save for retirement, it's imperative that this issue is addressed immediately," she said.
"Certainly the association will support moves to tighten up the system to ensure employers meet their legal obligations.
"Based on significant research and empirical evidence, SMSF members are generally more engaged with the direct administration and management of their superannuation, as a consequence are more aware of the contributions being made to their fund."
Recommended for you
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
