POWERED BY MOMENTUM MEDIA
ATO boosts support to keep Aboriginal people connected to super
The Australian Tax Office (ATO) has implemented several changes, focusing on improving the superannuation experience for Aboriginal and Torres Strait Islander (ATSI) people, to help those communities maximise their value out of the superannuation system.
Issues that had impacted their participation in the system included engagement/access, financial literacy, and the understanding of cultural norms and identification of members.
To help ATSI engagement in superannuation, the ATO has attempted to provide online services (including access to MyGov), a dedicated phone hotline, and face-to-face engagement in remote areas.
Their Indigenous Helpline which had been operating since December 2011 received 19,500 inbound calls between 2018-2019.
During tax time 2019, the ATO’s Pop-up Office Program would visit 26 areas around Australia, including 17 regional and remove locations.
The ATO had produced an ‘Aboriginal and Torres Strait Islander Peoples Protocols Guide’ to help staff with communication.
For deceased estates for ATSI people, they had changed their procedures to allow the release of information where the deceased member is listed on the Lost Members Register or the Unclaimed Super Money Register.
The ATO had worked with superannuation funds to provide details for unclaimed superannuation accounts, this was aided by the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 which helped protect those accounts from fee erosion.
Members could also access their superannuation early under “compassionate release”, for the following reasons:
- medical treatment and medical transport for an individual or their dependant;
- palliative care for an individual or their dependant;
- making a payment on a loan or council rates so the individual doesn’t lose their home;
- modifying a home or vehicle, or buying disability aids for the individual or their dependant because of a severe disability; and
- expenses associated with a death, funeral or burial for a dependant.
To support inclusion in the ATO, the Kawutilin Ally network was established which offered support to ATSI work participants, with over 550 allies across the ATO.
The Commonwealth Aboriginal and Torres Strait Islander Employment Strategy from the ATO set a target of achieving a 2.5 per cent ATSI representation rate, which had now been achieved.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
