POWERED BY MOMENTUM MEDIA
ATO seeks lost super strategy
The Australian Taxation Office (ATO) is seeking industry feedback on strategies to reunite members with their lost super.
The Lost and Unclaimed Superannuation Money Discussion Paper noted that existing strategies had contributed to reducing the number of "lost accounts", with the value of lost super held by funds falling by 17 per cent and the number of lost accounts falling by 32 per cent in the 12 months to 30 June 2012. It said ATO monies had increased by 18 per cent over the same period.
However, the ATO asked if the existing suite of initiatives, which included Super Seeker and moves to consolidate accounts under Stronger Super, could be enhanced, and if further initiatives could be implemented to reduce the number of lost and unnecessary accounts in the Australian superannuation system.
The ATO queried if some current processes, such as the employee enrolment process, were necessary. It requested the industry's assessment of the integration of strategies with regards to the Government's policy goal of ensuring members had adequate retirement savings within the current superannuation reform program.
In April, the Government announced it would increase the balance threshold for lost super accounts to be transferred to the ATO to $2,500 from 31 December 2015 to $3,000 from 31 December 2016 and said it would release a discussion paper as part of industry consultation.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
