POWERED BY MOMENTUM MEDIA
Don’t isolate specific tax levers: ASFA
The Government should not isolated specific tax levers when considering super tax changes, a super body believes.
The Association of Superannuation Funds of Australia (ASFA) has urged the Government to take a holistic approach.
ASFA chief executive, Pauline Vamos, said there were opportunities to look at the level of tax in the super system but it was vital to consider the objectives of equity, sustainability, and the delivery of adequate incomes throughout retirement.
"Reducing the threshold for a higher rate of tax on contributions to $180,000 in income a year could well be an option that the government is considering," Vamos said.
"People's incomes change over their lifetime — a level of income today may not necessarily be an accurate indicator of retirement savings — and we need to ensure that people have the ability to save for a comfortable retirement.
"The impact of any tax change on future expenditure on the Age Pension also needs to be taken into account."
Previously, ASFA suggested the super system should stop providing taxpayer support for accumulating retirement savings at an account balance of $2.5 million.
ASFA has also called for the retention of the Low Income Superannuation Contribution (LISC) scheme to improve the equity of the system.
Recommended for you
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
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(%)
