The Federal Government has moved again to make specific changes to the superannuation tax regime around post-retirement products.
The Assistant Treasurer, Stuart Robert announced the release of exposure draft legislation which he said would amend superannuation legislation to:
The minister said the legislation also included amendments that permit the Commissioner of Taxation to account for additional tax debts in running balance accounts.
He said the draft regulations would:
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.