Hume: Hayne recommendations are our number one priority
The legislation to increase the maximum number of self-managed superannuation fund (SMSF) members from four to six will remain on the backburner as the Royal Commission recommendations remain priority for the Government.
Assistant Minister for Superannuation, Financial Services and Financial Technology, Jane Hume, spoke at the SMSF Association National Conference on the Gold Coast on Wednesday and said the Government was still committed to the legislation being passed.
“This proposed change increases the flexibility of our SMSF sector and will allow situations of families of up to four children to be part of a single family fund and it remains part of the government’s legislative priorities,” she said.
“But implementing the recommendations of Hayne Royal Commission is the number one priority.”
Hume noted the Government was also committed to improving the flexibility of the super system for older Australians by assisting them to save for their retirement such as the work test exemption, non-concessional contributions with the bring forward rule, and spousal contributions.
“The Government remains committed in passing this legislation ahead of the 1st July start date,” she said.
Recommended for you
The super fund’s CEO has confirmed he will finish his role in 2026.
New data shows millions of Australians have little idea how their super funds have performed over the past year.
Small-business advocates have warned the government’s Payday Super timeline risks chaos without more time, cost support, and fair penalties.
Insignia Financial’s Master Trust portfolio has expanded despite net outflows, as positive markets and new product initiatives drive growth.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
