POWERED BY MOMENTUM MEDIA
Hume promises no adverse changes to super
Senator Jane Hume has confirmed there will be no adverse changes to superannuation contribution limits or the Government’s contribution flexibility measures.
Hume was contacted by Geoff Wilson, founder of Wilson Asset Management, who wrote a letter to both parties to confirm there would be no changes to super.
In her response on behalf of the Government, Hume said there would be no new or increased taxes on superannuation. There would also be no adverse changes to contribution limits, and no changes to the government's contribution flexibility measures.
There would also not be any adverse changes to:
- The flexibility measures for superannuation contributions that have been implemented, including the carry-forward or catch-up contributions, which disproportionately benefit women who are more likely to have broken work patterns;
- The "work test" arrangements, which the Liberal National Party recently legislated to remove for those up to age 75 making personal superannuation contribution;
- The downsizing contribution rules, whereby the Liberal National Party announced yesterday an extension to those aged 55 and over; or,
- The Division 293 tax threshold.
Wilson said he was still waiting for a response from the Australian Labor Party.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
