POWERED BY MOMENTUM MEDIA
MYEFO makes more equitable split on SuperStream levy: ASFA
Self-managed super funds can better support the Australian Taxation Office following the Federal Government's Mid-Year Economic and Fiscal Outlook (MYEFO), the Association of Superannuation Funds of Australia (ASFA) said.
It lobbied the Government for months for a more equitable split on the levy, which the mid-year outlook reduced by $38.2 million over six years for Australian Prudential Regulated Authority-regulated funds, shifting some of the burden to SMSFs.
"ASFA is also pleased that the MYEFO statement recognises the need for levies on all superannuation funds to match the reasonable costs involved in their supervision and other related activities," it said.
ASFA also welcomed the Federal Government's lack of tax tinkering in its MYEFO.
Further changes were unnecessary, it said, because the super industry was already "pulling its weight" in terms of bringing the Budget back to surplus, and had contributed $7.5 billion in budget savings since 2009-10.
MYEFO changes to unclaimed monies and lost super accounts could consolidate $500 million in revenue, ASFA said, and again urged super fund members to track down and consolidate their own super accounts.
The Government also announced in the MYEFO that it would invest $10 million over three years to fund a new Superannuation Consumer Centre (SCC).
The Minister for Financial Services and Superannuation, Bill Shorten, said the SCC would deliver on the Government's promise to promote a more member-driven approach within the industry.
The Government predicted in its MYEFO that it would save $16.4 billion over the next four years, in part due to taxation and super system reforms which had also reduced the economic impact of the fiscal consolidation in 2012-13.
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 Bullock took a more hawkish stance on Tuesday, raising concerns over 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(%)
