POWERED BY MOMENTUM MEDIA
O’Dwyer debunks super millionaire suggestions
It is simply wrong to suggest that Australians can seek to utilise the current superannuation regime to amass balances running into the millions, according to Federal Assistant Treasurer, Kelly O'Dwyer.
Talking on national radio, O'Dwyer sought to scotch suggestions that the current regime was being manipulated to achieve multi-million dollar outcomes.
"Already there are caps in terms of what people can contribute to their superannuation; there are already concessional caps on what people can contribute," O'Dwyer said.
"This idea that people can amass multi-millions of dollars in their superannuation funds is just simply not correct, it's simply not correct to say that."
The Assistant treasurer also played down the degree to which various superannuation policy options were being discussed and the role of the Government in promoting those options.
Answering a question relating to the possibility of a 15 per cent flat tax, O'Dwyer made clear the Government was the source of such discussion.
"A lot of people have been discussing different options and that is one option that has been discussed in the media. That is not the Government's option," she said
The Assistant Treasurer made clear that the Government's first priority with respect to superannuation policy change was the implementation of new governance arrangements requiring one-third independent directors plus an independent chairman.
Recommended for you
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
As institutional investors grapple with shifting sentiment towards US equities and fresh uncertainty surrounding tariffs, Australia’s Aware Super is sticking to a disciplined, diversified playbook.
Market volatility continued to weigh on fund returns last month, with persistent uncertainty making it difficult to pinpoint how returns will fare in April.
The Association of Superannuation Funds of Australia (ASFA) has called for the incoming government to prioritise “certainty and stability” when it comes to super policy.
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(%)
There is no limit on how much you can contribute as concessional contribution