POWERED BY MOMENTUM MEDIA
Take care with tax file number rules, says ASFA
The Government must be careful not to impose onerous conditions on superannuation trustees when it comes to the storage, security and destruction of tax file numbers (TFNs), according to the Association of Superannuation Funds of Australia (ASFA).
In its submission to Information Commissioner's review of the TFN guidelines consultation paper, ASFA has highlighted issues for trustees that arise out of the connection of TFNs with peoples' identities.
"ASFA considers it important that the Information Commissioner acknowledges that it would be unreasonable to require TFN recipients to destroy or de-identify TFN information stored on computer systems, in back-up files or in hard copy documents which have been archived," the submission said.
In particular, ASFA pointed out that it would often be impossible for trustees to determine the point at which information entered into systems or hard copy archives would no longer be required.
"Altering back-up data files would defeat the fundamental business purpose of creating back-up files in the first place," the submission said.
The ASFA submission also took issue with the requirement to store TFN information separately from an individual's other personal information, since the two were intrinsically linked.
"This is particularly the situation with the reporting of superannuation contributions information between employers and superannuation funds, and the superannuation funds and the Australian Taxation Office," the submission said.
Recommended for you
The super fund announced that Gregory has been appointed to its executive leadership team, taking on the fresh role of chief advice officer.
The deputy governor has warned that, as super funds’ overseas assets grow and liquidity risks rise, they will need to expand their FX hedge books to manage currency exposure effectively.
Super funds have built on early financial year momentum, as growth funds deliver strong results driven by equities and resilient bonds.
The super fund has announced that Mark Rider will step down from his position of chief investment officer (CIO) after deciding to “semi-retire” from full-time work.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
76.97 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
76.46 3 y p.a(%)
3
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
51.13 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
45.15 3 y p.a(%)
5
Select Baker steel Gold Institutional
43.78 3 y p.a(%)
