Third tranche of super reforms released
The Federal Government has released the third tranche of exposure draft legislation and explanation material for superannuation reforms, adding it was on track to have the measures introduced into Parliament before the end of the year.
The third tranche included legislative amendments included reducing the annual non-concessional contributions cap to $100,000 and restricting access to individuals with superannuation balances below $1.6 million.
Federal Treasurer, Scott Morrison, said it also included further amendments to make administrative arrangements more consistent for individuals and superannuation providers.
He also said around a quarter of fund members, including many low income earners, would benefit from the package.
He said there should be no issues with the introduction of the legislation with support from the Senate.
Submissions for the Exposure Draft Bill close on 21 October, while the Treasury website has made the Explanatory Memorandum available.
Recommended for you
The winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November.
Australian Ethical Superannuation has seen additional licence conditions imposed on it by APRA over the fund’s expenditure management.
The fund has strengthened its leadership team with three appointments to drive its next phase of growth and innovation.
ASIC and APRA have warned many trustees have failed to meaningfully improve retirement strategies despite the retirement income covenant being in place for three years.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
