The Federal Treasurer, Joe Hockey, has reiterated the Government's resolve that there will be no changes to the superannuation settings during the life of the current Parliament.
Speaking on the ABC's Q&A program last night, Hockey acknowledged the superannuation changes being flagged by the Federal Opposition but said the Government would not be moving on the issue during the life of the current Parliament.
He said that at a time of low interest rates and when superannuation fund members were looking for policy certainty, the Government would not be looking to change the settings.
However the Treasurer also said that superannuation savings were not intended to be a vehicle to boost family inheritances but, rather, were intended to produce income during retirement.
The Government has previously signalled that the superannuation tax settings will be part of the Tax White Paper process later this year, something which would put any changes on the agenda for next Parliament.
The Shadow Treasurer, Chris Bowen, last week declared the Australian Labor Party (ALP) wanted an electoral mandate to cut superannuation tax concessions.
Addressing the National Press Club, Bowen vowed that the ALP would be sticking to its policy announced in April to tax superannuation earnings returning more than $75,000 during the retirement phase and to lower the threshold for the 15 per cent High Income Superannuation Charge from $300,000 to $250,000.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
Add new comment