The Federal Government has dismissed the Labor Party's high super account balance policy announcement as a "tax grab" but has not ruled out traversing the issue in the context of the Tax White Paper.
The Federal Treasurer, Joe Hockey, reacted to the Labor policy announcement of a 15 per cent tax on super earnings over $75,000 a year by claiming the Opposition's default position "is always to increase taxes".
However he conceded he would be taking a look at the details of the Labor policy notwithstanding the fact that "last time they tried this they made a mess of it".
"We'll have a look at the details but I'm always sceptical of Labor coming up with new taxes. Look at the Mining Tax, look at the Carbon Tax and now they've got a new Superannuation Tax," Hockey said.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
While some superannuation funds have gone down the route of internalisation, others say they favour ‘smart partnering’ with external managers for diversification appeal.
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