The Federal Treasurer, Scott Morrison has continued his mantra of ensuring superannuation is not used as an estate planning and tax minimisation device, while introducing the exposure draft legislation around the second tranche of the Government Budget superannuation changes.
The Treasurer’s formal statement said the changes contained in the exposure draft were intended to make the system fairer and more sustainable and he continued to insist that the majority of Australians – 96 per cent of individuals with superannuation – would be either better off or unaffected.
According to Morrison’s statement the second tranche of the Exposure Drafts includes legislative amendments to:
According to Morrison, the Government remains on track to have the measures introduced into the Parliament before the end of the year.
The exposure draft is open to submissions and comment from stakeholders until 10 October.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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.
Mike
Your usage of 'mantra' in reference to preempt the abuse of super seems pejorative: mindless repetition, blind faith, following the command from a higher power and untested by reality?
Super can never sustain building the grand kids' Oxbridge escapades, as it is being financed by the near-invisible average taxpayer groaning under the pressure of unfunded age pensions, less wealthy than those who can game the rules.
The Government deserves praise for this overdue vision, long after Keating's compulsory super, undoing the damage of Howard Costello tax-free super post 60, regardless of size.
A bit more neutral language would be appropriate. I have a natural advantage as a Brahmin well-versed in several original Sanskrit mantras, I should know!
Ramani
Add new comment