The new Labor Government will probably implement Jeremy Cooper’s SuperStream proposal but an increase in the superannuation guarantee (SG) now looks very unlikely, according to Multiport.
The Government’s proposed mid-2011 tax forum would revisit the Henry Tax Review and may also cause holdups in the rollout of Cooper Review changes, Multiport’s technical services director Philip La Greca said.
“Efficiency gains like SuperStream should happen given broad support and the cost savings for fund members,” La Greca said.
Future of Financial Advice (FoFA) reforms and competency training are also likely to be implemented because they are seen as increasing consumer protection, he said.
La Greca rated MySuper as a line ball proposition because it has a consumer focus but the cost of implementation versus the potential member benefits would be revisited. MySuper has drawn support from some sectors of the industry but was publicly criticised in the lead up to the election by both Shadow Treasurer Joe Hockey and Financial Services Council chief executive John Brogden.
La Greca said a proposed increase in the SG to 12 per cent and additional tax offset for low income super contributions were now very unlikely to be accepted in the near term because they would require tax changes to help fund an increased cost to both Government and employers, and also require consensus on the Henry tax reform proposals first.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
A professional says all roads will lead back to superannuation in the next election.
Iress has said that incident involving the unauthorised access reported this week extends beyond what was initially reported.
Treasurer Jim Chalmers delivered the Albanese government’s third federal budget on Tuesday evening (14 May), touting a balanced approach in an environment of cross-currents.
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