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ASFA objects to AUSTRAC levy
The Association of Superannuation Funds of Australia (ASFA) has objected to yet another bid by the Federal Government to have the superannuation industry fund a regulatory body — this time the Australian Transaction Reports and Analysis Centre (AUSTRAC).
In a submission lodged with the AUSTRAC, ASFA has restated its opposition to the levy in circumstances where it claims the Government and its various agencies benefit most from AUSTRAC’s regulatory oversight activities.
ASFA said it had indicated its strong opposition to the levy in submissions filed in December, last year, and again in February, this year.
“Our position remains unchanged,” it said.
Further, the ASFA submission claimed that with the introduction of the levy, it has been necessary for the superannuation industry to determine whether the liability for the levy rests with the trustee of a superannuation trust or with the trust itself.
It said that AUSTRAC had now expressed the view that it was the trustee and not the trust that would be the reporting entity.
AUTHOR
Mike Taylor
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