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ASFA urges Budget opt out
The Association of Superannuation Funds ofAustralia (ASFA) has used its pre-Budget submission to urge the Federal Government to implement changes to superannuation that would see employees needing to ‘opt out’ of making additional contributions.
ASFA recommended the Government “require or encourage employers to introduce new default arrangements where an extra 1 per cent of salary or wage is put into superannuation each time the employee receives a wage increase or starts a new job, up to a maximum of 3 per cent”.
It suggested that employees could choose to opt out of such an arrangement if they desired.
The ASFA submission also suggested the Government expand access to the superannuation co-contribution regime by lifting the annual income level at which the full co-contribution can be received to $40,000 a year.
ASFA said such a move would increase the number of low and middle income earners benefiting from the co-contribution and would lift the phase-out to those earning up to $60,000 a year.
AUTHOR
Mike Taylor
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