POWERED BY MOMENTUM MEDIA
ASFA warns on clearing house competition
The Federal Government needs to ensure that its appointment of Medicare Australia as its approved superannuation clearing house does not unnecessarily disadvantage other companies providing clearing house facilities, according to the Association of Superannuation Funds of Australia (ASFA).
In a submission to the Treasury dealing with the draft legislation that will underpin the new central superannuation clearing house, ASFA has warned that the draft legislation creates an uneven playing field between the approved (Medicare) clearing house and other providers of clearing house services.
It said other providers were being disadvantaged because payments received by the Medicare clearing house would be treated as if they had been received by a complying fund, and the Medicare clearing house would not be subject to the Corporations Act licensing and disclosure regime.
“ASFA is concerned that the above features, combined with the absence of a limitation on the number of employees that an employer may have and still use the approved clearing house, has the potential to deliver commercial damage to existing providers of clearing house services,” the ASFA submission said.
It argued that to overcome these problems, the legislation needed to be amended to provide a path via which private sector organisations could achieve approved clearing house status and ensure that employers could not use the free service if they had more than 20 employees.
AUTHOR
Mike Taylor
Recommended for you
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
A new Roy Morgan report has found retail super funds had the largest increase in customer satisfaction in the last year, but its record-high rating still lags other super categories.
In a sharp rebuke to market expectations, the Reserve Bank held the cash rate steady at 3.85 per cent on Tuesday, defying near-unanimous forecasts of a cut and signalling a more cautious approach to further easing.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
