POWERED BY MOMENTUM MEDIA
Don’t reduce CGT exemption: AIST
Reducing the Capital Gains Tax (CGT) exemption for super funds will hit the retirement savings of all fund members, the Australian Institute of Superannuation Trustees (AIST) believes.
AIST said the Government needed to re-focus super tax reform on improving fairness in the system and setting system objectives.
AIST chief executive, Tom Garcia, said cutting the CGT discount for super funds would undermine investor confidence in the compulsory super system and distort investment markets.
"The reason CGT discounts apply in superannuation in that they provide an incentive for long-term saving and any reduction to the current discount would dilute this," Garcia said.
"Just about every week brings a different proposal for super which must be causing great uncertainty for working Australians saving for their retirement.
"Legislating objectives for super will put an end to ad hoc policy tinkering and provide a robust framework with which to assess future policy proposals."
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.24 3 y p.a(%)
4
Pengana High Conviction Equities B
40.36 3 y p.a(%)
5
Pengana High Conviction Equities A
40.34 3 y p.a(%)
