POWERED BY MOMENTUM MEDIA
Federal government cracks down on criminals’ super
The Turnbull government is seeking public feedback on two draft proposals concerning access to superannuation for victims of crime.
According to Minister for Revenue and Financial Services, Kelly O’Dwyer, the first proposal is for a new claw-back mechanism for “out of character” superannuation contributions made by criminals to shield their assets from use in compensating victims of their crimes.
The second is to allow victims of serious, violent crimes to be able to access a perpetrator’s super as compensation, where other assets have been exhausted, subject to appropriate limits and thresholds, she said.
“For too long people who have perpetrated horrific crimes have been able to shield their superannuation assets from their victims,” O’Dwyer said.
“Criminals should not be able to protect their assets through superannuation in circumstances where a victim would otherwise be granted access to those assets.”
O’Dwyer said the government is particularly interested in feedback on the likely effectiveness of the proposals’ interaction with existing state and territory criminal and civil procedures.
“I have written to the appropriate ministers in each administration to encourage their engagement in this process and look forward to their strong support,” she said.
Treasury said stakeholders are invited to comment on the draft proposals by 15 June 2018, with the government looking to introduce legislation before the end of the year.
Recommended for you
ASFA has urged greater transparency and fairness in the way superannuation levies are set and spent.
Labor’s re-election has reignited calls to strengthen Australia’s $4.2 trillion super system, with industry bodies urging swift reform amid economic and demographic shifts.
A major super fund has defended its use of private markets in a submission to ASIC, asserting that appropriate governance and information-sharing practices are present in both public and private markets.
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
3
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
4
VanEck Video Gaming and eSports ETF (AU)
28.89 3 y p.a(%)
5
Plato Global Alpha A
28.83 3 y p.a(%)
