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
Australia’s largest super funds have deepened private markets exposure, scaled internal investment capability, and balanced liquidity as competition and consolidation intensify.
The ATO has revealed nearly $19 billion in lost and unclaimed super, urging over 7 million Australians to reclaim their savings.
The industry super fund has launched a new digital experience designed to make retirement preparation simpler and more personalised for its members.
A hold in the cash rate during the upcoming November monetary policy meeting appears to now be a certainty off the back of skyrocketing inflation during the September quarter.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
