POWERED BY MOMENTUM MEDIA
Govt gives super funds a fee breather
The Federal Government has opted to provide the superannuation industry with some further relief from higher regulatory fees and charges by extending the transitional levy arrangements for another 12 months.
The Assistant Treasurer, Peter Dutton, announced this week that while a new range of fees and levies would be imposed on the financial services industry to help fund the operations of the regulators — the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission and the Superannuation Complaints Tribunal — these would not immediately apply to super funds.
“In recognition of the significant structural changes currently being experienced by the superannuation sector, the Government has decided to extend the transitional levy arrangements that applied to superannuation entities in 2005-06 for one more year in 2006-07,” Dutton said.
“The superannuation industry is currently going through a period of substantial change,” he said. “We have just completed the transition to superannuation trustee licensing and the sector is concentrating on bedding down these arrangements and responding to the reforms announced by the Government in the Budget. An extension of the transitional arrangements is appropriate in these circumstances.”
Dutton also noted that improvements in operational risk management in the superannuation sector resulting from the licensing reforms, industry consolidation and the emergence of larger, more complex entities has longer term implications for how superannuation might be regulated into the future.
“The Government is taking a forward-looking approach and is committed to working with both the regulator and the superannuation industry on these issues. APRA and the Treasury will soon be releasing a discussion paper canvassing the issues and seeking industry views,” he said.
AUTHOR
Mike Taylor
Recommended for you
Following the roundtable, the Treasurer said the government plans to review the superannuation performance test, stressing that the review does not signal its abolition.
The Australian Prudential Regulation Authority (APRA) has placed superannuation front and centre in its 2025-26 corporate plan, signalling a period of intensified scrutiny over fund expenditure, governance and member outcomes.
Australian Retirement Trust (ART) has become a substantial shareholder in Tabcorp, taking a stake of just over 5 per cent in the gaming and wagering company.
AustralianSuper CEO Paul Schroder has said the fund will stay globally diversified but could tip more money into Australia if governments speed up decisions and provide clearer, long-term settings – warning any mandated local investment quota would be “a disaster”.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
74.26 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
