POWERED BY MOMENTUM MEDIA
Govt removes superannuation guarantee age limit
The Government has amended its recent superannuation guarantee amendment bill to completely abolish the age limit for compulsory contributions.
Assistant Treasurer and Minister for Financial Services and Superannuation Bill Shorten said that from 1 July 2013, eligible employees aged 70 and over will receive the superannuation guarantee for the first time.
"Making superannuation contributions compulsory for these mature-age employees will improve the adequacy and equity of the retirement income system, and provide an incentive to older Australians to remain in the workforce for longer," Shorten said.
The recently-announced Superannuation Guarantee (Administration) Amendment Bill 2011 raised the age limit for SG contributions from 65 to 70, but shortly after this Shorten told Parliament the Government would be abolishing the age limit altogether.
The changes will also ensure employers will be able to claim income tax deductions for superannuation guarantee contributions made to employees aged 70 and over from 1 July 2013, according to a Treasury statement.
It ensures employers will not bear a higher cost in employing workers 70 and over compared with other workers, the statement said.
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
