It is simply wrong to suggest that Australians can seek to utilise the current superannuation regime to amass balances running into the millions, according to Federal Assistant Treasurer, Kelly O'Dwyer.
Talking on national radio, O'Dwyer sought to scotch suggestions that the current regime was being manipulated to achieve multi-million dollar outcomes.
"Already there are caps in terms of what people can contribute to their superannuation; there are already concessional caps on what people can contribute," O'Dwyer said.
"This idea that people can amass multi-millions of dollars in their superannuation funds is just simply not correct, it's simply not correct to say that."
The Assistant treasurer also played down the degree to which various superannuation policy options were being discussed and the role of the Government in promoting those options.
Answering a question relating to the possibility of a 15 per cent flat tax, O'Dwyer made clear the Government was the source of such discussion.
"A lot of people have been discussing different options and that is one option that has been discussed in the media. That is not the Government's option," she said
The Assistant Treasurer made clear that the Government's first priority with respect to superannuation policy change was the implementation of new governance arrangements requiring one-third independent directors plus an independent chairman.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
There is no limit on how much you can contribute as concessional contribution
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