POWERED BY MOMENTUM MEDIA
Super pay up for 2012-13 levies
Superannuation funds will pay $180.9 million in finance industry levies over 2012-13, including $121.5 million to fund the implementation of SuperStream, according to the Australian Prudential Regulation Authority (APRA).
Total industry levies increased 109.6 per cent from 2011-12 to reach a projected $266.4 million in 2012-13, mainly to accommodate the costs of SuperStream.
Excluding SuperStream, superannuation funds will wear 41 per cent of 2012-13's finance industry levies.
APRA said superannuation funds liquidity, valuation practices for unlisted assets and the solvency of defined benefit funds would be its main charges in the superannuation sector over the coming financial year. Small APRA funds would continue to pay a flat fee of $10,000, it said.
APRA's total funding requirements for the general insurance market were $22.3 million, with an additional $0.7 million in funding for the National Claims and Policies Database.
Life insurance and friendly societies would fund $12.9 million as APRA continued to focus on the life and general insurance industry's capital standards.
The supervision of authorised deposit taking institutions would cost $49.6 million, including enhancements to the Basel Committee reforms and an additional $3.4 million to fund APRA's consumer protection work.
Funding from levies included $7.1 million to cover the expenses of the Australian Taxation Office in administering the Superannuation Lost Member Register and $20.7 million to the Australian Securities and Investments Commission and the Superannuation Complaints Tribunal.
The SuperStream levy was estimated to cost $121.5 million in 2012-13, $111.1 million in 2013-14, $83.1 million in 2014-15, $41.2 million in 2016-17 and $40.9 million in 2017-18.
Although APRA estimated savings from the implementation of SuperStream to be $1 billion annually, industry representatives have questioned the extent of reimbursement and the up-front costs to superannuation funds.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
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
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
