POWERED BY MOMENTUM MEDIA
Superannuation industry needs more exposure time: ASFA
Superannuation industry will struggle to implement proposed data requirements as put forward by the Australian Taxation Office's (ATO) exposure draft form and guide, the Association of Superannuation Funds of Australia (ASFA) has warned.
Acknowledging the need for the revised Rollover Benefit Statement (RBS) form, ASFA said large superannuation funds were concerned with the quick take-up and implementation of the requirements from release of the draft on 27 April 2012 to the proposed implementation date on 1 July 2012.
"That the ATO is only now exposing this more detailed draft of the RBS to all super providers, administrators, software developers and other representatives is a matter of concern," the submission said.
Beyond time constraints, ASFA said the proposed data requirements do not align with current legal obligations for recording and holding member information, meaning that many superannuation funds simply have not collected the information required in the RBS.
ASFA said Qualifying Recognised Overseas Pension Schemes should also be considered under current legislation, and queried how the form would feed into the Rollover Data standard.
"Given where we are at in the implementation of the rollover standard, details on the linkage of the RBS form with the standard would appear to be required information for superannuation funds and their administrators and service providers," ASFA stated.
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
Australia’s superannuation sector is being held back by overlapping and outdated regulation, ASFA says, with compliance costs almost doubling in seven years – a drain on member returns and the economy alike.
Two of Australia’s largest industry super funds have thrown their support behind an ASIC review into how stamp duty is disclosed in investment fee reporting, saying it could unlock more capital for housing projects.
The corporate watchdog is preparing to publish a progress report on private credit this September, following a comprehensive review of the rapidly expanding market.
The fund has appointed Fotine Kotsilas as its new chief risk officer, continuing a series of executive changes aimed at driving growth, but NGS Super’s CEO has assured the fund won’t pursue growth for growth’s sake.
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(%)
