POWERED BY MOMENTUM MEDIA
Tell us who is problematic says AIST
Superannuation funds should be provided with a breakdown of which areas of the industry are proving most problematic for the regulators, according to the Australian Institute of Superannuation Trustees (AIST).
In a submission filed with the Treasury in response to the proposed Financial Institutions Supervisory Levies, the AIST has echoed the Association of Superannuation Funds of Australia (ASFA) in calling for greater transparency around how the levies are actually being spent.
“AIST strongly recommends that any risk-based approach to levy raising should take into account the volume of regulator activities spent on various entities and sectors,” the submission said. “We continue to maintain this position and believe that any Cost Recovery Impact Statement (CRIS) and the outcomes of the regulator performance framework should contain this information.”
The AIST argued that, currently, there was no breakdown of which sectors within a superannuation system worth over $2 trillion were causing greater regulatory focus.
“Regulator comments have been made that organisational cultures and remuneration structures do drive outcomes,” it said. “The collection of such data and the consequent raising of levies is important to both protecting members and ensuring regulator accountability and efficiency.”
“AIST recommends that such data could be collected and classified using the APRA categories (not-for-profit and retail, etc).”
Recommended for you
Treasurer Jim Chalmers has hit back at critics of the Division 296 super tax changes, saying it shows commentators’ aversion to substantive tax reform.
Australia’s superannuation funds are on track to post another year of strong performance, with the median growth fund returning an estimated 9 per cent for the 2025 financial year, according to research from Chant West.
The UK aims to boost investments via Australia’s super fund sector, unlocking major bilateral business and growth opportunities.
The Future Fund has received government approval to internally manage transactions in Australian infrastructure and property, marking a significant shift in its investment approach after nearly two decades of relying solely on external managers.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
Our biggest problem is getting data from brokers, share registries and banks. We have the platform to automate all the data and reduce year-end tax return and audit fees. We would like to see the fees on the way down, especially for SMSF's where the trustees are pensioners.