POWERED BY MOMENTUM MEDIA
Victims of domestic violence need super benefits
The Association of Superannuation Funds of Australia (ASFA) has said it has supported the early release of super on compassionate grounds for domestic violence victims.
According to ASFA, in many cases of domestic violence the victim would lack the access to funds to support them to leave the perpetrator and find a new place to live.
In its submission to Treasury, ASFA suggested that people who accessed domestic violence support services, through the welfare system, should be able to apply for early release of some of their superannuation.
ASFA’s chief executive, Martin Fahy said: “In cases where a member wants to leave their partner and has limited or no financial resources, they should be able to access an amount of their superannuation to help them leave.”
At the same time, ASFA recommended the amount released be restricted to a bond to obtain new accommodation, together with an amount for short-term living costs.
“Domestic violence is a significant issue in the community, so providing access to funds at such a critical time can make a real difference for victims seeking to escape the cycle of violence,” Fahy said.
The SMSF Association also expressed its support for early release of super for victims of domestic violence, with head of policy Jordan George flagging it as an ongoing issue under the Association’s consideration at the organisation’s annual conference yesterday.
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(%)
