Industry to fund cost of SuperStream
The Government has confirmed the degree to which the financial services industry will be slugged to deliver on elements of its Stronger Super levy.
The Minister for Financial Services, Bill Shorten, confirmed that the Budget papers had made provision for a temporary SuperStream levy to be paid to the Australian Prudential Regulation Authority (APRA) by regulated superannuation funds.
Shorten’s announcement said the temporary SuperStream levy had been foreshadowed in December 2010, and would be $121.5 million in 2012-13, $111.1 million in 2013-14, $83.1 million in 2014-15, $69.3 million in 2015-16, $41.2 million in 2016-17 and $40.9 million in 2017-18.
It said the costs associated with the implementation of SuperStream would be collected by APRA within the existing Superannuation Supervisory levy.
“As is normal practice, a discussion paper will be released shortly after Budget setting out how the levy will be apportioned between superannuation funds,” Shorten’s announcement said.
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