Senate majority wipes out super surcharge
The Federal Government has used its new found majority in the Senate to pass legislation abolishing the superannuation surcharge, effectively neutralising the objections of opposition parties.
Announcing the passage of the legislation yesterday, Federal Treasurer Peter Costello said that it would simplify the operation of the superannuation system and boost superannuation savings by providing incentives for individuals to make additional voluntary superannuation savings.
The Government revealed plans to remove the surcharge as part of the Federal budget in May, but had to wait until it took control of the Senate this week to implement the change because Labor opposed the move.
Commenting on the Labor party’s opposition to the removal of the surcharge, the Treasurer said the Opposition’s stance had been a mass of self-contradictory positions.
“Labor opposed its introduction, then it opposed reducing it, and now opposes abolishing it,” he said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
