Super multi-millionaires over-stated - O’Dwyer
It is simply wrong to suggest that Australians can seek to utilise the current superannuation regime to amass balances running into the millions, according to Federal Assistant Treasurer, Kelly O'Dwyer.
Talking on national radio, O'Dwyer sought to scotch suggestions that the current regime was being manipulated to achieve multi-million dollar outcomes.
"Already there are caps in terms of what people can contribute to their superannuation; there are already concessional caps on what people can contribute," O'Dwyer said. "This idea that people can amass multi-millions of dollars in their superannuation funds is just simply not correct, it's simply not correct to say that."
The Assistant Treasurer also played down the degree to which various superannuation policy options were being discussed and the role of the Government in promoting those options.
Answering a question relating to the possibility of a 15 per cent flat tax, O'Dwyer made clear the Government was the source of such discussion.
"A lot of people have been discussing different options and that is one option that has been discussed in the media. That is not the Government's option," she said
The Assistant Treasurer made clear that the Government's first priority with respect to superannuation policy change was the implementation of new governance arrangements requiring one-third independent directors plus an independent chairman.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
