Govt's mid-year super outlook a win for ASFA
The Association of Superannuation Funds of Australia (ASFA) has applauded the Federal Government's lack of tax tinkering in its Mid-Year Economic and Fiscal Outlook (MYEFO).
Further changes were unnecessary, it said, because the superannuation industry was already "pulling its weight" in terms of bringing the Budget back to surplus, and had contributed $7.5 billion in budget savings since 2009-10.
Self-managed super funds (SMSFs) could better support the Australian Taxation Office after some of the SuperStream levy was shifted to the SMSF community, ASFA said.
It had lobbied Government for months for a more equitable split on the levy, which the mid-year outlook reduced by $38.2 million over six years for Australian Prudential Regulation Authority-regulated funds.
MYEFO changes to unclaimed monies and lost super accounts could consolidate $500 million in revenue, ASFA said, and again urged super fund members to track down and consolidate their own super accounts.
The Government also announced in the MYEFO that it would invest $10 million over three years to fund a new Superannuation Consumer Centre (SCC).
The Minister for Financial Services and Superannuation, Bill Shorten, said the SCC would deliver on the Government's promise to promote a more member-driven approach within the industry.
The Government predicted it would save $16.4 billion over the next four years, in part due to taxation and super system reforms, which had also reduced the economic impact of the fiscal consolidation in 2012-13, it said in the MYEFO.
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