POWERED BY MOMENTUM MEDIA
Govt grants more time on SuperStream
Superannuation funds have been given more time to get their SuperStream data standards in place.
The Minister for Finance and acting Assistant Treasurer, Senator Mathias Cormann said that superannuation funds were being given up to 1 July, next year, to meet the new SuperStream standards.
He said the move was aimed at providing increased flexibility for the superannuation industry as it continues to make the necessary changes to implement the SuperStream contributions data standards.
The Government has faced numerous submissions from the superannuation industry outlining difficulties being experienced in meeting the original SuperStream deadline.
Cormann said the ATO would provide more information to industry through their regular consultative forums.
He said the Government remained committed to the effective implementation of the SuperStream reforms in close cooperation with all stakeholders.
Recommended for you
While the Financial Advice Association Australia said it supports a performance testing regime “in principle”, it holds reservations about expanding this scope to retirement products.
In a Senate submission, the Financial Services Council said super funds should be able to nudge members on engaging with their super and has cautioned against default placements.
The Joint Associations Working Group, which counts FSC in its ranks, has issued an urgent warning to the government.
Senator Jane Hume will join the speaker lineup at the inaugural Australian Wealth Management Summit.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment