The legislation to increase the maximum number of self-managed superannuation fund (SMSF) members from four to six will remain on the backburner as the Royal Commission recommendations remain priority for the Government.
Assistant Minister for Superannuation, Financial Services and Financial Technology, Jane Hume, spoke at the SMSF Association National Conference on the Gold Coast on Wednesday and said the Government was still committed to the legislation being passed.
“This proposed change increases the flexibility of our SMSF sector and will allow situations of families of up to four children to be part of a single family fund and it remains part of the government’s legislative priorities,” she said.
“But implementing the recommendations of Hayne Royal Commission is the number one priority.”
Hume noted the Government was also committed to improving the flexibility of the super system for older Australians by assisting them to save for their retirement such as the work test exemption, non-concessional contributions with the bring forward rule, and spousal contributions.
“The Government remains committed in passing this legislation ahead of the 1st July start date,” she said.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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