MYEFO makes more equitable split on SuperStream levy: ASFA

Self-managed super funds can better support the Australian Taxation Office following the Federal Government's Mid-Year Economic and Fiscal Outlook (MYEFO), the Association of Superannuation Funds of Australia (ASFA) said.

It lobbied the 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 Regulated Authority-regulated funds, shifting some of the burden to SMSFs. 

"ASFA is also pleased that the MYEFO statement recognises the need for levies on all superannuation funds to match the reasonable costs involved in their supervision and other related activities," it said.

ASFA also welcomed the Federal Government's lack of tax tinkering in its MYEFO.

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Further changes were unnecessary, it said, because the super 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.

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 in its MYEFO that 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.