SuperConcepts welcomes recommendations by the Standing Committee of Economics against the removal of refundable franking credits on the grounds of discrimination.
Peter Burgess, SuperConcepts general manager technical and education services, said the report confirmed what they already knew about the impact of removing franking credit refunds.
“The report recommendations align with data modelling from SuperConcepts that show the proposed policy will hit lower income earners and unfairly discriminate against self-managed superannuation funds (SMSFs),” Burgess said.
“It’s an unjust policy proposal that gives a distinct advantage to large funds over SMSFs who comprise a third of the total super sector.
“We don’t believe Government policy should ever be used to reduce choice and that’s exactly what this policy does by discriminating against SMSFs.”
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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