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.”
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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