POWERED BY MOMENTUM MEDIA
Trustees granted consolidation powers
Superannuation fund trustees have been granted the power to consolidate multiple accounts for the same member under the Tax and Superannuation Laws Amendment (2013 Measure No.2), which has been introduced into Parliament.
Minister for Financial Services and Superannuation Bill Shorten said the reforms would take effect on 1 July 2013, with the first round of consolidation occurring on 30 June 2014.
Trustees will need to set up procedures for consolidating multiple super accounts for individual members — in situations where it is in the member's best interests — on an annual basis under the legislation.
Defined benefit, fixed home saver accounts and accounts that support an income stream would all be exempt, Shorten said, and the legislation did not consider the level of account balances.
The bill brings to light a recommendation in the Cooper Review which gave super fund trustees the ability to consolidate accounts.
Shorten said Government would continue to assess intrafund consolidation, with the next review due out in late 2014.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
73.88 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