The Morrison government has released draft regulations around the super fund performance test that will be applied in the new Your Future, Your Super reforms.
ASFA chief executive, Dr Martin Fahy, said: Australian superannuation funds’ strategic asset allocation, including the significant allocation to unlisted investments, has been an important element in their outperformance compared to international peers. The changes announced today have the potential to mitigate investment distortions foreshadowed by the industry when the benchmark was first announced.
ASFA also welcomed the announcement that administration fees would be included in the performance test. Including all fees in the proposed benchmark will help align the benchmark to the reality of the returns members see in their superannuation, and help address any anomalies that different cost definitions might cause when comparing the performance of different products, Fahy said.
SMSFs to receive additional consolidation payments from Reuniting More Super changes smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.
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$900 million in electricity bill savings available to households
Electricity prices have fallen almost 9 per cent since the middle of last year and there is $900 million in potential savings for households in eastern and southern states, new figures released today by the ACCC show.
Retail electricity offers now available to households in New South Wales, Victoria, South East Queensland, South Australia and the Australian Capital Territory are, on average, 8.8 per cent lower than they were in June 2020, which equates to an average annual household saving of $126.
Data from ACCC monitoring has revealed that if all customers in National Energy Market regions were to have the advantage of the potential savings by switching to lower offers, or benefitting from retailers lowering the prices of their existing plans, the total annual savings would be about $900 million compared to June 2020.
08 April 2021 16 minute read
One key criticism of the draft Law Companion Ruling 2019/D3 (
Draft LCR) is the breadth of the ATO’s view in relation to the “nexus” required between the scheme and the loss, outgoing or expense that can constitute non-arm’s length income (
NALI) under s 295-550 of the
Income Tax Assessment Act 1997 (Cth) (
ITAA 1997).
The ATO’s view is that where an expense is incurred by a fund that is less than an arm’s length amount, all of a fund’s ordinary income and statutory income is NALI, which (after relevant expenses) is taxed at 45 per cent.