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Tax & Super Australia (TSA) has now raised questions over the calculation, costing and scope pitched by a recent report released by the Blueprint Institute earlier this month that proposes the federal government introduce a $3,000 standardised deduction. Advertisement ); googletag.cmd.push(function() { googletag.display( div-gpt-ad-1606778434582-0 ); }); } Advertisement
The tax and super not-for-profit suggested the report failed to deliver i ....
The AustralianSuper answer revealed that the fund directed $3,533,953 in the 2015/16 financial year, $4,774,000 in the 2016/17 financial year, $5,454,000 in 2017/18, $5,187,000 in 2018/19 and $5,070,317. By comparison, big hospitality industry fund, Hostplus revealed its contribution for only the 2020 financial year – being $3.6 million. Industry Super Australia is owned by 15 industry superannuation funds with Money Management reporting last week that NGS Super paid ISA $619,050 in 2019/20, after having paid the industry funds body $633,328.84 the previous financial year and $626,526.64 in 2017/18. It also reveals how comparatively small fund, LegalSuper, directed $122,743 to ISA in 2019/20, after directing $132,697 the previous year and $124,664 in 2017/18. This compares with TWU Super which directed $518,823 in 2019/20, $530,790 in 2018/19 and $773,677 in 2017/18. ....
Australian Government’s Superannuation Reform Bill Faces Challenges Despite Revision The Australian government’s proposed changes to the superannuation fund performance test have faced criticism after the opposition said the Bill should not be supported following the inclusion of some controversial proposed reforms. Treasurer Josh Frydenberg and Superannuation Minister Jane Hume released the consultation draft regulations for the new Your Future, Your Super (YFYS) reform package on April 28 as a response to the concerns voiced by the superannuation industry to 2 major changes to the fund performance test. In the Senate Standing Committee’s on Economics report into the YSYF reform released on April 29, Labor noted that the proposed Bill would damage retirement outcomes of Australians and subject our superannuation system to risk. ....
Super changes won’t keep warring factions quiet Super changes won’t keep warring factions quiet Treasury’s release of draft regulations around the Your Future, Your Super reforms indicates it has taken on much of the – often scathing – industry feedback. But there’s one sticking point that’s set to keep the war on super ticking over. A A The government’s sweeping changes to the YFYS reforms are likely to be met with much relief from within the superannuation industry. The indices against which funds will be benchmarked have been modified to ensure that allocations to infrastructure don’t see them unfairly penalised, while administration fees will now also be included in the performance test. ....