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You may be aware that the Commonwealth Government recently announced some stronger Super reforms designed to deliver significant efficiencies across the Superannuation industry’s back office processing procedures.
Lifetime Financial Group, A Melbourne based financial planning firm have prepared the following information on SuperStream for their clients
The Commonwealth Government are seeking to recover the costs associated with the implementation of these reforms by imposing a levy on all APRA regulated Superannuation funds.
Most Superannuation funds are APRA regulated and as a consequence, your Superannuation account will pay a small levy as part of everyone contributing to the costs of these reforms.
When originally estimated, the anticipated costs of the reforms were estimated at $467 million dollars. It is anticipated that these costs will be recovered over the next 6 financial years.
The anticipated recovery of these costs is outlined in the table below.
It is anticipated that all members of Superannuation arrangements affected by this levy will contribute a pro rata amount based on the value of their Superannuation accounts.
Where this tax is recovered on a pro rata basis, the following table shows the approximate amount that members will contribute to the cost of these reforms.
Your Superannuation fund will communicate the levy amounts clearly with you. And the levy cost will be clearly identified on your next statement post the debit of this amount.
Treasury have released a fact sheet that can be viewed by clicking here…
If you would like to discuss this with us, please feel free to either email or call us.