Govt targets Abbott on SG
The Federal Government has sought to define clear differences between it and the Opposition on lifting the superannuation guarantee, claiming the Opposition leader, Tony Abbott has made clear he will oppose any such increase.
The Minister for Financial Services, Chris Bowen, said Abbott was opposed to lifting the guarantee because it would make employers reluctant to employ people — but Bowen said this claim ignored the experience between 1 July, 1992 and 30 June, 2003 when the guarantee was lifted to 9 per cent.
He said that during that time the Australian economy grew strongly, unemployment fell and labour productivity grew.
Bowen pointed to Abbott’s book, Battlelines, to suggest the opposition leader wanted to tax superannuation contributions at a person’s marginal tax rate — something Bowen claimed would result in a major fall in the superannuation lump sum of retirees and a reduction in take-home pay.
AUTHOR
Mike Taylor
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Licensees are being reminded to take prompt action once their licence is granted as ASIC cancels the AFSL of a Sydney firm.
Appearing before the Senate economics committee, WT Financial managing director Keith Cullen has described the first tranche of QAR legislation as a “ticking time bomb” in its current form.
Licensees are figuring out how to navigate the annual superannuation performance test to avoid any clients being stuck in affected funds and whether they need to start running their own internal tests.
The corporate regulator has made a suspension and a cancellation of the AFSL of two Queensland-based firms.
