The peak body for the not-for-profit superannuation sector — the Australian Institute of Superannuation Fund Trustees (AIST) — is calling for feedback on the Government’s proposed First Home Saver Account initiative.
AIST believes the proposed account presents both opportunities and challenges for the not-for-profit super sector and has asked its members to consider a number of points.
AIST hopes discussion will be raised surrounding the new costs for super funds that will arise from the need to establish a separate trust to offer the accounts.
It also recommends a flat-percentage co-contribution for all income levels to assist lower income earners as well as a cap on fees and the exclusion of commission-based selling practices.
