Senate majority wipes out super surcharge
The Federal Government has used its new found majority in the Senate to pass legislation abolishing the superannuation surcharge, effectively neutralising the objections of opposition parties.
Announcing the passage of the legislation yesterday, Federal Treasurer Peter Costello said that it would simplify the operation of the superannuation system and boost superannuation savings by providing incentives for individuals to make additional voluntary superannuation savings.
The Government revealed plans to remove the surcharge as part of the Federal budget in May, but had to wait until it took control of the Senate this week to implement the change because Labor opposed the move.
Commenting on the Labor party’s opposition to the removal of the surcharge, the Treasurer said the Opposition’s stance had been a mass of self-contradictory positions.
“Labor opposed its introduction, then it opposed reducing it, and now opposes abolishing it,” he said.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
