SMSFs should pay SuperStream levy: AIST
Self-managed super funds are the biggest superannuation sector by dollars and will be major beneficiaries of the SuperStream reforms and so should contribute to the levy being imposed on other fund members, argues the AIST.
Australian Institute of Superannuation Trustees (AIST) chief executive officer, Fiona Reynolds, said Superstream is about delivering operational efficiencies to funds, the government, employers and members.
"As everyone in the super industry will benefit from these efficiency measures, we think it is fair and reasonable that self managed super funds - which are now the biggest component in the industry - pay their share of the costs," she said.
The AIST has just lodged its submission to Treasury outlining their views on SuperStream.
Their key recommendations are that all participants of the superannuation system deriving a benefit from the implementation of SuperStream should make an appropriate and proportionate contribution towards it.
The AIST has also recommended that the government adopt the Parliamentary Joint Committee on Corporations and Financial Services' recommendation that the Australian Taxation Office be required to provide a regular detailed breakdown of its SuperStream development costs.
SuperStream levies should meanwhile be discounted by this expenditure providing a wider benefit to the ATO and the federal government.
Source: Financial Standard