The other 99 per centBY ALEX DUNNIN | WEDNESDAY, 20 NOV 2013 8:51AM The frenzy around super funds setting up member direct options will be a good thing if it results in improved services across the board, upgraded online account access systems ... Upgrade your subscription to access this article
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Leading the way
SHARON DAVIS
NON-EXECUTIVE DIRECTOR
FUTURE GROUP AUSTRALIA HOLDINGS PTY LTD
NON-EXECUTIVE DIRECTOR
FUTURE GROUP AUSTRALIA HOLDINGS PTY LTD
Sharon Davis has always been fascinated by the human condition; it has driven her passion for people, her career, and building a better future for the next generation and beyond. Eliza Bavin writes.
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The recently announced Sons of Wallis - Financial Services Inquiry needs to address the most important strategic governance threat of ALL super funds right across the board to the systemic response by government to stem the "Superannuation Accumulation - deferred CG tax revenue leakage" when a member moves from "Super Accumulation" to the "Super Retirement Income" phases which currently amounts to hundreds of billion dollars. A simple solution would be a total segregation of the two phases in asset holdings for tax accounting purposes at the Super Fund level and that the assets backing the Super Retirement Income paying phase commences with a NIL (Deferred) CGT liability. The deferred CGT liability is brought to book and collected at the transfer from Accumulation to Retirement Income point.