The other 99 per centBY ALEX DUNNIN | WEDNESDAY, 20 NOV 2013 8:51AMThe 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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Cover Story
The super, super fund
DEANNE STEWART
CHIEF EXECUTIVE OFFICER
AWARE SUPER
CHIEF EXECUTIVE OFFICER
AWARE SUPER
Aware Super has marked its expansion into Europe with the grand opening of its London office.
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.