Sean Fannin, GBST’s Technical Legislation Consultant reviews the latest legislation that could affect wealth management administration platforms.
Recently, the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP, (Assistant Treasurer) addressed the Australian Financial Review’s Wealth and Super Summit in Sydney.
Following this address there have been reports and commentary in the financial services’ media regarding specific caps that ‘may’ be implemented to limit the amount an individual can have in their superannuation account.
Assistant Treasurer did not make such an announcement, however, did not rule this out either.
What the Assistant Treasurer did say was that the Government is committed to legislating an objective of superannuation. Then, once this is legislated, the Government would consult on how the objective is to be met, including possible balance caps, taxation of “excess amounts”, etc.
GBST will continue to monitor this.
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Posted in: Legislation, Superannuation, Wealth Management Administration
