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An avoidable issue with Australia's superannuation system is employees failing to consolidate multiple accounts, thus being charged multiple account fees. In 2018, of Australia's 15 million superannuation fund members, 40% had multiple accounts, which collectively cost them $2.6 billion in additional fees per year. [80]
Superannuation funds can claim a capital gains tax discount where the asset has been owned for at least 12 months. The discount applicable to superannuation funds is 33%, reducing the effective tax rate on capital gains from 15% to 10%. [8] No discount or adjustment is available if an asset is sold at a loss.
AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria.It is an industry super fund, and so operates through a mutual fund structure.. With over A$ 340 billion of retirement savings under management and more than 3.4 million members, AustralianSuper is the largest superannuation fund in Australia and the sixteenth largest pension fund in the world.
The Superannuation Complaints Tribunal was established under the Superannuation (Resolution of Complaints) Act in 1993. It was established at the same time as a new prudential and disclosure framework was put in place under the Superannuation Industry (Supervision) Act 1993, protecting employees compulsory superannuation contributions (introduced in 1992).
In Australia, the term 'Retail superannuation fund' refers to a superannuation provider that is not an Industry superannuation fund, and so weren't established by a trade union as a method of managing worker retirement savings. [1] [2] [3] There are various providers of retail super funds in Australia.
An Act to make provision for the supervision of certain entities engaged in the superannuation industry, and for related purposes ... (Supervision) Act 1993 is an ...
Sunsuper Superannuation Fund (Sunsuper) was an Australian public offer industry superannuation fund based in Brisbane, Queensland, Australia. It was established in 1987 as a multi-industry superannuation fund open to all workers and is profit-for-members. Sunsuper was the largest superannuation fund by membership in Queensland, with 1.3 million ...
The Australian Reward Investment Alliance (ARIA) is a superannuation trustee for Australian Government employees. It manages three superannuation schemes, the Commonwealth Superannuation Scheme (CSS), the Public Sector Superannuation Scheme (PSS) and the Public Sector Superannuation Accumulation Plan (PSSap).