How will super review affect NFP providers?
Wed, 6 May 2009
Federal Minister for Superannuation & Corporate Law Nick Sherry, together with a coalition of peak superannuation industry bodies, has released a Communiqué of Principles on Australia’s superannuation system pushing for the continuation of compulsory superannuation and including a resolution to investigate ways in which the operation of the current system can be improved.
In a recent interview with the Minister on the topic, ABC Lateline’s Tony Jones raised the issue that many providers currently take commission on super contributions. “The not-for-profit industry super funds say that as an absolute minimum the Government must ban all commissions on super contributions.
“The not-for-profit sector is obviously thinking that this is altering the way in which these funds operate. In other words, the people who are taking commissions are not operating on behalf of their clients, but on behalf of a profit-taking institution. And they’re asking the question, should they not be operating on behalf of their clients, and should that be in fact mandated that they do?” Jones said.
Minister Sherry conceded that this had “been a contentious issue for a long period of time,” but went on to say “I just caution about simplistic solutions to what are very complex sets of issues and I’m not going to prejudge the outcome.”
Share this article on the web:
Categories:
Governance,
Paperwork
For more information visit:
Related Articles
· ATO compliance program 2009
· Awarding transparency
Thu, 14 May 2009
· Christmas is ‘the season’ for AuSAE members
Fri, 26 November 2010
· The importance of risk management strategies
· Strength out of adversity: innovate and collaborate to secure success
· Survey finds not-for-profits in decline
Thu, 23 July 2009
· What’s in store for the third sector?
Reader comments
Be the first to comment on this article.
Enter your comments below:
Tell a friend
Name:
Comment:
Please enter the word you see in the image below:

Note: Your comments will be moderated before publishing.