Superannuation Alert 02.06.16
Financial Services eBulletin - 2 June 2016
The Lander & Rogers Superannuation Alert is a brief overview of new developments in the superannuation industry.
- On 24 May 2016, APRA published its Quarterly Superannuation Performance statistical publication, as well as its Quarterly MySuper Statistics, both for the March 2016 quarter. The Quarterly Superannuation Performance publication reported that:
- 'superannuation assets totalled $2.0 trillion at the end of the March 2016 quarter…[and] over the 12 months from March 2015 there was a 0.6 per cent decrease in total superannuation assets';
- 'there were $24.0 billion of contributions in the March 2016 quarter, up 0.6 per cent from the March 2015 quarter';
- 'there were $16.0 billion in total benefit payments in the March 2016 quarter, an increase of 11.1 per cent from the March 2015 quarter'; and
- the 'annual industry-wide rate of return…for the year ended March 2016 was -1.5 per cent' .
- On 24 May 2016, the ATO announced that it can manually calculate non-concessional contributions for the period 1 July 2007 to 30 June 2015 if individuals and funds have met their lodgement obligations. This announcement is in response to the Federal Government's Budget proposal to introduce a lifetime non-concessional superannuation cap of $500,000, taking into account all non-concessional contributions made since 1 July 2007.
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