Federal Budget 2008. What are the implications on the Superannuation industry
The first Rudd government budget made modest changes to superannuation in comparison to the previous couple of years. Proposed implementations include;
- $16m in funding over three years to establish a clearing house to assist business with the administration of choice of super in regards to contributions by streamlining the process through a single location
- Project established to produce simpler Product Disclosure Statement documents for financial products
- Pull back of the availability to obtain benefits through salary sacrifice including the government co-contribution will not be around much longer. Changes from July 2008 will mean salary sacrifice is added to the income test for assessing financial and retirement benefits
- Expansion of the allowance to export financial services via withholding tax relief
- FBT now applicable on meals funded through salary sacrifice
The changes to superannuation outlined in 2006 & 2007 were the biggest in the past decade and mean that a wide range of changes came into place as of the first of July 2007. As a result superannuation companies went through a phenomenal growth period and continue seeking people for newly created roles and demand, especially people with previous experience in Super. The areas in highest demand include Fund Administrators, Business Analysts, Project Officers, Compliance and Customer Service. Most companies are looking for both permanent employees and short term contractors to fulfill immediate needs.
There is still no better time to consider your future within superannuation and to make your valuable skills work for you.
Click here for advice on how to create a career in Superannuation and make your skills work for you, or alternatively you can send your resume to info@spectrumpeople.com.au attention to the Super Team or you can contact our Superannuation experts on 03 8602 0100 for a chat!
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