Super changes to cost AMP $30m annually

Original article by Misa Han
The Australian Financial Review – Page: 19 : 19-Feb-19

Embattled wealth manager AMP has advised that the federal government’s superannuation reforms will reduce its operating earnings by about $10m in 2019 and up to $30m in 2020. The reforms will allow the Australian Taxation Office to consolidate super accounts that are inactive or have low balances. AMP estimates that the reforms will affect about 370,000 of its super accounts. The bill has been passed by the Senate with the Greens’ support, although it has yet to be passed by the lower house.

CORPORATES
AMP LIMITED – ASX AMP, AUSTRALIAN TAXATION OFFICE, AUSTRALIAN GREENS, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

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