SUPERANNUATION funds MTAA Super and Tasplan have announced they will be known as Spirit Super after completion of their merger on April 1, 2021.

Spirit Super will be Australia’s newest industry super fund and will have about $23 billion funds under management and 326,000 members across Australia.

MTAA Super CEO Leeanne Turner said the new name perfectly represented the fund’s drive to be a national super fund that offers superior service, value, and member focus.    

“What I love about Spirit Super is it captures the energy of what we’re about,” Ms Turner said. “It’s fresh and optimistic and innovative — everything we want to be.

“The new name also speaks to the past achievements of our funds,” Ms Turner said. “MTAA Super and Tasplan are both outstanding funds and take great pride in providing historically strong long-term returns, excellent value and service to our members. As Spirit Super, we will have greater capacity to continue improving our products and service and to really embrace a member-first approach to everything we do.”

The merger follows a successful year for MTAA Super and Tasplan, with both funds receiving platinum ratings by SuperRatings and being named ‘Best Value for Money’ funds for 2020.

“That’s what makes this merger so exciting,” Ms Turner said. “This isn’t about a big fund absorbing a smaller fund. It’s about two successful funds coming together to get even better. It’s a true partnership that will provide a better super experience and outcomes to members across the nation.

“With MTAA Super’s strong long-term performance history and Tasplan’s superior customer satisfaction rating and award-winning digital services, we are bringing the best of both worlds to Spirit Super.”

Ms Turner was also pleased to announce a reduction in administration fees for all Spirit Super members.

“The details are being worked through, but there will be a drop in administration fees when Spirit Super kicks off. So right off the bat, members will start seeing the benefits of the merger.”

Tasplan chair Naomi Edwards said the new fund name was an important milestone to mark in the merger process.

“Our name is our future, so it was important we embraced something our members could be proud of and inspired by. I think Spirit Super nails it. Importantly, our name will also set us apart in the market. This will help us grow, compete, and continue pursuing opportunities in the best interests of our members.”

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NEW SOUTH WALES could significantly increase technological innovation and new product development by creating beta-testing sites for university researchers.

that is the view of Stoic Venture Capital partner Geoff Waring, who said "technology innovation lifts employment while improving competitiveness of local companies at a global level".

“Creating a policy for beta-testing sites in NSW for university researchers would attract researchers, entrepreneurs, start-up companies, venture capital and multinationals to NSW,” Dr Waring said.

“It could also help to develop links between university research and industry as well as lead to the creation of new technology start-ups from the intellectual property developed at local universities.”

Dr Waring said NSW’s current procurement innovation stream for small and medium sized companies whereby contracts of up to $1 million may be awarded following successful proof of concept trial, does not currently meet the needs of university researchers who are at a very early level of development.

Many of NSW’s most difficult problems are beyond the technology capability of existing suppliers, so need unproven technology development, he said.

“These difficult problems include ecological conservation, the effects of climate change and pandemics. University researchers have a parallel problem proving their technology that works in the lab also works and is safe in use. Venture capital investors want to see a proof of concept before they invest. All these parties gain from a small-scale beta test."

If the NSW Government shared more information with university researchers about the priority problems they faced and had a process to evaluate emerging technologies, the universities could bring to the government potential technologies that could be trialled on a small scale in NSW locations, he said.

Small pilot trials could be undertaken in a managed environment to minimise risk.

“There would need to be requirements around safety, data privacy and a minimum level of technology readiness according to the standardised benchmarks,” Dr Waring said. “Coming from a university would also give the science a high degree of legitimacy.”

This has similarities to the Federal Business Research and Innovation Initiative and Melbourne 5G IoT testbed and prototype street programs, Dr Waring said.

"This is an innovative approach that could assist researchers and investors to overcome information gaps that act as a barrier to financing while exploring solutions to city problems that are too difficult for existing providers.”

About Stoic Venture Capital

Stoic Venture Capital provides financing for early-stage companies, particularly those arising from university research. Stoic is unconditionally registered as an Early Stage Venture Capital Limited Partnership (ESVCLP) and takes a collaborative approach to investing in the highest potential companies. Atlas Advisors Australia AFOF is the major limited partner for the Fund. www.stoicvc.com.au

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NEXTGEN FUNDS Management has launched Australia’s first pure Artificial Intelligence (AI) Fund. It will invest in domestic and international technology businesses which deliver AI technologies that address environmental, social, and industrial challenges globally.

The Fund is aimed at sophisticated investors, including high net worth individuals, family offices and institutions. It will invest in a mixture of debt and equity and will maintain a diversified investment exposure across multiple industry sectors and growth stages ranging from start-up to pre-IPO. This includes a mix of developed and innovation in order to balance the risk profile.

Samuel Mullavey, head of distribution for NextGen Funds Management said, “The Fund’s key investment areas are where the adoption of AI will provide the greatest benefits economically, environmentally, and socially. These include sectors such as health and wellbeing, infrastructure and transport, environment and natural resources, cybersecurity, smart cities and buildings, and financial services.

“We believe AI will be the defining technology of our time. It is set for accelerated growth and demand and, as such, we have positioned the Fund to take advantage of the exciting investment opportunities unavailable to public markets.

“The Fund aims to deliver appropriate risk-adjusted returns to unitholders through a combination of capital growth and income generated from underlying investments in the rapidly expanding AI technology sector.

“With innovative technologies, including AI, forecast to be worth AU$315 billion to the Australian economy by 2028 and AU$22.2 trillion to the global economy by 2030, AI represents a significant new opportunity to enhance economies domestically and internationally.

“As a result, there are unprecedented levels of global activity and investment in AI. In recent times we have seen a total of AU$86 billion dedicated to AI programs and activities from 14 of the world’s most advanced economies. Locally the Australian technology industry will require up to 161,000 new expert AI professionals by 2030.

“In many cases, the technology is already available, but the challenge many smaller AI firms face is commercialising ideas into a viable product or service. This as a major opportunity to leverage our strong partnerships, experience, and networks, and provide the expert support required to navigate this tricky stage of development.

“We set out to be innovative in our offering and as such, the Fund’s agile strategy is to remain stage and sector agnostic so it can capitalise on multiple cross-sector opportunities and keep pace with changes in AI innovation.”

The NextGen Artificial Technology Fund has no floor nor ceiling on deal size.

While not guaranteed, the income yield objective of the Fund is 5 percent per annum with a total return objective of 10-12 percent per annum on an internal rate of return, pre-tax, post fees and costs.

Investments will be made in targeted opportunities, via individually structured arrangements that may include convertible notes, private equity, and debt funding such as secured loans.

The Fund is designed with a three to five-year investment term in mind and a minimum initial investment of $100,000. Following the minimum initial investment, investors may invest additional funds in multiples of $50,000. A minimum balance of $100,000 needs to be maintained.

Fees are 1.65 percent per annum exclusive of GST of Funds Under Management. A performance fee of 20 percent is charged above the Benchmark return of 7 percent and inclusive of pre-tax performance after management fees and other operating costs have been deducted.

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ELIGIBLE employers are now able to register for the new JobMaker Hiring Credit scheme, being administered by the Austrlaian Taxation Office (ATO) on behalf of the Federal Government.

The JobMaker Hiring Credit payment is a wage subsidy paid directly to employers that aims to help accelerate growth in the employment of young people during the COVID-19 economic recovery. The scheme is an incentive for businesses to employ additional job seekers aged 16 to 35 years.

Eligible employers can access the payment for up to 12 months for each eligible additional employee they hire between October 7, 2020 and October 6, 2021. They will be able to claim up to $200 a week for each additional eligible employee they hire aged 16 to 29 years, and up to $100 a week for those aged 30 to 35 years.  

This means an employer will be eligible for up to a total of $10,400 over the year for each eligible employee aged 16 to 29 years or $5,200 if aged 30 to 35 years.

Deputy Commissioner James O’Halloran said the ATO was working hard to make it as easy as possible for employers to access the government’s JobMaker Hiring Credit payment.

“The ATO is here to support employers and the community to easily access important economic stimulus like the JobMaker Hiring Credit,” Mr O’Halloran said.

Mr O’Halloran encouraged businesses to check their eligibility and take this first step to register for the scheme from this week and then employers would be ready to move to quickly make a claim in February 2021.

"You cannot claim if you are not registered," he said.

“We encourage employers to register from now to ensure their hiring credits can be paid promptly from when the first quarterly claim period opens in February 2021,” Mr O’Halloran said.

“Employers are reminded that new employees must have received the Parenting Payment, Youth Allowance (Other) or JobSeeker Payment for at least 28 consecutive days (or two fortnights) within the 84 days (or six fortnights) of being hired to allow for a claim to be made by the employer.

“There are some key dates to keep in mind, and simple steps employers can take now, but please remember that not everything needs to be done from next week.”

• Employers and employees must meet eligibility requirements to receive the payment.
• Employees must be aged 16 to 35 years. 
• Employees must have started employment between 7 October 2020 and 6 October 2021 (inclusive) and 
• Employees need to have completed a minimum average of 20 hours (worked or paid) per week during the time they were employed in the JobMaker period.

“I encourage employers seeking advice on the JobMaker Hiring Credit to contact their tax or BAS agent, or call us on our dedicated help line 13 28 66,” Mr O'Halloran said.

ATO's key dates to remember:

• The JobMaker Hiring Credit scheme started on 7 October 2020.
• You may be able to claim for employees hired between 7 October 2020 and 6 October 2021.
• You can register from 7 December 2020 through ATO online services, the Business Portal or your registered tax or BAS agent. 
• Claims for the first quarterly payment will open on 1 February 2021.
• The last day you are able to claim for employees is 6 October 2021.
• If you hire an employee on 6 October 2021, you are able to claim for payment to 6 October 2022.
• The JobMaker Hiring Credit scheme will end on 6 October 2022.

More information on the JobMaker Hiring Credit scheme is available from our website at https://www.ato.gov.au/General/JobMaker-Hiring-Credit/

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