The Government needs to introduce the legislation supporting its Budget superannuation tax changes as soon as possible to engender certainty in the industry, according to the Association of Superannuation Funds of Australia (ASFA).
ASFA has used a submission to the Treasury responding to the third tranche of the Superannuation Tax Reform package, to argue that in order to provide legislative certainty, "it is critical that the bill be introduced and passed as soon as possible".
The ASFA submission said that, further to this, there were a number of consequential amendments that would need to be made to the Superannuation (Industry) Supervision Regulations 1994 (SIS regulations).
"While some of these have been released in the form of exposure draft legislation, others have not yet been so published," it said.
"Accordingly, if it were not possible to release the remaining amendments as exposure draft legislation in the immediate future, it would be highly desirable if an indication could be provided of the content and scope of the proposed amendments to the SIS regulations."
"Given the truncated time frame for implementation, and the risks and costs involved, it is critical that a facilitative compliance approach be adopted, especially with respect to the new transfer balance cap measure, during the first year of operation," the submission said.