Super reforms a step in the right direction: AIST

The Australian Institute of Superannuation Trustees (AIST) has welcomed the super reforms announced by the Federal Government this morning but said it would still lobby to increase the concessional cap to $50,000. 

AIST chief executive Tom Garcia said the institute was pleased the changes did not alter the structure of the super system. 

"The changes do bring about a small level of greater equity for the members of funds, but more needs to be done for the lower paid, women and ordinary Australians," he said. 

Garcia said higher concessional caps and a less punitive excess contributions tax would benefit some not-for-profit funds. 

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"The changes to the concessional caps enable those who haven't had the ability to contribute to super throughout their entire working life the opportunity to fast-track their retirement savings," he said. 

"This is a move in the right direction, and AIST will continue to advocate for reinstating the $50,000 cap." 

Garcia expressed AIST's interest in becoming involved in the newly announced Council of Super Custodians. 

"The super debate needs be held on the basis of achieving certainty, adequacy, fairness and sustainability for all working Australians, and AIST would be pleased to be an active participant on the Government Charter Group," he said.