The Government needs to remove superannuation policy from the regular budgetary cycle to provide stability and help restore confidence in the system, an association believes.
The SMSF Association used its 2017 Budget submission to urge the Government to resist further changes to the system.
The association’s head of policy, Jordan George said stability for super should extend beyond tax settings and include broader issues such as ensuring that it was not used to fund first home deposits.
“Such proposals should be easily evaluated and assessed against strong and fit-for-purpose objectives for superannuation. On the other hand, sensible changes that improve the system and make it more efficient by reducing red-tape should meet the system’s objectives and be proceeded with,” he said.
“…The association believes it is essential that the Government commits to a period of stability for superannuation free of significant changes, especially concerning tax settings.
“This would allow superannuation funds and their members a period to ensure that they have the correct strategies in place to comply with the new rules and maximise their opportunities to build retirement savings.”
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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