Tax & Super Australia commends the Federal Government on the prompt passage of superannuation reforms through both Houses of Parliament during the current sitting. However, the new measures will mean that advisers will need to quickly get up to speed in order to help their clients. superannuation laws, advisers, clients, superannuation
Chief Executive Officer, Moti Kshirsagar, commented that the new laws represent the next milestone in the evolution of the superannuation system. “While the aim of these changes is to achieve greater fairness and sustainability, these changes also present a challenge to tax and superannuation professionals in ensuring compliance with the new rules,” he said.
Notwithstanding these changes, there are still some aspects of the law that continue to make the superannuation system inefficient.
“For example, it was disappointing that the measures to harmonise the contribution rules for taxpayers aged between 65 and 74 were not included in the legislation,” Kshirsagar said. “This measure was an opportunity to cut red tape and achieve greater simplification; something which we advocated in our submission to the Treasury during the consultation process.”
Tax & Super Australia continues its support of tax and superannuation professionals through provision of guidance and its representation on Government consultative forums.
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Tax & Super Australia, previously known as Taxpayers Australia, is a member-based organisation actively representing its members’ views as well as providing expert commentary on matters affecting the wider taxpaying community.