The Association of Superannuation Funds of Australia has called for several changes to superannuation in the upcoming budget, saying it will support stability and ensure consumer confidence in the system.
ASFA chief executive Martin Fahy said super is lifting Australian retirement outcomes and supporting fiscal sustainability, helping reduce unfunded pension liabilities.
Because of its importance, ASFA is calling for policies in the budget that support stability and confidence in the super system.
One of these “enhancements” is enabling the Australian Taxation Office (ATO) to reunite lost super accounts to a member’s active account.
ASFA is also calling for the budget to provide $10 million per year extra to the ATO to undertake audits to improve SF payment compliance by employers.
Further, ASFA would like to see unpaid super guarantee entitlements included in the definition of unpaid employee entitlements for the purposes of the Fair Entitlements Guarantee.
There should also be capital gains tax (CGT) relief for mergers of super funds and adequate resourcing for the Superannuation Complaints Tribunal, as well as a one off payment to enable the SCT to deal with its current backlog of complaints.
“We have a retirement income system ranked as third best in the world, but if government strengthens its commitment to super and reflects public affection for the scheme, then Australians can still have the best future in the world for its retirees,” Dr Fahy said.
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