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Compliance & Regulation

Govt committed to best possible super system

Revenue and Financial Services Minister Kelly O’Dwyer has reaffirmed the federal government’s commitment to its changes to the superannuation system, maintaining they are necessary to best safeguard and grow people’s retirement savings.

“It’s going to be a very busy year for superannuation,” O’Dwyer said during her address at the SMSF Association 2017 National Conference recently held in Melbourne.

“There are, after all, very few industries that have such far-reaching effects on people’s later lives and it does mean the system must be the best it can possibly be.

“Whether it is through changes to provide people with more choice or better professional standards, the government is committed, like you, to making that happen.”

She said she acknowledged the legislation was front and centre at the conference and also acknowledged many SMSF Association members were affected by the changes.

“Not everyone is happy with all aspects of this legislation, especially people with funds that are very, very significant, but even under the new rules the earnings on their funds will still receive a very generous tax concession. The capital will remain untaxed,” she noted.

“A key focus of the package is a range of flexibility measures which will help people to be able to save for their retirement.

“As SMSF trustees know, people have different work patterns and they change around their lives, however, the current system favours high-income earners who work full-time — without breaks — for the entirety of their working life.”

O’Dwyer said as the minister with responsibility for superannuation, she continually questioned how the government could best safeguard and help grow the compulsory retirement savings of Australians.

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