The Institute of Chartered Accountants Australia (ICAA) plans to work with the incoming government to ensure the SMSF sector continues to operate without any inhibitors to its ongoing success, head of superannuation Liz Westover told SMSF Adviser.
“Any more reform needs to be well thought out and based on solid data and substantiated evidence before further change is seen, if any further change is required,” she said.
Ms Westover added that the ICAA would support a more “urgent review” of contribution caps and processes around the excess contributions tax regime.
She would like to see caps increased, and people who inadvertently breach the cap dealt with in a more equitable manner.
In addition, the SMSF Professionals' Association of Australa's (SPAA's) chief executive Andrea Slattery told SMSF Adviser the association continues to lobby the government for bipartisan commitment to the superannuation system.
“We welcome the promises made by both parties to stop changing super as a step in the right direction [to] bringing bipartisan support and a stable super system,” Ms Slattery said.
“SPAA welcomed the Coalition’s commitment to not introduce any negative changes to the system, and we will continue to advocate strongly those measures we believe will have a positive effect.”
“We acknowledge the alignment of the Coalition’s core value on individual responsibility and on self-sufficiency… and encourage the government to assist people to have a self-funded and a dignified retirement,” she added.
The IPA’s Vicki Stylianou also told SMSF Adviser the association plans to hold the government to account over its promise to restore stability to superannuation.
“We’re still in the hope stage,” she said. “Hopeful that things will stay stable and certain for a period of time, and that people can start relying on that type of certainty.
“We wouldn’t want to see any major changes coming through in the next few years… unless someone came up with some brilliant policy ideas.”