In an exclusive interview with SMSF Adviser, Senator Sinodinos said the government’s approach to superannuation issues – including the decision to scrap the tax on pension earnings above $100,000 in the draw-down phase – reflects strong support for the SMSF sector.
“We recognise there are both similarities and differences between the different ways you can invest in super and the Coalition believes there is a central place within that system for self-managed superannuation funds,” Mr Sinodinos said.
An increasingly transparent superannuation system will have flow-on benefits for SMSFs, including the take-up rate, the senator added.
“We want more confidence in the superannuation system overall, which will encourage people to go into self-managed super as well,” he said.
While recognising that “the SMSF sector is different to other sectors”, Mr Sinodinos said the government seeks to have the sector regulated in a “transparent” way that is “conducive to confidence”.
The comments follow an address given by the assistant treasurer to the Association of Independently Owned Financial Professionals (AIOFP) national conference in Hobart last week in which Mr Sinodinos said restoring stability to the super system is a priority for the Coalition.
“The Coalition government fundamentally believes that such a strong [super] system should ensure the interests of fund members… are paramount,” Mr Sinodinos said.
“Restoring stability and certainty to our superannuation system is a key aspect of the government's agenda to build a strong and prosperous economy.
“We therefore support greater competition in the superannuation sector through increased transparency, because a more informed market will lead to better outcomes for fund members.”