The SMSF Association (SMSFA) has called for the objective of superannuation to be enshrined in stand-alone legislation once an exact definition has been formed.
SMSFA chief executive Andrea Slattery said the association is pleased the government is moving towards the process of enshrining the objective of superannuation, but recommends the objective be in stand-alone legislation.
“The objectives of superannuation will influence a number of policy areas including superannuation, taxation, social security, health and ageing,” said Ms Slattery.
“Accordingly, the objective should be legislated in a stand-alone act rather than in existing superannuation or taxation legislation."
Ms Slattery added she wants the government to engage in further consultation on the wording of the objective and guiding principles before they become law, and to seek bipartisan support.
“We believe that enshrining the objectives for superannuation is an important step in delivering stability and certainty and stress that this important task should be undertaken in an orderly and unhurried fashion,” she said.
SMSFA said it hoped the legislative process would provide an opportunity to remove superannuation policy from the annual budget cycle by limiting significant changes only after a comprehensive, long-term review of the system.
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