Budget superannuation bills should be passed without “undue delay”

The superannuation Bills to enact measures, largely, announced in the 2016 Budget should be passed “without any undue delay, to provide certainty and confidence in the system,” says the Association of Superannuation Funds of Australia (ASFA).

On Wednesday the Government introduced the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016, moved a second reading and then adjourned debate.

“While the extensive detail contained in the Bill and Explanatory Memorandum needs to be carefully analysed, ASFA has broadly supported the thrust of the government’s tax package from its announcement because it makes the superannuation system more sustainable and fair.”

ASFA is calling for a “period of stability” in the rules for superannuation.

“This legislation is an inflection point in superannuation policy that should allow people to move on and increase their confidence in the system,” said ASFA CEO Dr Martin Fahy.

The introduction of the legislation was also welcomed by the SMSF Association, saying it is a step towards greater certainty for SMSF trustees and their advisors.

“With the legislation introduced to Parliament, SMSF trustees and their advisers can have greater certainty in beginning to adjust their superannuation strategies where necessary as the 1 July 2017 start date for most of the superannuation changes looms,” said Association CEO Andrea Slattery.

“SMSF trustees affected by the law changes now have a clearer picture of where they stand and can access specialist SMSF advice to assist them going forward.”

“Our Association advocated that there were a number of technical issues with the Government’s draft legislation and we are pleased that the Government has listened to the concerns of the SMSF sector.

“Improvements such as allowing recipients of reversionary pensions 12 months rather than the originally proposed 6 months to adjust their affairs for the new transfer balance cap and simplifying the capital gains tax relief provisions are welcomed.”

Eight Parliamentary sitting days remain in 2016.

Update: The Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill 2016 has been referred to a Senate committee. The committee is due to report by the 23rd of November, after which the Parliament is only scheduled to sit for five more days in 2016. The first scheduled sitting day of 2017 is the 7th of February.

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  1. I thought you were opposed to the reduction in the concessional limit for people over 50 years old? The present $35000 limit was a vital part of my retirement plans. How can you now endorse this policy?

    1. Several superannuation fund bodies, that is organisations representing super funds not necessarily super fund members (including ASFA, as above), are encouraging the Parliament to quickly pass this legislation because they are likely going to be pressed for time to implement the changes in their systems before the start date.

      I think the process has been rushed and more time should be given to consultation, particularly on some of the more complicated measures. However this is only useful if the government is open to making changes.

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