The SMSF Owners’ Alliance has called on the Government to extend the time allowed for submissions in response to the first tranche of superannuation legislation going before the 45th Parliament, particularly on the proposed legislative objective for superannuation.
“Allowing just nine days (from 7 September to 16 September) is not sufficient time for public comment on new legislation that affects nearly every Australian,” said a statement by the SMSFOA.
“The draft legislation proposes, for the first time, a new objective for superannuation, defining the purpose of the modern superannuation system that has developed over the last quarter century. Representative associations – like SMSF Owners – should be given reasonable time to assess the legislation, undertake their own consultation with members and prepare well considered submissions.”
The Treasury department had consulted on the proposed objective for superannuation earlier in 2016, though draft legislation was not released at the time. Submissions to that consultation process have not yet been publicly released by Treasury.
“Before the May budget, the then Assistant Treasurer engaged in a brief round of consultations with the superannuation sector on the objective of superannuation. Thoughtful submissions were made by SMSF Owners and others but were not published by the Government. This process needs to be completed with a review of the draft legislation that will give interested parties adequate time to comment on the proposed definition,” said the SMSFOA.
“A definition of the objective of superannuation sets the policy framework in which important decisions are made and we should take the time to get it right.”
Despite several rounds of consultation the proposed objective of superannuation has changed little since it was first proposed by the Financial System Inquiry.