A re-elected Coalition government should ensure the superannuation sector enjoys stability for the next three years, according to the CEO of the SMSF Association, John Maroney.
The SMSF Association represents the interests of Australians who manage their own superannuation through a self-managed superannuation fund (SMSF).
“After the introduction of the significant legislative changes that took effect on 1 July 2017, it’s essential that members of superannuation funds can have a period of sustained stability,” said Mr Maroney
“For self-managed super fund members, policy continuity means they can focus on managing their financial needs rather than being constantly forced to consider significant changes to their retirement plans,” said Mr Maroney.
The SMSF Association believes that Labor’s plans to remove franking credit refunds would threaten retirement plans for many Australians, and is pleased to see it’s not on the cards for people with a DIY super fund.
“The association had made its position clear over many months that it believed this policy, as designed, would be inequitable towards many lower-income shareholders, including those who choose to have an SMSF, and especially if they were in retirement,” said Mr Maroney.
The SMSF Association has urged political parties to legislate the objective of superannuation, which is to ensure a brighter future for all Australians.
“Considering the recent policy landscape, including the financial services royal commission and Productivity Commission, ensuring that superannuation has a clear objective will help drive meaningful and effective policy change,” said Mr Maroney.
“Building a successful retirement income and superannuation system requires public confidence in the efficiency and fairness of the system and, going forward, we look forward to working with all sides of politics to continue improving the super system, particularly regarding the simplicity of superannuation legislation, so that all retirees can seek to achieve a secure and dignified retirement,” said Mr Maroney.
Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets.
Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.