ASFA welcomes passage of key super reforms through Senate

The Association of Superannuation Funds of Australia (ASFA) has today welcomed the passage of key pieces of superannuation legislation through the Senate.

“The passage of key pieces of superannuation legislation the Senate today will enable the superannuation industry to get working to implement changes that will in the long term increase retirement savings of Australians,” said Ms Pauline Vamos, CEO of ASFA.

The three pieces of legislation that passed through the Senate were:

• Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012
• Superannuation Auditor Registration Imposition Bill 2012
• Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012

“ASFA particularly welcomes the passage of laws that will provide superannuation funds that merge with capital gains taxation relief. Without this piece of legislation the existence of tax losses that would be written off in the event of a merger would have meant that in many cases superannuation trustees were not able to enact a merger without costing members thousands of dollars.

“ASFA has strongly advocated this reform, including arranging for a delegation of superannuation funds to meet with the Government to explain the necessity of the changes. We acknowledge the role of Minister Shorten in listening to the concerns of industry on this issue. The ability for superannuation funds to merge will provide those funds that decide to pursue this avenue with the opportunity to build scale, which can assist funds delivering long-term investment returns.”

“The provision of enabling standards for SuperStream means that the superannuation industry can get on with the job of planning and designing key elements of SuperStream. There is a lot more work that the industry and Government still need to do to deliver on the Government’s policy objectives but the passage of this legislation provides industry with certainty,” said Ms Vamos.

“The ability of Australians and New Zealanders to transfer retirement savings between the two countries through the trans-Tasman retirement savings portability scheme recognises in legislation that our countries are becoming increasingly closer economically and socially.”

For further information, please contact:

Pauline Vamos, CEO, 0433 169 342

Rebecca Glenn, GM Marketing and Communications, (02) 8079 0825 or 0416 170 439

About ASFA

ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral, and non-party political national organisation whose aim is to advance effective retirement outcomes for members of funds through research, advocacy and the development of policy and industry best practice.