The Association of Superannuation Funds of Australia (ASFA) said tonight’s Federal Budget has brought stability to superannuation and enhanced confidence in our retirement funding system.
The Budget introduces a number of positive superannuation measures. These include:
- Greater flexibility in contribution rules for superannuation fund members aged 65 and over
- Permanent tax relief for merging superannuation funds
- Increased funding for the ATO to ensure on-time payment of superannuation liabilities by larger businesses and high wealth individuals
- Funding for the Fair Work Ombudsman to address sham contracting arrangements designed to avoid payment of statutory obligations such as the SG
- Delay in the start of new opt-in arrangements for insurance within superannuation from 1 July 2019 to 1 October 2019, which will allow funds more time to engage with fund members who are affected
ASFA CEO Dr Martin Fahy, said that changes made to superannuation tax settings in the Government’s 2016 Budget in particular, have made the superannuation system sustainable and equitable.
“The Government has today taken the opportunity to reaffirm their commitment to retirees by leaving the system alone.
“ASFA welcomes continued bipartisan support to increase the Superannuation Guarantee (SG) to 12 per cent.
“Lifting the SG to 12 per cent is essential to ensure more Australians can enjoy a comfortable and dignified retirement,” concluded Dr Fahy.
For further information, please contact:
Katrina Horrobin, 0451 949 300.
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. ASFA’s mission is to continuously improve the superannuation system so people can live in retirement with increasing prosperity.