FSC approves passage of super tax reforms

In a statement, the FSC said the reforms mean superannuation will need to offer choice, high standards of governance and competition in an open market.

FSC chief executive Sally Loane said, “Super 2.0 needs to be different to today’s system.

“It must offer choice for all Australians; it must operate in a competitive, open and flexible market; it must deliver a comfortable retirement for men and women and it must reduce the numbers of people on the old age pension.

“Now it has the super tax changes through parliament, we welcome the government’s next plan of action for consumers, which includes lifting governance standards across all superannuation funds to meet the benchmark set by other prudentially regulated financial services companies and ASX-listed companies.”

The SMSF Association said it urged SMSF members to seek out financial advice in welcoming the government’s super reforms.

“I would strongly advise SMSF trustees and members that their first point of call should be their financial adviser or accountant,” said SMSF Association managing director and chief executive Andrea Slattery.