Business News

Super feedback period hasty: SMSFOA

The SMSF Owners’ Alliance (SMSFOA) has criticised the nine-day period the federal government has given for public comment on its first tranche of superannuation legislation.

The government should extend the time allowed for feedback, from 7 September to 16 September, in order to take time to get the definition of superannuation right, SMSFOA executive director Duncan Fairweather warned.

“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,” Fairweather said today.

“Representative associations, like SMSFOA, should be given reasonable time to assess the legislation, undertake their own consultation with members and prepare well-considered submissions.”

Before the May budget, then-assistant treasurer Kelly O’Dwyer engaged in a brief round of consultations with the superannuation sector on the objective of superannuation, he noted.

“Thoughtful submissions were made by SMSFOA and others, but were not published by the government,” he said.

“This process needed to be completed with a review of the draft legislation that will give interested parties adequate time to comment on the proposed definition.

“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.”

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