Revenue and Financial Services Minister Kelly O’Dwyer has emphasised the federal government is taking considered measures to ensure the super reforms do not cause too much disruption to financial advisers and SMSF trustees.
During a doorstop interview at the Association of Financial Advisers 2017 National Conference on the Gold Coast, O’Dwyer said: “Whenever there is change it takes time to bed down.
We try and make sure we have very extensive consultation and certainly know the Australian Taxation Office, with the recent taxation changes, has been heavily engaged with stakeholders in the implementation of the government’s changes.”
While the changes are significant and difficult to implement, the Minister highlighted the positive outcomes, especially for women, the system could now facilitate.
“Those changes to superannuation are very much to the benefit of millions of Australian women,” she stressed.
“For the very, very first time, as a result of superannuation changes, women who have time out of the workforce because they have caring responsibilities for children or perhaps elderly parents will be able to make catch-up contributions.
“This is actually very, very significant change and they’ll be able to do that on a rolling five-year basis from 1 July next year.”
O’Dwyer added women would not be the only beneficiaries from this measure and the retirement savings playing field has also been levelled out for unconventional employment arrangements as well.
She pointed out this initiative also “very radically” separated the government from the opposition in terms of superannuation policy.
“The opposition was very prepared to have additional revenue measures with superannuation, but wasn’t prepared to reinvest in superannuation in those sorts of measures where we’re levelling the playing field and providing benefits, particularly to women and small business, in ensuring people can have the savings that they need in order to have the retirement that they want,” she said.