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Only some super reforms to get through new parliament
The new Labor Government will probably implement Jeremy Cooper’s SuperStream proposal but an increase in the superannuation guarantee (SG) now looks very unlikely, according to Multiport.
The Government’s proposed mid-2011 tax forum would revisit the Henry Tax Review and may also cause holdups in the rollout of Cooper Review changes, Multiport’s technical services director Philip La Greca said.
“Efficiency gains like SuperStream should happen given broad support and the cost savings for fund members,” La Greca said.
Future of Financial Advice (FoFA) reforms and competency training are also likely to be implemented because they are seen as increasing consumer protection, he said.
La Greca rated MySuper as a line ball proposition because it has a consumer focus but the cost of implementation versus the potential member benefits would be revisited. MySuper has drawn support from some sectors of the industry but was publicly criticised in the lead up to the election by both Shadow Treasurer Joe Hockey and Financial Services Council chief executive John Brogden.
La Greca said a proposed increase in the SG to 12 per cent and additional tax offset for low income super contributions were now very unlikely to be accepted in the near term because they would require tax changes to help fund an increased cost to both Government and employers, and also require consensus on the Henry tax reform proposals first.
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