SMSF Association Submission
The SMSF Association welcomes the opportunity to make a submission to the Senate Inquiry into the Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No.1 and No.2) Bill 2017.
Submission No.1: Improving accountability and member outcomes in superannuation
The SMSF Association supports the Government’s superannuation reform package which will increase the transparency and accountability of superannuation and should lead to improved retirement savings. Improving outcomes for fund members will ultimately lead to a better quality of life in retirement for Australians.
Submission No.2: Improving accountability and member outcomes in superannuation
The SMSF Association has concerns where employees do not have a free choice of superannuation fund. We believe that constraining employee choice has negative effects of disengaging people from their superannuation, reducing competition and increasing account proliferation. The SMSF Association believes the ability for all employees to choose their superannuation fund is an important element in promoting an efficient and competitive superannuation sector. In addition, all employees should be provided information about what choices they have in the superannuation sector available to them (e.g. industry fund, retail funds, SMSFs, etc.).