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Lobbying: update on superannuation achievements

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Graham Meyer, along with the Chief Executive Officers of the other professional accounting bodies recently met with Senator the Hon Nick Sherry. The meeting was an opportunity to discuss key financial services industry issues which included, the growth of the self-managed super funds (SMSFs) sector, the governance of the superannuation industry and the key role accountants have in the industry.  
 
Australian Taxation Office 
The Institute is closely involved with the Australian Taxation Office (ATO) and its development of superannuation policies and determinations, particularly in the area of SMSFs. Institute representatives met with the ATO to provide extensive and constructive feedback on the audit of SMSFs and also received a better understanding of the ATO’s objectives in this area. The meetings provide the Institute with the opportunity to better inform its members of the key issues over the next 12 months. 
 
With Chartered Accountants playing a significant role within the SMSF sector, Institute representatives were invited to meet with the Deputy Commissioner to provide the Institute's view on various aspects of the superannuation system including, administrative design, community confidence, cost effectiveness and a range of operation features. The meeting was part of the ATO’s Health of the System project and an important opportunity for the Institute to represent members views to the ATO. 
 
In September, Institute representatives have again been formally invited to meet with the ATO Deputy Commissioner to review and understand the key ATO priorities and objectives for the next 12 months. 
 
Institute submissions 
The Institute on behalf of its members forwarded three submissions to government in the past quarter:

 
 
Leadership projects 
The Institute recently released two leadership papers entitled SMSF: Review of the existing regulatory and governance framework and SMSF: A forum on the existing regulatory and governance framework dedicated to examining the key issues influencing the governance and regulatory framework of the SMSF sector. The principle aim of the leadership papers was to identify the regulatory issues that can be strengthened to benefit all stakeholders in the industry. The discussion papers were well received by Senator Sherry’s office and discussions on the key issues examined are ongoing.  
 
Policies 
As previously reported a number of superannuation policies were announced by the Coalition and Labor parties prior to, and during, the 2007 federal election campaign. The following issues have progressed and resulted in policies to which the Institute has successful contributed to:
  • Basis of the calculation of superannuation guarantee contribution: the Institute was keen to see more detail of this policy as salary sacrificed amounts would have a significant impact on business. Further discussions will be held with the government in this regard
  • National rental affordability scheme: The Institute supported this initiative and the key issues addressed in our submission have been adopted by government including the need for adequate facilities and infrastructure to be developed in conjunction with the proposed accommodation
  • Temporary residents: In a recent announcement Senator the Hon Nick Sherry has changed the governments approach to temporary residents’ superannuation. Under the new approach temporary residents will be able to grow their superannuation in the same superannuation fund for the entire time the person is residing in Australia. The Institute is pleased with the results as in our submission concerns were raised over compliance costs.
 
 
Relevant links 
 
Last updated: Thursday, 14 August 2008