SUPER REVIEWS: THERE’S SEVEN - LOCALS LEFT IN THE DARK
The Member for Berowra, Philip Ruddock MP said today that local business and industry currently have the spectre of seven separate Government initiated reviews into superannuation hanging over their heads. Some for more than 18 months.
“The Government’s delay in releasing findings and inaction is severely debilitating the decision making of all involved in superannuation, from Australians with self managed super funds, retail funds, as well as industry super funds,” Mr Ruddock said.
“The review into self managed super funds (SMSF), announced 14 February last year, is still outstanding and constituents remain in the dark.
“The review into the indexation of Australian Government superannuation schemes, launched 26 June last year, has yet to see the light of day.
“With the announcement of funding in the 2008-09 Budget, the release of a follow up discussion paper on 14 November 2008 and the closing of submissions on 19 December 2008, of a Superannuation Clearing House for Payments is a further report yet to surface.’
“We have yet to see the discussion paper into superannuation’s lost members and lost accounts, trumpeted loudly on 14 November last year, with submissions closing on 19 December.” Philip Ruddock said.
“And we are still waiting on the Government’s report on Tax Relief for Merging Super Funds, a discussion paper that was launched on 16 January this year and whose submissions closed 13 February so how long are individual Australians and business meant to hold their breath while the Rudd Government continues to undermine and create uncertainty in super?”