While plenty has been written about the benefits flowing from the Government’s Simplified Superannuation Regime, little has been discussed about the key implementation issues.
This is something that will be addressed at this year’s Conference of Major Superannuation Funds (CMSF) on the Gold Coast, as a result of a session to be addressed by key executives from both the Australian Taxation Office (ATO) and Treasury.
The ATO’s deputy commissioner, superannuation, Raelene Vivian, will be part of a panel discussing the changes, along with the principal adviser, superannuation and savings division, within the Treasury, Trevor Thomas.
The CMSF organisers have indicated that the session is aimed at looking beyond the headline issues accompanying the simplified superannuation regime and will look, instead, at the implementation problems that will confront superannuation funds.
The legislation has been released in draft form, and a review of it indicates that whilst these changes will simplify very technical areas of super for members, superannuation funds have the job ahead of them to implement the changes, especially by July 1, 2007.
One of the key questions likely to be addressed by the panel is how superannuation funds should be positioning themselves in circumstances where older members are looking to access the benefits flowing from the simpler super Budget changes.
While most industry superannuation funds have not yet moved to directly address the changes flowing from the simpler superannuation regime, a number of the major master trusts have developed education material directly addressing the Budget changes and the manner in which they impact individual investment approaches.
