The Federal Government needs to ensure more stability around the legislation and regulations surrounding superannuation if it wants community support for lifting the superannuation guarantee (SG) to 12 per cent, according to Institute of Chartered Accountants in Australia specialist, Liz Westover.
Discussing the proposed rise in the SG on the ICAA web site, Westover said if more hard-earned cash was going to be directed to superannuation funds, the rules needed to stop changing "so we can be sure it will still be there when we retire".
"We need to know that what we warn is heading into an efficient system which is managed without conflicts, with reasonable costs, and without overly complex rules that are easily breached," she said.
Westover said the Cooper Review and other initiatives had provided the opportunity to get things right, but once that had occurred, it was imperative that the tinkering stopped.
