IFSA welcomes minister stance on super surcharge
The Investment and Financial Services Association (IFSA) has welcomed a suggestion by the Minister for Administration and Finance, Nick Minchin, that he is in favour of abolishing the superannuation surcharge.
IFSA chief executive Richard Gilbert, speaking on the issues most likely to impact on the superannuation sector in 2005 and in light of recent comments made by Minchin, said that removal of the surcharge would go a long way towards eliminating some of the complexity which continues to surround Australia’s superannuation regime.
Last week Senator Minchin said he was "determined to advocate on the abolition of the superannuation surcharge and the removal of taxes on imported business inputs".
Gilbert said that beyond the minister's comments with respect to the superannuation surcharge there are other issues which can also be dealt with in 2005 including reviewing the broader taxation issues affecting superannuation funds.
He said that there might also be scope for a broadening and deepening of the superannuation co-contribution arrangements.
However Gilbert noted that the industry’s immediate concentration would be on establishing the parameters for the new choice of fund regime.
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