The Super Members Council (SMC) and the Association of Superannuation Funds of Australia (ASFA) emphasize the need for policy constancy and the swift implementation of payday superannuation. Meanwhile, the self-managed superannuation funds (SMSF) sector is adamantly opposing any tax on unrealised capital gains.
The SMSF Association, along with the National Farmers Federation, the Council of Small Business Organisations Australia (COSBOA), and the Family Business Association, jointly demand that both major political parties definitively dismiss any plans to tax unrealised investment gains.
The coalition's statement highlights concerns over Australia's increasing debt, projected to exceed $1.2 trillion, arguing that taxation on unrealised gains would unfairly target investments like family homes, investment properties, private trusts, farms, and other financial instruments.
The statement condemns the taxation of unrealised gains as unjust, citing how such a policy could destabilize market liquidity and turn market volatility into unearned tax obligations. The coalition stresses that taxing such "paper gains" is not true reform but rather a form of confiscation, disproportionately affecting investors during market downturns.
ASFA bolds advocates for stability in superannuation policies and has outlined its priorities for the incoming government:
- Boosting fairness in retirement benefits by extending the Low Income Superannuation Tax Offset to improve outcomes for Australian workers.
- Ensuring the immediate introduction of Payday Super to guarantee Australians receive their superannuation entitlements timely.
- Safeguarding superannuation funds against financial crimes, fraud, and scams to ensure these funds are preserved for retirement purposes.
- Enhancing retirement outcomes through access to quality advice, making affordable retirement planning more accessible to Australians.
- Empowering consumer choice within the superannuation system by promoting transparent investment choices and informed decisions.
- Leveraging superannuation to invest in national priorities, such as housing supply, clean energy, and infrastructure.
- Maintaining a stable and effective superannuation system through consistent and balanced policy frameworks.
With the election outcome looming, these industry groups and stakeholders remain firm on their stance for a policy landscape that supports certainty and growth within Australia's financial services sector.
