FPA welcomes TFN legislation

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The FPA welcomes Friday’s announcement introducing draft legislation to enable Tax File Numbers (TFN) to be used by super funds as the primary source to identify superannuation accounts and match them with their members.

Though lost super accounts are not a major issue for clients who have a financial planner, there are of course many Australian’s who have and this legislation will go a long way in helping to reconnect them with their lost super accounts and also reduce the number of multiple accounts.

“The FPA called for the use of the TFN through a number of submissions and we are always supportive of measures that make it easier for the client and the financial planner to use the superannuation system. Making the ‘back-office’ of superannuation more efficient and less onerous will encourage more Australian’s to engage with their fund,” FPA CEO Mark Rantall said.

“We are therefore very pleased that the government has followed through with this policy.”

“We will now review the detail as outlined in the draft legislation and contribute to the consultation process that has been outlined. And of course we look forward to working with the government on the implementation of the remaining Stronger Super Reforms.”

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