FSC welcomes clarity on outstanding tax and superannuation measures

John Brogden

John Brogden

“The government’s announcement on the backlog of unlegislated tax and superannuation measures provides long overdue certainty to the Financial Services industry,” Financial Services Council CEO John Brogden said today.

Mr Brogden’s comments follow a statement released by the Assistant Treasurer, Senator the Hon Arthur Sinodinos AO, yesterday (Saturday) which detailed the status of the remaining 64 of 92 announced but unenacted superannuation and tax measures.

“Within the constraints of the government’s budget conditions these changes provide certainty on a number of important measures.”

“Over the past few years the industry has been 110% focused on red tape and regulation at the expense of innovation and developing Australia as an exporter of financial services,” Mr Brogden said.

“The Assistant Treasurer’s statement has provided certainty and clarification on tax and superannuation announcements from the Howard and Rudd/Gillard governments and will be a boost to confidence within the industry.”

“Australian taxpayers will also gain confidence in knowing that the cost of those measures have been addressed.”

Mr Brogden also said: “The government has been sensible in proceeding with the most critical tax measures for the industry as a priority and in opening others to further consultation.

“We particularly welcome the changes that provide greater certainty on the tax relief provisions for fund managers,” Mr Brogden said.

He also said retaining proposed legislative changes on functional currency rules were beneficial for the Asia Region Funds Passport.

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