Div 296 must proceed: ASFA

Ahead of the federal election, the Association of Superannuation Fund of Australia (ASFA) urged all contesting parties to consider its recommendations to “protect and strengthen” the super sector.

- Matthew Wai

The peak body is calling for specific reforms in the sector, including proceeding with the controversial Division 296 Bill, which aims to double the tax on super balances exceeding the $3 million threshold.

The bill has been put on halt until at least after the election; the Coalition had reiterated the bill will be rubbished if it were elected.

Those opposing the tax have been vocal around their concerns, including taxing unrealised gains and the lack of indexation on the threshold.

This includes the independent member for Wentworth Allegra Spender, who labelled the tax on unrealised gains a “very bad policy”.