Greater use of tax file numbers as part of SuperStream and increasing the super guarantee to 12 per cent top the wish list of many superannuation chief executives this Christmas.
In fact, for REST superannuation chief executive Damian Hill, they are all he wants for Christmas.
“Twelve per cent and electronic infrastructure for the superannuation industry,” Hill says.
These wishes also feature highly for Asset Super chief executive John Paul and the Association of Superannuation Funds of Australia chief executive Pauline Vamos.
“All I want for Christmas is for SuperStream to be introduced and for the international markets to continue to improve,” Paul says.
Vamos has a few other wishes to add: “All I want for Christmas is good returns for fund members, bipartisan support for the super guarantee to be increased to 12 per cent, certainty and equity in super taxation arrangements and the ability to use tax file numbers more than once.”
Financial Services Council chief executive John Brogden seems more focused on next year’s legislative process and how the industry will emerge, rather than specific wishes.
“Our objective is to emerge from 2011 as a financial services sector that is competitive, transparent and, most importantly, trusted,” Brogden says.
He says after the conclusion of nearly two years of reviews, inquiries and government responses, 2011 is the year when much of the legislation hits Parliament and the industry will get to see the full details of reforms that are going to shape the industry for the next five to 10 years.
With a hung parliament in place, he says extra unpredictability will be added to the legislative process.
