On Thursday 18 April 2024, the Institute of Financial Professionals Australia (IFPA) was invited to appear before the Senate Economics Legislation Committee (SELC) public hearing as part of its inquiry into Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023. We appeared before the committee with other joint association bodies, including Chartered Accountants Australia and New Zealand (CA ANZ) and the Institute of Public Accountants (IPA).
In brief, it was put forward to the government that the Bill not be passed as a number of changes are required to make Division 296 tax fair and equitable for all Australians.
You can read:
- The SELC report here (refer to pages 7 – 12 for our commentary due to appearing as a witness on the panel)
- The SELC final report findings here (there are many references to IFPA’s findings/recommendations throughout the report however the ‘Coalition Senators’ Dissenting Report’ on pages 53 – 72 also acknowledges our recommendations which led to the Coalition Senators recommending that the Bill not be passed).