The Tax Institute welcomes the opportunity to make a submission in response to the Government's Retirement Income Covenant position paper.
This submission has been developed in close consultation with The Tax Institute's Superannuation Committee to provide comments on key issues which should be considered as part of the Government's introduction of a retirement income (RI) covenant in the Superannuation Industry (Supervision) Act 1993 which is intended to outline a fundamental obligation of trustees to formulate, review regularly and give effect to a RI strategy. Our view is that the proposed RI covenant should not apply to trustees of self-managed superannuation funds.
Please refer to our submission for further details.