Legislating the objective of superannuation (second round)
This submission to the Treasury in response to legislating the objective of superannuation, was prepared by the Law Council of Australia, with input from the Law Society of New South Wales, and in consultation with the Superannuation Committee of the Law Council’s Legal Practice Section. It follows a submission sent by the Legal Practice Section on 5 April 2023.1 That submission in turn followed relevant commentary in a 2016 submission from the Legal Practice Section on the Exposure Draft of the Superannuation (Objective) Bill 2016.2 The commentary below should be read in the context of those earlier submissions.
Given that this initiative is proceeding by way of legislation, the Law Council is pleased to say that the Exposure Draft has been well drafted and has carefully addressed almost all of the potential issues that were identified in our earlier submissions.
1 April 2023 submission available at: <https://lawcouncil.au/resources/submissions/legislating-the-objective-of-superannuation>.
2 2016 submission available at: <https://www.lawcouncil.asn.au/publicassets/3ac9cc26-f0bc-e611-80d2-005056be66b1/3183_-_Superannuation_reform_package.pdf>.