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ASFA seek s bankruptcy changes
THE Association of Superannuation Funds of Australia (ASFA) has expressed concern at a number of elements of the new legislation amending the Bankruptcy Act.
In a submission filed with the , ASFA broadly welcomed the legislative changes, but argued that measures should be put in place to ensure superannuation funds are not made to bear losses or get involved in unnecessary transactions.
The submission argued that as the legislative proposals currently stand, it would be possible for a superannuation fund trustee to payout an amount to the bankruptcy trustee merely to receive part of that amount back again.
“As it is only the superannuation fund trustee that is aware of the fees, taxes and charges debited in respect of contributions, and the trustee must calculate the amount in order to seek recompense from the trustee in bankruptcy, it would be simpler if the law permitted the superannuation fund trustee to pay only the net amount and to advise the trustee in bankruptcy of the reason for the reduction in the payment,” it said.
ASFA said it also had concerns about the capacity of the superannuation industry to implement the necessary changes to administration systems, processes and procedures within a short timeframe.
“Superannuation funds have limited available resources to implement the necessary changes over the next six to 12 months because resources are currently being applied to implementation of the simplified superannuation proposals and the anti-money laundering/counter terrorism financing changes, both of which come into force during 2007,” the submission said.
AUTHOR
Mike Taylor
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