The Association of Superannuation Funds of Australia (ASFA) have given the thumbs up to new super legislation, however it believes the reforms need to go further.
The Senate passed through three pieces of super legislation as part of the government's SuperStream improvements, and the ASFA has said it is a step towards further reform.
"The provision of enabling standards for SuperStream means that the superannuation industry can get on with the job of planning and designing key elements of SuperStream," said ASFA chief executive Pauline Vamos.
"There is a lot more work that the industry and government need to do to deliver on the government's policy objectives, but the passage of this legislation provides the industry with certainty."
The package of reforms was implemented by the Superannuation Laws Amendment (Capital Gains Tax Relief and Other Efficiency Measures) Bill 2012, the Superannuation Auditor Registration Imposition Bill 2012 and the Superannuation Legislation Amendment (New Zealand Arrangement) Bill 2012.
The changes allow superannuation funds to merge with capital gains taxation relief and will establish a new registration regime for self-managed superannuation fund (SMSF) auditors.
The Financial Services Council (FSC) has also welcomed the legislation for allowing super funds to merge without adverse tax consequences for fund members.
"Achieving the best returns for members across the industry requires allowing smaller and less efficient funds to merge in order to achieve economies of scale," FSC chief executive John Brogden said.
Part of the reforms is the trans-Tasman savings portability scheme, which allows Australian superannuation and NZ KiwiSaver funds to be transferred.
At present, Australians and New Zealanders working in Australia cannot take their superannuation with them when they permanently leave Australia.
This latest superannuation measure is one of numerous proposed changes towards a single financial market for both countries.
"The ability of Australians and New Zealanders to transfer retirement savings between the two countries through the trans-Tasman retirement savings portability scheme recognises in legislation that our countries are becoming increasingly closer, economically and socially," Ms Vamos said.
Last year almost 50,000 New Zealanders moved to Australia and approximately 14,000 Australians headed for New Zealand permanently.
