A Call for the Federal Government to Stop Tinkering with the Super System

SMSFs have called on the Federal Government to stop tinkering with the superannuation system

SMSFs have called on the Federal Government to stop tinkering with the superannuation system

Cara Waters of SmartCompany reports that “Self-managed superannuation funds (SMSFs) have called on the Federal Government to stop tinkering with the superannuation system.” And regarding this, Graeme Colley, Director of Education and Professional Standards, at Self-Managed Superannuation Professionals Association (SPAA) said that SPAA is concerned about proposed reforms to the regulations governing SMSFs, especially since an Australian Taxation Office review and the government’s own Cooper review into superannuation in 2010 concluded that self-managed funds are well run. “The investments by SMSFs are no different to large superannuation funds as they invest directly in the market,” Colley said.

Cara also wrote: The SPAA will also raise concerns with Treasury about the government’s introduction of a limited licence for accountants. “Our concern is that it may not be people who are qualified in self-managed super funds who are able to give that advice,” Colley says. “A practicing certificate does not necessarily give the competency to advise on an SMSF. “We propose that the advisers have high levels of competency to provide advice on SMSFs from a technical point of view and a strategic financial planning point of view.” Read More at Smart Company

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