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


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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