SPAA looks forward to engaging the new minister on SMSF issues
The Self Managed Superannuation Funds Professionals Association (SPAA) has today warmly welcomed the appointment of Mr Bill Shorten MP to the position of Assistant Treasurer and Minister for Superannuation and Financial Services.
“We congratulate Mr Bill Shorten MP on his appointment as Minister for Superannuation and we look forward to working with him to advance the interests of the hundreds of thousands of Australians who choose to manage their own superannuation,” said Andrea Slattery, CEO of SPAA.
“The $390 billion self managed superannuation sector is now the largest sector in the $1.2 trillion superannuation industry by assets and number of funds, and represents the most engaged segment.”
“We note and support Minister Shorten’s comments that improvements to superannuation represent an opportunity to increase the quality of life of all Australians and deliver us a sustainable future. We are confident Mr Shorten’s background as trustee of two superannuation funds will stand him in good stead in his new role developing policies to benefit the broader retirement savings sector.”
“SPAA is keen to progress policies that raise standards of professional advice and help all Australians saving for retirement. We look forward to progressing the Future of Financial Advice Reforms and the implementation of the SPAA/Australian Artists Association guideline on investing in art through self managed super funds.”
“SPAA would like to work with the new government to find a workable solution to the excess superannuation contributions issue, where Australians legitimately trying to save for retirement, often by making catchup contributions later in life, are penalised with tax of up to 93% for making inadvertent errors.”
“SPAA is also keen to consult with the new government on the possibility of restoring the original superannuation contribution caps in full. The caps were halved in the 2009 Federal Budget against the backdrop of the GFC and have only been partially restored. SPAA believes the current caps, at $25,000 for those under 50 and $50,000 for those over 50 (the latter cap applying to those with less than $500,000 in superannuation), prevent large numbers of Australians from being able to save adequately for retirement.”
“SPAA would like to take the opportunity to thank the former Minister for Superannuation Chris Bowen for his very good work and to congratulate him on his new appointment as Minister for Immigration. We also look forward to working with Senator Nick Sherry in his new portfolio of Small Business,” Ms Slattery said.