Increasing SMSFs from four to six members gets thumbs up

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The SMSF Association has thrown its weight behind the Federal Government’s proposal to increase the maximum number of members in a self-managed super fund (SMSF) from four to six. In its submission to the Senate Standing Committee on Economics, the Association says such an increase “will provide additional flexibility and choice in the superannuation system”. Association […]

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ACTU call for inquiry into SMSFs ‘unwarranted’

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The ACTU’s call for a fresh inquiry into the self-managed super fund (SMSF) sector based on the recent Productivity Commission (PC) Review of Superannuation is totally unwarranted, says SMSF Association CEO John Maroney. “It has been clearly demonstrated that the PC’s analysis showing SMSFs with less than $500,000 are underperforming the APRA-regulated funds used highly […]

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Labor franking credits proposal abandons any notion of equity

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The Labor Party’s proposal to abolish refundable franking credits unfairly targets self-managed super funds (SMSFs), distorting the key tax principle of horizontal equity, SMSF Association CEO John Maroney says. Addressing the House of Representatives Standing Committee on Economics Inquiry into the implications of removing refundable franking credits in Adelaide today, he says the proposal will […]

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Critical need for super objective to be legislated

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It is imperative that Government puts the process of legislating the objective of superannuation back on the agenda in 2019. The push to resuscitate this recommendation that emanated from the Financial System Inquiry (FSI) came today at the SMSF Association’s 2019 National Conference where an expert panel all concurred that superannuation urgently needed an objective […]

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SMSFs, super industry need access to better data

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There was an urgent need for better data, not only for the self-managed super fund (SMSF) sector but right across the superannuation industry, SMSF Association Chair Professor Deborah Ralston has told the Association’s 2019 National Conference in Melbourne. Ralston told the more than 1600 delegates attending the two-and-half day forum that the Productivity Commission’s initial […]

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Spousal rollover measure for super fund members needed

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The SMSF Association is urging the introduction of a spousal rollover measure for superannuation fund members that would allow individuals with higher superannuation balances to rollover a portion of their superannuation balance to their spouse to help even out balances. In its 2019-20 Budget submission, the Association says the gender retirement gap is an ongoing […]

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Royal Commission lays groundwork to improve financial advice: SMSF Association

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The final report of the Financial Services Royal Commission has detailed critical reforms that should lay the groundwork for a more professional and trusted financial advice sector, says SMSF Association CEO John Maroney. “Justice Kenneth Hayne has identified some significant areas for reform to ensure that not only do Australians consumers get better-quality financial advice, […]

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More consumer safeguards for LRBAs urged

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The SMSF Association remains steadfast in its opposition to any “outright ban” of Limited Recourse Borrowings Arrangements (LRBAs). In its nine-page submission to Treasury for the Council of Financial Regulators’ review of LRBAs, the Association says it does not believe “LRBAs are creating systemic risk in the SMSF sector or broader superannuation sector and that […]

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Class research casts SMSF costs in better light

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The significance of the research report by the SMSF administrator Class into the cost structure of self-managed super funds (SMSFs) cannot be understated, says SMSF Association CEO John Maroney. The nine-page report, one of two submissions Class made to the Productivity Commission inquiry into the efficiency and competitiveness of superannuation, challenges the Commission’s conclusion in its final report […]

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Productivity Commission correct to focus on advice standards

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The Productivity Commission’s decision to follow the SMSF Association’s recommendations to opt for higher SMSF advice standards and reject the minimum balance approach as the better option for ensuring the integrity and sustainability of the self-managed super sector (SMSF) has been welcomed by the Association. SMSF Association CEO John Maroney says: “In our opinion, the […]

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