Election result offers super system opportunity for policy stability

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A re-elected Coalition Government should ensure that the superannuation sector enjoys policy stability for the next three years, says SMSF Association CEO John Maroney. “After the introduction of the significant legislative changes that took effect on 1 July 2017, it’s essential that members of superannuation funds can have a period of sustained stability. “For self-managed […]

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ATO statistics send positive message about SMSFs

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The Australian Tax Office (ATO) annual SMSF statistics for 2016-17 tell a positive story about this $750 billion superannuation sector. SMSF Association CEO John Maroney says: “These statistics reveal an SMSF sector that has not only performed well but provides a positive outlook for its future growth and strong performance. “In the year under review, […]

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Labor’s franking credit rebate deadline ‘disregards’ self-funded retirees

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The Labor Party’s confirmation today that if it wins office at the next federal election it will still abolish franking credit rebates from 1 July 2019 irrespective of whether the legislation has been passed shows a total disregard for self-funded retirees. SMSF Association CEO John Maroney says Shadow Treasurer Chris Bowen’s confirmation yesterday on its […]

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Give industry ‘appropriate’ time to remove grandfathering arrangements

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The SMSF Association says removing grandfathering arrangements for conflicted remuneration in relation to financial advice for retail clients “should be removed as soon as reasonably practicable”. In a submission to the Financial Services Reform Implementation Taskforce, Association CEO John Maroney says: “We support the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services […]

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LRBA ban ‘unnecessary’ if risk factors addressed

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The SMSF Association believes an outright ban on limited recourse borrowing arrangements (LRBAs) can be avoided by “mitigating” any risks relating to this self-managed super fund (SMSF) asset class. Responding to The Council of Financial Regulators (CFR) Report into LRBAs, Association CEO John Maroney says that the Council’s finding that LRBAs do not create a […]

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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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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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