02 February 2021
SMSF Association Submission
The SMSF Association welcomes the opportunities to provide a 2021-2022 Budget submission. In this submission we focus on three significant themes:
- Technical issues
The SMSF Association’s submission seeks to address these important points and focuses on reducing unnecessary complexity, improving access to advice and addressing some technical issues with the superannuation legislation.
We encourage the Government, in conjunction with ASIC, to review the objective of complying with the existing regulatory requirements, explore red-tape changes analogous to those announced in the credit framework and improve the provision of limited advice through the ability to provide ‘strategic advice’.
Finally, the SMSF Association also continues to prioritise red tape reduction and legislative improvements, particularly in relation to superannuation legislation technicalities. To remove unnecessary complexity and cost the legislative restrictions which apply to SMSF members who reside outside of Australia, and the inefficiencies involved in addressing non-geared unit trust breaches, should be addressed.