SMSF Association Submission
The Government has now released their much-awaited Retirement Income Review Report.
The Report provides a fact base of the current retirement income system in the context of an ageing society. Its objective is to improve understanding of the system’s operations and the outcomes it is delivering for Australians.
The Panel found evidence that indicates the Australian retirement income system is effective, sound and broadly sustainable.
However, it is clear that the retirement income system is complex and there is a need to improve understanding of the system.
It is important to note the Review did not make any recommendations or propose any changes to policy settings. We expect any policy changes that may be implemented off the back of this review will only occur after appropriate stakeholder consultation and discussion. Therefore, at this time, there is no need for you to be overly concerned about any particular aspect of this review.
Positively, SMSFs as a significant portion of the retirement income system, were not identified as causing any specific issues.
The following is a summary of key areas of interest for the SMSF sector:
- Taxation (including large funds)
- Taper rates
- Simplified means test
- Retirement Income Covenant
- SG design