SMSF Association Submission
The SMSF Association welcomes the opportunity to make a pre-budget submission for the 2020-21 Federal Budget. As leaders of the SMSF sector, we believe we are able to offer insights on some key issues from the perspective of an industry that has grown to represent approximately $750 billion in assets and over 1.1 million SMSF members.
This year our submission focuses primarily on improving the simplicity and accessibility of the superannuation system for the benefit of consumers and those who advise them.
We submit to Government:
- Superannuation fixes for such things as residency rules, removal of the work test and streamlining of TSB thresholds.
- That a spousal rollover measure be introduced for superannuation fund members. The measure would allow an individual with a higher superannuation balance to rollover a portion of their superannuation balance to their spouse in order to help equalise balances.
- Modernisation of death benefit rules.
- That an amnesty should be granted to convert legacy pensions to account based pensions for SMSFs and SAFs.