SMSF Association Supplementary Budget Submission 2020-2021

18 August 2020

Prioritising red tape reduction

The SMSF Association welcomes the opportunity to provide a supplementary Budget submission. This submission should be read in conjunction with our previous submission. In this supplementary submission, we focus on red tape and prioritise a number of policy positions to reflect a post COVID-19 environment requiring deregulation.

With the Government’s intention to stimulate growth, we believe simplifying the regulatory framework around the financial advice industry can play an important role in this process.

Therefore, in this supplementary submission we highlight improvements to the regulatory framework for financial advice, red tape reduction options and refinements to the operation of superannuation legislation. We believe it is imperative for the Government to commit to a review of the financial advice framework so more consumers can seek affordable advice as the economy improves and so unmet SMSF advice needs can be met.