COVID-19 relief for SMSFs may require specialist input

22 November 2021 SMSF Association Media Release The various relief measures implemented by the Federal Government in the wake of the COVID-19 pandemic and extended into the 2021-22 financial year have highlighted the need for SMSF specialist advice, says SMSF Association CEO John Maroney. “Managing an SMSF can be complex at the best of times,…

Specialist advisers have key role to play in preventing scams

8 November 2021 SMSF Association Media Release SMSF specialist advisers can play a critical role in assisting trustees and self-directed investors avoid cybercrime and investment scams. SMSF Association CEO John Maroney says: “Scams Awareness Week, which launches today, is an excellent time to remind SMSF members that there are extremely sophisticated scams circulating, and that…

SMSFs exemption from retirement income strategy legislation gets thumbs up

28 September 2021 SMSF Association Media Release The SMSF Association has thrown its in principle support behind the Government’s decision to remove SMSFs from the legislative requirement for trustees to develop a retirement income strategy for fund members. Commenting on the release of the draft legislation that will introduce a requirement for APRA regulated fund…

Measured approach needed to retirement income covenant

12 August 2021 SMSF Association Media Release The SMSF Association is calling for a measured approach to the introduction of the proposed retirement income covenant for superannuation fund trustees. In response to Treasury’s recent position paper, the SMSF Association says it welcomes measures that seek to increase member engagement with their superannuation and, importantly, planning…

SMSF Association urges rethink on NALE

28 July 2021 SMSF Association Media Release The SMSF Association is urging the Federal Government and the Federal Treasury to review the non-arm’s length expenditure (NALE) rules following an ATO ruling handed down today. Peter Burgess, Association Deputy CEO/Director of Policy & Education, says the ATO ruling is the outcome of changes made to the…

SMSF Association welcomes release of the 2021 Intergenerational Report

29 June 2021 SMSF Association Media Release “The intergenerational report (IGR) clearly illustrates the importance of building superannuation savings to offset the growing liabilities related to an aging population”, according to John Maroney, CEO of the SMSF Association. Australia’s superannuation assets are already the 4th largest pool of such assets in the world. The IGR…

SMSF member increase to provide greater flexibility and choice

18 June 2021 SMSF Association Media Release The Parliament has passed legislation allowing an increase in the maximum number of SMSF members from four to six – a Federal Government initiative the SMSF Association welcomes. If the Bill receives Royal Assent by 30 June 2021, this measure will take effect from 1 July 2021. SMSF…

SMSF Association measures adopted in positive Budget for SMSFs

11 May 2021 SMSF Association Media Release The SMSF Association has applauded measures in this year’s Federal Budget that aim to reduce complexity and make it easier for older Australians to top up their superannuation. Commenting on the Federal Budget that was handed down this evening by Treasurer Josh Frydenberg, SMSF Association CEO, John Maroney,…

Government urged to use Budget to reduce super complexity

02 February 2021 SMSF Association Media Release The Federal Government is being urged to use the 2021-22 Budget to reduce complexity in the retirement income system. In its submission, the SMSF Association says the Retirement Income Review found that the system was “complex and hard to navigate” – a finding that the Association agrees with. SMSF…

Regulatory system for financial advice failing consumers

20 January 2021 SMSF Association Media Release The SMSF Association says the current regulatory system is failing consumers with an outdated compliance regime, impost from Australian Financial Services Licensees (AFSLs) and the operation of scaled advice the main barriers to providing financial advice that is more accessible, cost-effective and relevant to SMSFs. Association CEO John…