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…

Overhaul of legacy pensions gets thumbs up

13 January 2021 SMSF Association Media Release The SMSF Association welcomes the announcement in the Federal Government’s Mid-Year Economic and Fiscal Outlook (MYEFO) that will allow the partial commutation of certain non-commutable pensions. SMSF Association Deputy CEO / Director of Policy & Education Peter Burgess says: “We have long advocated the modernisation of these pensions…

Why are SMSF and retail investors missing out on ASX capital raisings during COVID-19?

27 November 2020 SMSF Association Media Release Retail and self-managed super funds often lose out when listed companies raise capital, and the regulatory framework overseeing equity capital needs to be reformed to remove this anomaly in the capital markets, says SMSF Association CEO John Maroney. Maroney, who was participating in a virtual forum examining the…

Survey sheds new insights on why individuals set up SMSFs

25 November 2020 SMSF Association Media Release An SMSF Association survey of nearly 800 SMSF trustees finds individuals are motivated by far more than costs or investment returns when deciding to establish a self-managed super fund. SMSF Association CEO John Maroney says: “The long-standing debate when comparing an APRA-regulated fund with an SMSF is typically…