Coronavirus, rate cut, ATO guide highlight need for specialist advice

04 March 2020  SMSF Association Media Release The economic and market fallout from concerns about the global coronavirus outbreak, the RBA rate cut and recent ATO investment strategy guidance sends a stark message to self-managed super fund (SMSF) trustees about the need for specialist advice. SMSF Association CEO John Maroney says: “When global investment markets…

Proposal to enhance flexibility for super payments endorsed

10 March 2020 SMSF Association Media Release The Government’s decision to draft laws to assist Australians aged 65 and over to boost their retirement savings has the full support of the SMSF Association. The proposed legislation, which will amend the Superannuation Industry (Supervision) Regulations 1994, will allow people aged 65 and 66 to make voluntary…

Proposal to outlaw ‘hawking’ of financial products gets thumbs up

05 March 2020  SMSF Association Media Release The draft legislation that seeks to implement the Financial Services Royal Commission recommendation to outlaw the “hawking” of financial products has the backing of the SMSF Association. As part of its 14-page submission to the Financial Services Reform Taskforce on the proposed legislation to implement 22 Royal Commission recommendations, the…

SMSFs a ‘pioneer group’ for Retirement Income Review

05 February 2020  SMSF Association Media Release Self-managed super funds (SMSFs) are the “pioneer group” for the retirement income system that can provide invaluable evidence for the Retirement Income Review, says SMSF Association CEO John Maroney. Commenting on the Association’s submission to the Review, Maroney says: “Considering SMSFs comprise over a quarter of the entire superannuation system’s…

Financial advice gap adds to retirees’ retirement stress

24 January 2020  SMSF Association Media Release A key issue confronting an ageing Australian population is the level of unmet financial advice that is making it harder for people to plan their retirement and then execute those plans with a degree of confidence. SMSF Association CEO John Maroney, in an address to a Sydney event…

ASIC Fact Sheet on SMSFs lacks balance

14 October 2019 SMSF Association Media Release The Australian Securities and Investments Commission’s (ASIC) Fact Sheet, “Self-Managed Super Funds: Are they for you?” provides a timely warning about the need to get specialist advice before establishing an SMSF. The SMSF Association CEO John Maroney says: “It’s always been our policy that SMSFs are not for…

Tim Costello steps down as Patron of the SMSF Association

21 August 2019 SMSF Association Media Release The Reverend Tim Costello AO is stepping down as Patron of the SMSF Association. Costello, who succeeded Sir Anthony Mason, a former Chief Justice of the High Court of Australia, in the role in August 2017, is resigning for personal reasons. Speaking on behalf of the Board, Association…

Rising SMSF establishment balances ‘strong evidence’ advice improving

24 July 2019 SMSF Association Media Release There has been a sharp increase in the average and median establishment balances for self-managed super funds (SMSFs) – clear evidence that the quality of advice to the SMSF sector is improving and the key takeaway from the SMSF Association’s Review of the Australian Tax Office’s SMSF Statistical Overview…

Impressive list of speakers lined up for SMSF + Investor Expo

18 June 2019 SMSF Association Media Release The SMSF Association has lined up an impressive list of speakers for its second SMSF + Investor Expo being held at the Melbourne Convention and Exhibition Centre on 21-22 June. Heading the list on 21 June will be the Assistant Minister for Superannuation, Financial Services and Financial Technology,…

Life insurance risk for SMSF members in APRA funds

06 June 2019 SMSF Association Media Release Some self-managed super funds (SMSFs) are at risk of losing their life insurance cover under new legislation that takes effect on 1 July 2019, warns the SMSF Association. The legislation, enacted in February this year, states that members of APRA-regulated funds with “inactive” superannuation accounts for 16 consecutive…