FPA draws up Federal Budget wish list
The Financial Planning Association (FPA) has called for a number of immediate amendments to superannuation and financial advice measures in the 2010-11 Federal Budget.
In lobbying the Government in the lead-up to this year’s Budget, the association has repeated its calls for an increase in the superannuation guarantee (SG) and for upfront financial advice costs to be made tax deductible.
The FPA has also called on the Government to permanently set the concessional contribution cap for those aged 50 years and over at two times that of the concessional cap for those under 50 years, as well as to return the concessional cap limits to $100,000 and $50,000 respectively.
On insurance, the FPA wants changes to various tax settings for insurance within super to make it more attractive to consumers, including the removal of tax on all superannuation death benefit proceeds regardless of who the beneficiary is.
The association is also looking for changes to superannuation and the age pension to make it more beneficial to consumers to continue working longer. Improvements to the Government’s co-contribution scheme for lower income earners are also on the FPA’s list of recommendations.
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