FPA supports call to abolish SG age limit
Abolishing the age limit on the superannuation guarantee will promote consistency and fairness across the board, and give mature-age workers more choice about the age at which they can retire, according to the Financial Planning Association (FPA).
The comments were made after Opposition MP Bronwyn Bishop introduced a bill to Parliament proposing the removal of the age limit, which currently stands at 70.
The Federal Government had promised to raise the limit to 75, but the Opposition is proposing to remove the age limit altogether.
FPA general manager of policy and government relations, Dante De Gori, said it was a welcome announcement that, if implemented, would remove inconsistency in the tax system that disadvantages mature-age workers.
“We should be encouraging a savings culture and providing incentives to defer the age pension by allowing individuals who are still working to receive superannuation guarantee entitlements offered to all other working Australians and to contribute to superannuation beyond the age of 75,” he said.
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
The Treasury has launched a consultation into how the $47 million special levy for the Compensation Scheme of Last Resort will be funded.
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
