Super – more reforms needed.
Jennifer Brookhouse
Major insurer Zurich has today issued a white paper on superannuation in which it claims further reforms are needed aimed at simplification and providing greater accessibility.
The white paper, Simplified Superannuation: How simple is super really?, suggests a number of changes including eliminating the tax on superannuation death benefits, allowing tax deductions for life insurance premiums and revisiting and reconsidering ways that superannuation can be utilised for specific purposes, while balancing the potential erosion of benefits.
The white paper also suggests reviewing the contributions caps to recognise different competing financial demands during a person’s working life.
Zurich’s head of technical services Jennifer Brookhouse said the changes under the simplified superannuation reforms had unquestionably been positive, but more were needed.
“Average Australians are still confused by superannuation rules,” she said. “In particular, the tax treatment of certain socio-economic groups is still problematic.”
Brookhouse said there were still challenges that needed to be faced within the superannuation system and, therefore, changes were still required to ensure the system was truly streamlined and simple.
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
