Govt warned to stop superannuation tinkering
The Federal Government needs to ensure more stability around the legislation and regulations surrounding superannuation if it wants community support for lifting the superannuation guarantee (SG) to 12 per cent, according to Institute of Chartered Accountants in Australia specialist, Liz Westover.
Discussing the proposed rise in the SG on the ICAA web site, Westover said if more hard-earned cash was going to be directed to superannuation funds, the rules needed to stop changing "so we can be sure it will still be there when we retire".
"We need to know that what we warn is heading into an efficient system which is managed without conflicts, with reasonable costs, and without overly complex rules that are easily breached," she said.
Westover said the Cooper Review and other initiatives had provided the opportunity to get things right, but once that had occurred, it was imperative that the tinkering stopped.
Recommended for you
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.