SPAA backs abandonment of complex policy
The SMSF Professionals Association (SPAA) has endorsed the Budget decision to abandon a move to allow those aged over 50 and with balances of less than $500,000 to access higher concessional contribution limits, because the proposed regime would have been too complex.
SPAA head of technical and professional standards Graeme Colley said the proposed arrangement would have been complex and costly.
"It would have meant valuing a person's superannuation fund balances and benefits to determine whether their balance in superannuation was under the threshold," he said.
Colley said this would have made it both a complex and costly process for super funds.
AUTHOR
Staff Writer
Recommended for you
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.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
