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.
