The transfer balance cap indexation, the total super balance thresholds, and access to information for advisers need to be addressed to simplify the retirement income system, according to the SMSF Association.
The Australian Taxation Office needs the ability to allow superannuation members to access their transfer balance account data outside its portal to curb confusion with the transfer balance cap increase set for July, the SMSF Alliance believes.
The State Street Investor Confidence index decreased by 3.8 points to 100.7 in January, driven by a decline in North American sentiment due to increasing COVID-19 cases and an uneven rollout of the vaccine.
The Australian Securities and Investments Commission need only regulate in the same terms it did for early release superannuation advice to extend intra-fund advice, according to Industry Super Australia.
The current regulatory regime around financial planning is driving up costs by prioritising compliance and the needs of licensees over those of consumers, according to the SMSF Association which is looking to a simplified approach.
Amount and frequency of contributions and level of interest are some factors those within the grey area of $200,000 to $500,000 in superannuation need to consider when looking to start a self-managed super fund.
With the Australian Securities and Investments Commission having produced RG 271, former Superannuation Complaints Tribunal chair, former Superannuation Complaints Tribunal chair, Jocelyn Furlan has established a consultancy aimed at helping funds navigate the new regulatory environment.
Superannuation funds have warned the Government that its proposed new performance test regime risks rewarding short-termism and denying members the benefits of medium to long-term investment strategies.
2020 was the year of the Government’s hardship early release superannuation scheme and it was also a year during which the Australian Competition and Consumer Commission recorded a 323% increase in reports of superannuation scams.