Media Releases 2014
The general first impression of the Financial System Inquiry (FSI) Final Report is that it has tried to avoid being unnecessaril prescriptive and focussed more on improving the framework in which the Australian Financial System can develop more efficiently and effectively.
SMSFOA supports ASIC’s action in the NSW Supreme Court today to prevent a propertyinvestment promoter from carrying on an unlicensed financial services business.
submissions We have not read all the submissions to the Interim Report of the Financial System Inquiry, though given there were over 6, 500 we should hardly need to apologise!
SMSF’s Should be Free to Choose Type of Retirement IncomeIn SMSFOA’s submission to Treasury’s current ‘Review of Retirement Income Stream Regulation’, we warn against mandating a particular method of retirement income
SMSFOA’s response to the Interim Report of the Financial System Inquiry, lodged today, supports the FSI’s comments on stability of superannuation policy. Unexpected changes of policy, e.g. the taxation of superannuation, corrode confidence in superannuation as a long-term savings vehicle.
Today's interim report by the Financial System Inquiry (FSI) recognises the factors that drive the success of self-managed superannuation funds but also poses questions that the one million Australians who have SMSF accounts need to think about carefully.
The changes to the Future of Financial Advice (FOFA) reforms announced today by the Assistant Treasurer, Senator Cormann, are sensible measures that should make FOFA more workable and lessen red tape while maintaining necessary levels of investor protection.
SThe Financial Services Council's reported proposal to the Financial System Inquiry that APRA should have regulatory oversight of SMSFs on top of ATO supervision is unnecessary and would just wrap the most successful segment of the superannuation system in more costly red tape.
As the Treasurer is reported to be considering raising Age Pension eligibility to 70, he could also take the opportunity to enhance the superannuation system to give more people a choice about when they can afford to retire.
the SMSF Owners’ Alliance notes that Australia’s $1.8 trillion superannuation system has developed well over the last two decades. The Self-Managed Superannuation Fund sector, in particular, has been growing strongly and with over $520 billion in assets is set to be a key driver of growth of the Australian economy.
Public offer superannuation funds should adhere to the same standards of governance and transparency as listed public companies and conform to the ASX corporate governance principles.
When shaping the 2014-15 Budget over the next three months the Government needs to recognise the importance of continuing to shift the cost of retirement from taxpayers via the Age Pension to individuals through the continued evolution of Australia’s superannuation system.