Crack appears in SLAB

super-funds/federal-budget/

2 September 1999
| By Jason |

A peak accounting body has come out against a major amendment to su-perannuation rules currently before federal parliament.

A peak accounting body has come out against a major amendment to su-perannuation rules currently before federal parliament.

The Superannuation Legislation Amendment Bill (No. 4) 1999 (SLAB 4) is designed to limit the risks to superannuation savings and ensure super is preserved for retirement income. The amendment was flagged in last year's federal budget.

But the Australian Society of Certified Practising Accountants has condemned the bill, saying it will establish new investment restric-tions on super funds, including more than 170,000 small super funds.

"The Bill creates major problems for DIY funds and is nearly impossi-ble for the regulators to enforce," says CPAs Superannuation Centre of Excellence chair Murray Wyatt.

He acknowledges there has been some concessions by government, but says the bill creates a complex web of rules that will stop legiti-mate investments.

"The original May 1998 budget night announcement was a nightmare," he says.

"While this bill delivers some concessions to small business, farmers and people with pre-budget arrangements, it still remains an unneces-sary piece of legislation."

Wyatt says the bill is worrying because it gives the regulator the discretion to exempt large super funds from the rules.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

3 weeks 6 days ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 5 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 3 days ago

TOP PERFORMING FUNDS