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.
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
