SPAA calls for Budget relief
The Government needs to support Australians who plan on funding their own retirement as a rapidly ageing population threatens to put an enormous strain on public coffers, according to the Self-Managed Super Fund Professionals’ Association of Australia (SPAA).
“Limitations and caps should be reinstated to pre-2009 Budget limits or significantly reviewed to allow even more Australians to look at self-funded superannuation as a viable alternative to relying on the public purse,” said SPAA chief executive Andrea Slattery, referring to policies such as the concessional cap.
Slattery’s comments followed the release of the 2010 Intergenerational Report, which suggested that by 2050 the number of Australians over 65 would more than double, while there would be four times as many Australians over the age of 85.
The report highlighted a growing need for the Government to support self-funded retirees, Slattery said.
“The SMSF sector regularly outperforms other sectors and combined with having the lowest fees is clearly an avenue that the Government should be protecting. With the prospect of a $700 billion super shortfall, any burdens or barriers to entry to SMSFs must be addressed urgently,” she said.
AUTHOR
Mike Taylor
Recommended for you
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.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
