Superannuation Editorials

At the recent Investment and Financial Services Association conference the Honourable Mr Nick Sherry, Minister for Superannuation and Corporate Law, covered a range of issues that are of interest to us. He sought a deal with the financial services industry under which the Federal Government would aim to avoid “knee-jerk reactions” to situations while continuing to consult and listen widely to industry participants.

With the parlous state of stock markets and property sectors around the world, investors have been faced with a major source of difficulty over their investments.

Having survived all the last-minute end-of-financial year issues let’s not be lulled into any false sense of complacency as there is much that is going on as a result of various initiatives by government.

As we’ve mentioned elsewhere, the recent budget had no surprises in relation to superannuation and generally met our expectations.

If things go to plan the new government’s first budget will be tabled in Parliament on Tuesday 13th May. This should give us the opportunity to gauge its attitude to fiscal policy.

Our Editorial last month expressed disappointment that SMSFs were being excluded from playing any role in the new proposal for First Home Savers Accounts.

SMSFs are the notable exclusion from the government’s list of permissible vehicles nominated as First Home Saver Accounts. Why?

Whilst the outgoing government deserves much credit for Better Super, the incoming Prime Minister also deserves some mention.

SMSF trustees have an important responsibility to carry out their duties to safeguard the interests of members' retirement savings.

In last month's editorial we reminded members that limited time remained for those SMSF trustees intending to commence a strategy of using market linked pensions for reducing the asset test assessment of their superannuation savings for Centrelink purposes.