“This report has a very positive message; Australians are living longer, with increased life expectancy accompanied by better quality health,” said SMSF Association CEO Andrea Slattery.
News and articles relating to SPAA, the SMSF Professionals’ Association of Australia, before it re-branded as the SMSF Association.
“Currently we are seeing a misinformed, simplistic and distorted debate about the tax concessions, and the future of the superannuation system and Australians’ retirement is too important for this to continue,” said SMSF Association CEO, Andrea Slattery.
The concept of an SMSF profession has been endorsed by the Chair of the Parliamentary Joint Committee on Corporations and Financial Services, according to the SMSF Association.
Senator David Fawcett told the 2015 SMSF Association National Conference that the SMSF industry was changing, which presented new opportunities for SMSF professionals.
“For the past few years, the pendulum has been on the fear side; it was moving back towards optimism, but a lot of caution has emerged in 2014,” the SMSF Investor Product Needs Report says.
“Since SPAA’s inception we have always worked towards building integrity into the SMSF sector,” said Andrea Slattery, CEO of the SMSF Association.
“It’s critical that the organisation has a name that reflects the importance of the SMSF sector and the breadth of its membership.”
Rollovers are still a “drain of funds” from APRA-regulated superannuation funds to SMSFs, according to Graeme Colley, Director of Technical and Professional Standards of the SMSF Professionals’ Association of Australia (SPAA).
The latest ATO statistics “conclusively show” that in the five years to 30 June 2013 “$75.6 billion was rolled into SMSFs and only $19.9 billion was rolled out of SMSFs.”
SMSF trustees can now have “far greater confidence in their superannuation,” according to the SMSF Professionals’ Association of Australia (SPAA).
This comment follows reassurances by the Treasurer Joe Hockey and Assistant Treasurer Josh Frydenberg that the Government supports the key principles of superannuation and the “increased surveillance of the SMSF sector by the ATO and ASIC.”
“The other critical element to assist in building consumer’s confidence that is emerging in our sector is the growth of the SMSF profession. Trustees have access to the quality advice they critically need,” said SPAA CEO and Managing Director Andrea Slattery.
The SMSF Professionals’ Association of Australia (SPAA) has endorsed the report by the Parliamentary Joint Committee (PJC) on proposals to lift the professional, ethical and education standards in the financial services industry.
Graeme Colley, SPAA’s Director of Technical and Professional Standards, said the association supports any positive moves that improve the professionalism and standards of financial advice, and the PJC report “is certainly a concrete step in that direction”.
“The report’s recommendations embody a common sense approach to lifting the standards of financial advice and protecting consumers.”
The SMSF Professionals’ Association of Australia (SPAA) has announced a deal with MLC to provide SMSF “accreditation, training and support.”
The deal will mean MLC and NAB licensees with SPAA membership will have access to “special NAB Wealth and SPAA training events.”
This deal appears similar to the one SPAA entered into with financial planning dealer group Lonsdale in October.
SMSFs have “received a pre-Christmas gift” with the final report of the Financial System Inquiry not recommending minimum balance requirements or other restrictions on establishing SMSFs, says the SMSF Professionals’ Association of Australia (SPAA).
The “only potential downside,” according to SPAA, in the final report is the ban on limited recourse borrowing arrangements (LRBAs). “No date has been set for the proposal to begin,” said SPAA. If the Financial System Inquiry (FSI) recommendation was adopted in full current borrowings would be allowed to continue.
With wide coverage of the interim report the recommendation of a ban came as “no surprise.”