“There should be no short-term or piecemeal superannuation changes introduced in the 2015-16 Budget to ensure the White Paper process is allowed to run its course,” says the CPA pre-budget submission.
The Institute of Public Accountants (IPA) has called for financial advice to be fully tax deductible, up to a capped limit, to improve retirement planning.
“The Intergenerational Report concludes that there will only be 2.7 working Australians to support every Australian over the age of 65 by 2055. Competent and affordable financial advice will be an essential ingredient in paving the way to sustainable retirement incomes and to help alleviate over-reliance on government funded pensions,” said IPA CEO Andrew Conway.
The Tax Institute, in their 2015/16 pre-budget submission, have called for a reduction in red tape applying to SMSFs.
Given the forthcoming Tax White Paper process, and the Government’s promise of no adverse changes to superannuation, the Tax Institute confined the budget submission to “areas where it considers immediate action is required to ‘reduce red tape’.”