Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
Which Aussies dipped into their Super under the Early Release Scheme (ERS)?
Young and low paid workers were the largest cohort to take advantage of the early superannuation release scheme.
- 1/5 of superannuants between the age of 25 and 34 dipped into their super under the ERS.
- 15% of superannuants emptied their superannuation accounts completely.
- 30% of superannuants that accessed ERS had less than $1,000 in their superannuation account.
“Your present circumstances don’t determine where you can go. They merely determine where you start.” – Nido Quebein.