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.
Many Australians still in the dark about Super.
A recent study by ‘Russell Investments’ of more than 8,000 superannuation members suggested approx. 64% would fall short of their desired retirement income by more than 10%.
On top of that a large proportion were still disengaged. When asked whether their superannuation balance was on track, ahead or behind the level required to meet their retirement objectives, 16% said they didn’t know. Along a similar line, when the question was asked whether superannuation members were targeting a specific retirement goal, 21% indicated they didn’t know or hadn’t thought about it.
On a brighter note, approx. 32% were on track to meet or exceed their expectations. Member engagement tends to be far higher with SMSF, than the other superannuation structures, which would partly explain their impressive growth numbers.
“If something is unsustainable, it will stop.” – Herbert Stein.
