Along with a 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.
Why Superannuation is a major supporting force for Australia’s long term prosperity.
By reducing the impact of the Age Pension’ on Australia’s GDP, future governments will be able to increase spending on things such as: rental assistance for pensioners; paying off national debt and increased expenditure on aged care support.
Australia’s compulsory superannuation system commenced 29 years ago and is now the envy of many countries around the world. In 2002 the age pension represented 2.9% of Australian GDP. This was expected to rise to 4.6% over the following 20 years. However due to the success of super, this figure is now expected to drop to 2.5% by 2038.
Superannuants over the age of 65 have now accumulated more than $850 million in superannuation, representing approx. 29% of the pool. A couple retiring today has an average of $400k in superannuation. In 2020 less than ½ of new retirees needed to access the age pension. This trend will prove a powerful force, in improving Australia’s long term prosperity.
“We don’t want to employ smart people and tell them what to do. We want to employ smart people and get them to tell us what to do.” – Steve Jobs.