The Commonwealth Government has emphasised its commitment to supporting the development of the self-managed superannuation fund (SMSF) sector in Australia.
Financial Services and Superannuation Minister Bill Shorten told delegates at the Self-Managed Super Fund Professionals’ Association of Australia (SPAA) national conference, in Brisbane, is looking to increase super concessional caps and super guarantee, and to raise educational standards of professional operating in the sector.
“This government is committed to increasing compulsory superannuation [from 9 per cent to 12 per cent] and we are also committed now to increasing the concessional caps for superannuation,” said Shorten.
“One of things we are delighted to do from 2012 is that if you’re over the age of 50, we will lift the concession so that if you put $50,000 a year in it’s taxed concessionally.
“We are making clear that we want to increase the competency of the professionals that work with SMSFs, that’s just prudential.”
He also re-iterated that the Government had no plans to change existing in-house asset rules.
SPAA chief executive Andrea Slattery welcomed Shorten’s remarks.”SPAA was pleased to have the Minister’s policy position reconfirmed,” she said, “but we will continue to seek a raising of the contribution cap limit to the pre-1999 budget limits of $100,000 for people over 50 and $50,000 for those under 50.”
Shorten also told delegates that SMSFs were a unique feature of the Australian financial system and that the industry had an opportunity to export its skills.
“I ultimately believe increasingly that a lot of people in industry funds and retail funds are going to demand of those funds that they have more attributes like an SMSF,” he said. “I think there are lessons for the rest of the world to follow from our SMSF sector.”
