Published on 01 Oct 12
by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE
Regulation of the superannuation sector has undergone many changes recently, and more are forthcoming. This article is intended as a navigational aid through ever-changing and more complex superannuation laws. The article surveys recent changes and likely future developments across the industry. Although many of these measures impact self-managed superannuation funds, the article provides a wider focus across all sectors. Changes discussed include the future of financial advice (FOFA) reforms including, in particular, changes affecting accountants who provide financial advice and the proposed replacement of the accountants’ exemption, the increase in the superannuation guarantee to 12%, and the review into the governance, efficiency, structure and operation of Australia’s superannuation system (the Cooper Review).
The article also surveys changes impacting contribution caps, high-income earners, excess contributions, pensions, limited recourse borrowings, and the SuperStream reforms.
Sharyn Long, CTA, is the Managing Partner of Sharyn Long Chartered Accountants (SLCA) and specialises in accounting, tax and compliance services for corporate, government and industry funds. Sharyn has spent most of her career in superannuation, being a major participant in the Cooper Review and a member of the Treasury Working Group formed to address the SMSF reforms from that review. She was a member of the Accounting Professional & Ethical Standards Board Taskforce reviewing the independence of SMSF auditors, and has also assisted the Auditing and Assurance Standards Board in the development of guidelines for auditors. SLCA recently sold their SMSF fees to focus on Australian Prudential Regulation Authority-regulated funds.
- Current at
12 January 2017