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 is Principal of Sharyn Long Chartered Accountants. She commenced her career in 1979 and held the position as Director of Superannuation Services at Andersen’s prior to commencing her practice in 1993. Sharyn has specialised in superannuation since 1985. She is a past elected member of the executive of the Association of Superannuation Funds in Australia and chaired the education and functions committee for a number of years. Sharyn Long Chartered Accountants is regarded as the premier firm in superannuation services in Western Australia and has recently been appointed tax advisors to the Government Employees Superannuation Fund in WA.
Current at 11 April 2008 Current at 29 April 2008
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