SMSF advisors are facing a year of significant change for their clients as the Government seeks to implement its 2016-17 Budget measures to superannuation to meet the 1 July 2017 deadline for most of these changes.
This was a key message that SMSF Association Head of Policy Jordan George spelt out in his address, titled 2016: What you need to know, to delegates attending the Association’s 12th Technical Conferences that began in Sydney today.
George told the audience of SMSF specialists that what was most likely to have an impact on SMSF advisors and their clients in the short-term were the changes to concessional and non-concessional contribution caps and the $1.6m limit on transfers to retirement.
“Above and beyond the Budget changes, ongoing scrutiny by the ATO of arrangements involving SMSFs to inappropriately minimise tax, and the requirements to ensure that SMSF-related party borrowings are held at an arm’s length basis, require advisors to ensure they are at the top of their game.
“In addition to these technical issues, advisors should soon see new legislation from the Government to lift the educational and ethical standards of financial advisors.
“These changes will require all advisors to have a degree or equivalent standard education and meet new ethical obligations.”
George said at this critical time for SMSF advisors, it was important that they were part of a credible association that promoted the highest educational and ethical standards.
“As our CEO, Andrea Slattery, will detail in her address this morning, the Association’s education and accreditation programs put us at the ‘cutting edge’ of the SMSF sector.
“We are the only Association that has both accreditation and qualification programs in SMSF and complex tax and retirement advice. You can choose a career in SMSF advice either through the Association or continue your higher education through the graduate certificate in SMSF advice at the University of Adelaide or Kaplan Professional. And we’re the only Association that has an SMSF Audit specialisation.”
George said the Association’s disciplinary procedures showed a strong commitment to upholding ethical and conduct standards for its members, proactively ensuring that financial advisors were becoming a trusted profession.
About the SMSF Association
The SMSF Association is the authoritative voice for the self-managed superannuation fund sector. The Association, which represents professionals providing a range of services across various disciplines in the complex area of SMSFs as well as engaging trustees to become better educated and informed. The SMSF Association is an advocate for the highest professional standards and competence to ensure SMSF trustees always receive the best possible advice.
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