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Reducing super complexities crucial, says SMSF Association

Reducing super complexities crucial, says SMSF Association
smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.

Tony Zhang , John Maroney , Meg Heffron , டோனி ஜாங் , ஜான் மரோனி , மெக் ஹெஃப்ரான் ,

TBCs and TSBs need attention to reduce super complexity

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To reduce complexity in retirement income, the government should remove or simplify the transfer balance cap (TBC) proportional indexation, reduce the number of total superannuation balance (TSB) thresholds, and provide self-managed superannuation fund advisers and administrators access to Australian Taxation Office (ATO) portals.
These were the recommendations of the SMSF Association in its 2021/22 pre-Budget submission.
The association’s chief executive, John Maroney, said: “With Transfer Balance Cap (TBC) indexation now occurring on 1 July 2021, we believe it is imperative that a simpler method of indexation is implemented. Additionally, the Total Superannuation Balance (TSB) thresholds should be streamlined.
“The superannuation system is not only difficult for trustees and members but also their advisers who must be privy to information which, in many instances, they are unable to access in an accurate and timely fashion.” ....

John Maroney , Australian Taxation Office , Transfer Balance Cap , Total Superannuation Balance , ஜான் மரோனி , ஆஸ்திரேலிய வரிவிதிப்பு அலுவலகம் , பரிமாற்றம் சமநிலை தொப்பி , மொத்தம் சுப்பெறன்ணுஅதிோன் சமநிலை ,

Licensees self-interested, more concerned with revenue: SMSF Association

The SMSF Association’s CEO, John Maroney, has accused licensees of putting self-interest and profit ahead of advisers and consumers in a submission to ASIC’s consultation on access to affordable advice.
Maroney said SMSF Association members have indicated the layer of compliance levied by some AFSLs “prioritises their own self-interests” rather than the provision of advice.
Further, the CEO states, “some AFSLs have a bias towards revenue generation and ensure that their compliance guidance attracts the least number of complaints.”
Echoing a charge made by ASIC Commissioner Danielle Press at
Professional Planner’s Best Practice Forum last year that conservative licensees were hampering scaled advice, Maroney accused AFSLs of having a “very risk-averse attitude” and an undue fear of the corporate regulator. “This has forced AFSLs to create an additional burdensome layer of compliance to mitigate their risk,” he states. ....

New South Wales , John Maroney , Tahn Sharpe , Danielle Press , Professional Planner , Best Practice Forum , Advanced Diploma , புதியது தெற்கு வேல்ஸ் , ஜான் மரோனி , டேனியல் ப்ரெஸ் , ப்ரொஃபெஶநல் திட்டமிடுபவர் , சிறந்தது ப்ர்யாக்டீஸ் மன்றம் ,

Stop prioritising compliance over client needs says SMSF Association

The current regulatory regime around financial planning is driving up costs by prioritising compliance and the needs of licensees over those of consumers, according to the SMSF Association which is looking to a simplified approach. ....

John Maroney , Investments Commission , Australian Securities , Smsf Association , ஜான் மரோனி , முதலீடுகள் தரகு , ஆஸ்திரேலிய பத்திரங்கள் , ஸ்மஸ்ப் சங்கம் ,

ASIC affordable advice paper opportunity to address limited licence regime

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The SMSF Association has welcomed the Australian Securities and Investments Commission’s consultation paper on affordable advice and said the self-managed superannuation fund advisers being able to provide limited advice was a key issue.
The association said the paper was an important step forward in addressing the issue of consumers being able to access quality financial advice in a cost-effective way.
SMSF Association chief executive, John Maroney, said: “The association has long been concerned about the regulatory burden involved in providing advice, so this initiative provides an opportunity to find solutions that are affordable and workable for advisers and consumers without sacrificing the integrity of the advice. ....

John Maroney , Investments Commission , Australian Securities , ஜான் மரோனி , முதலீடுகள் தரகு , ஆஸ்திரேலிய பத்திரங்கள் ,