This year saw the sector bombarded with regulation and legislative changes that seemed to do nothing more than make the process of running an SMSF just that little bit more difficult.
The onslaught of changes began in February with the double whammy of the proposed $3 million super tax and the legislation of an objective of super and continued with changes to NALI/E and, finally, the Quality of Advice Review.
Opposition to the changes was strong and widespread and it became clear the SMSF sector had a lot of support from its colleagues – not just in the financial services sector but spreading to the small business and farming communities who joined in the call for the government to reconsider its unprecedented plans to tax unrealised gains.
However, despite the multitude of changes, the SMSF sector continued to grow with record numbers of new establishments and an influx of a younger generation.
Technology has helped to introduce this new cohort to the benefits of SMSF and it’s an area the industry is nurturing as digital natives take control of their retirement rather than leaving it to an unknown and impersonal super landscape.
As we move into 2024, there is undoubtedly trepidation about how the cards will fall concerning legislative imposts and what effect it will have on the SMSF sector.
SMSF Adviser will be there to try and bring you the most up-to-date news and analysis. We will continue to publish over the Christmas period with some timely tips and reflections and wish to thank all our readers and contributors for their support this year.
