The SMSF Professionals’ Association of Australia (SPAA) has labelled the government’s decision to cap tax deductions for self-education at $2,000 as “short sighted and self-defeating”.
Following similar opposition from the Institute of Public Accountants, SPAA has hit out at the government’s cap, saying it defies efforts to improve professionalism across the financial services sector.
SPAA’s senior manager, policy and technical, Jordan George said with the SMSF sector now having approximately $500 billion in assets under management, the need for trustees to have access to quality professional advice has “never been greater”.
“We constantly read how the government and regulators have concerns about the SMSF sector. One way to help alleviate those concerns is to ensure SMSF advisers are encouraged to continually upgrade their skills,” Mr George said.
“What has to be remembered is that gaining a qualification doesn’t end the education process; a changing world means members have to continually improve their skills.”
SPAA estimates a specialist would spend approximately $6,000 per annum attending conferences and participating in courses to stay abreast of developments in their profession.
“All our feedback from our members... is that they enormously value the technical content of what SPAA offers, believing it’s integral to their professional development. And it’s the clients who lose out when our members face barriers to improving their professional skills,” Mr George said.
Read more on the self-education cap from Jordan George in an upcoming issue of SMSF Adviser magazine.
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