Constant legislative change can compromise the stability of the superannuation industry and the confidence of investors, former High Court chief justice Sir Anthony Mason has said.
Addressing delegates at the SMSF Professionals’ Association of Australia national conference in Brisbane yesterday, Mr Mason said neither the superannuation industry nor the SMSF sector is immune from legislative change.
“With superannuation, change often seems to be the order of the day as governments think of new ways in which they can access or make use of superannuation funds,” he said.
“In addition, governments have different perspectives on how the financial services industry should be regulated.
“These developments can compromise not only stability, which is an essential element in a well-functioning financial services industry, but also the confidence of investors, particularly those who invest in and rely on superannuation.”
Mr Mason said despite the sector being subject to change, there are certain principles that should “remain constant”.
“Superannuation is about saving for the future; it is not about risk-taking,” he said. “The future of the financial services industry lies in the provision of quality advice and high professional standards, not in the selling of products.
“And [also,] the stakeholders in the industry should do everything that they can to promote confidence in the industry.”
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
23 Jun 2016Trustees reminded of ‘positive’ CGT news as EOFY loomsBy Katarina Taurian
22 Jun 2017Westpac veteran and SMSF exec set to departBy Staff Reporter
22 Jun 2017ATO sets compliance targets for auditors in 2017-18By Miranda Brownlee
22 Jun 2017CGT relief still plaguing trustees, says former ATO execBy Miranda Brownlee
22 Jun 2017Consultancy firm predicts low take-up of SMSF robo-adviceBy Miranda Brownlee
21 Jun 2017SMSFs warned on timing traps with unit trust transfersBy Miranda Brownlee
- view all
Trustees reminded of ‘positive’ CGT news as EOFY looms
A capital gains tax (CGT) issue that was causing confusion in the industry has been cleared up by the ATO, and professionals are being remin...read more
ATO sets compliance targets for auditors in 2017-18
The ATO will extend its focus on auditor independence in the next financial year, examining the referral sources of audits, and will also sc...read more
CGT relief still plaguing trustees, says former ATO exec
SMSF trustees continue to be under a number of misconceptions in relation to CGT relief in terms of what assets are eligible for the relief ...read more
- view all