SMSF specialist calls for regulatory stability in 2015
Maintaining the stability of the SMSF system through consistent regulation should be a priority for the sector in 2015, according to one independent financial planning firm.
Speaking to SMSF Adviser, Quantum Financial principal Tim Mackay said the regulatory space in 2014 has remained “fairly consistent”.
“There have not been any untoward changes which has been good,” said Mr Mackay.
Mr Mackay said SMSF trustees and those working in the SMSF industry are probably pleased with the current stability of the system.
“2014 has been the first year in ages where we’ve had that certainty from government that there wouldn’t be any untoward changes,” he said.
Mr Mackay said clients have been able to make longer-term decisions based on that certainty.
Superannuation, he said, requires making long-term decisions so an “environment that fosters stability and certainty is better for planning for retirement”.
“The system [is] working quite well now, there are some things that we’ve tightened up such as excess contributions, there are still potentially some elements that need tidying up but by and large if we can keep the stability of the system so that investors can make informed decisions, that will make the system stronger,” said Mr Mackay.
“The fewer changes we can make, the better for the system, and the better for investors.”
Mr Mackay has previously hit out at the “incessant tinkering” with superannuation, labelling it a blow to investor confidence.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.