Key takeaways from the SMSF Association National Conference

The SMSF Association National Conference was recently held in Melbourne and brought together a wide range of self-managed superannuation fund experts, service providers and regulators.

Topics discussed ranged from the purpose of superannuation and the changes to superannuation that take effect from 1 July 2017 through to the trust placed on SMSF advisers and the integrity of the entire superannuation system.

LDB’s Founding Partner Bruce Lundstrom and Superannuation Manager Kathy Smith attended the conference. Among the key messages were:

• The primary purpose of superannuation is “to provide income in retirement to substitute or supplement the Age Pension”. This is the driver behind many of the superannuation changes to be introduced in July with perhaps the most important being:
  • The introduction of a $1.6 million cap on the amount that can be transferred into a pension
  • Removal of the tax exemption on transition to retirement pensions
  • The reduction in the annual concessional contribution cap to $25,000 and the non-concessional cap to $100,000
  • The ability of all eligible super fund members to make tax-deductible contributions up to the annual concessional cap.
• The key regulators – the Australian Tax Office (ATO), Australian Securities and Investment Commission (ASIC) and Australian Prudential Regulation Authority (APRA) – are intent on ensuring the integrity of the industry. ASIC, in particular, is taking aim at rogue dealers and advisers providing poor or questionable advice
• The role of innovative technology in automating tasks such as data processing. This allows for greater focus on providing quality technical advice, and assisting trustees with meeting their compliance obligations while achieving their financial goals.

The breadth of expertise available at the SMSF Association National Conference made it an important event that not only helps LDB stay at the forefront of superannuation knowledge, it also allowed us to benchmark ourselves against industry best practice.

On that front we were pleased to see that we are well advanced in automating many of our processes, eliminating paper handling by moving to digital documents and signatures, and allowing our SMSF clients online access to their superannuation accounts.

LDB has a history that reflects our commitment to building long-term relationships backed by trust and expertise.

This year’s changes to superannuation once again reveal that the system isn’t getting any simpler or any easier for SMSF trustees.

If you have any questions about the super changes, or are looking for assistance in managing your SMSF, give us a call on (03) 9875 2900 or fill in the contact form below.