Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
Self Managed Superannuation Funds (SMSF) are best positioned to ensure your employers are paying the correct Superannuation Guarantee Contributions (SGC).
Members of SMSFs have a number of advantages over other superannuation structures to ensure they are being paid the correct SGC by their employers.
Australia’s compulsory superannuation / SGC system is one of the main arms assisting Australian retirees to obtain a high quality and comfortable retirement. Retirement savings can be seriously impacted where employers dodge their SGC responsibilities.
Non payment of SGC is far less of an issue for the SMSF sector when compared to the APRA related sector (i.e. Industry and Retail funds). Research shows SMSF members are far more engaged with the operation of their fund and as such, incorrect or non payment of SGC tends to be pinpointed rapidly.
SMSF members have direct access and monitoring capabilities of their SMSF bank account and are more cognizant of the contributions being made to it. If incorrect or non payment of your SGC s is of concern to you, you should investigate whether a SMSF is suitable for your circumstances
”An education isn’t how much you have committed to memory, or even how much you know. Its being able to differentiate between what you know, and what you don’t know.” - Anatole France.