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.
Australian Super to test capacity of ASX over next 20 Years
Australian superannuation funds currently own around 35% of the shares listed on the Australian Stock Exchange (ASX). Assuming super funds maintain a similar asset allocation and the compulsory super guarantee continues to increase to a rate of 12% of annual employment income, it is estimated Australian superannuation funds will own around 60% of the ASX by 2038 (approx. $10.2 billion).
This will significantly test ASX capacity where super is competing with non super money from individuals and companies. However, it may also force a shift to a higher allocation to other asset classes such as International shares which is likely to be a good thing, providing greater diversification, given the Australian sharemarket only makes up approximately 2% of world share market capitalisation.
”My goal wasn’t to make a ton of money. It was to make good computers.” - Steve Wozniak.