Information You won’t get from Unlicensed Accountants #50
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.
Super gender gap widens following under Early Release Scheme (ERS)
Women in Super and the Australian Institute of Super Trustees have released data showing women who accessed their super under the ERS have fallen even further behind men in terms of average super balances across all age ranges. For example, many women who took a career break around age 30 to care for children will be commencing their super savings from a zero balance when they return to the workforce.
Prior to early release, the data show that women in the 25-34 age bracket had on average 21% less in super than males and following early release, this differential increases dramatically to 46%. This will put further pressure on the government to maintain the current legislated increases on the Superannuation Guarantee to 12%.
Source: AIST and WIS
“Perfection is not attainable, but if we chase perfection, we can catch excellence” – Vince Lombardi.