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ASIC’s investment tips
The Australian Securities and Investments Commission (ASIC) is urging people to take advantage of Australia’s more beneficial superannuation regime by consolidating their super accounts and accessing the Government’s co-contribution.
ASIC acting executive director of consumer protection Delia Rickard said the regulator was encouraging consumers to make the most of any tax gains.
ASIC has suggested consumers consider their financial situation, including converting any tax savings into superannuation dollars by increasing personal contributions.
“[We are] encouraging consumers to make the most of any tax gains,” Rickard said. “Putting this extra money, no matter how small the amount, to good use before you’ve spent it can make a big difference to your financial position over the long term.”
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The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
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