Superannuation advice should be a priority area for tax-deductibility, according to a new survey.
The survey revealed strong support for the Government to make the provision of financial advice tax-deductible, with most support for advice around superannuation and transition to retirement.
By comparison, there was significantly less support for allowing advice around products such as life/risk insurance tax deductible.
The survey, conducted by Super Review’s sister publication, Money Management, came at the same time as the Financial Planning Association (FPA) urged the Senate Economics Legislation Committee to make advice around insurance inside superannuation tax-deductible.
However, survey respondents signalled their ambivalence about tax-deductibility where product sales were involved.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
The solution is to make it mandatory for any super fund to pay a client invoice (on demand), when issued by an ASIC approved financial adviser. It should be illegal for certain industry super funds to deny advice payment. Fortunately a few allow it, but it should be made mandatory for all funds to pay an adviser's invoice on demand. Tied agency arrangements should be banned. The current environment with Industry funds is looking very much like the old AMP tied agency days.