However, Tim Miller, head of education and technical for Smarter SMSF, said that is not necessarily the case.<\/p>\n
\u201cWe entered a Labor government one term ago, and they said no changes to superannuation and then immediately dived into the introduction of Div 296 in its first form. Then the objective of super, of course, with an introductory date of post the election cycle was [also introduced],\u201d Miller said.<\/p>\n
\u201cWe\u2019re now into this second cycle and there\u2019s a bit of intrigue about what other measures might we see from the Labor government. There are a couple of things we have spoken about such as the redefining of Australian super funds to assist self-managed super funds satisfy that requirement where we\u2019ve got people overseas.<\/p>\n
\u201cAnother measure that had been spoken about by both the current government and the former government is in regards to changes around conditions of release and access to super and really touching on illegal early access, as well as when super should be the first port of call in certain circumstances.\u201d<\/p>\n
Aaron Dunn, director of Smarter SMSF, added the issue of financial abuse is also potentially an area that could be subject to more government regulations.<\/p>\n
\u201cWe\u2019ve seen a parliamentary joint committee undertake an inquiry around that and look at ways in which the rules might need to be tightened or adjusted to accommodate for those circumstances,\u201d Dunn said.<\/p>\n
\u201cSMSFs were certainly a part of that, where you had controlling behaviours within the trusteeship of the fund, and the ability of the abused individual to potentially exit, and then get their superannuation monies. I think the other issue that is a bit of a free hit, in some respects, is around the adjustments we might see for compassionate grounds, and in particular the way in which it\u2019s currently being used, seems to be beyond the scope or intent of what it was initially.\u201d<\/p>\n
Miller said in regard to this issue, reports are generally around medical conditions and cosmetic procedures with less focus on compassionate grounds such as funeral expenses and home modifications.<\/p>\n
\u201cIt\u2019s clearly where you\u2019ve got individuals who have a vested interest in getting access to the money making the decisions about accessing it, and it\u2019s always a key issue. Of course, with compassionate grounds, appreciating that the regulator is the one that makes a decision,\u201d he said.<\/p>\n
\u201cOne of the areas around conditions of release was how much power should be handed over to the regulator, and whether things like financial hardship should move from a trustee decision to a regulatory decision as well. It will be interesting to see if there is any movement at all in that space during this year, but also during this parliamentary term.\u201d<\/p>\n
Dunn continued that the area of investments, especially following the Dixon and First Guardian inquiries, could also instigate some changes in the next year.<\/p>\n
\u201cWhat\u2019s been quite interesting in the last few months is the fact that we\u2019ve seen this concept being floated predominantly through the media that is code for \u2018let\u2019s get that fed in and test the waters\u2019 around whether SMSF will have any further levies imposed on them to help deal with compensation,\u201d he said.<\/p>\n
\u201cWe\u2019re talking specifically about the Compensation Scheme of Last Resort and to me\u00a0 that\u2019s definitely going to be an interesting one to watch this year. The way in which the compensation scheme is currently being funded is massively disjointed and unfair in the context of how much advisers are having to pay based upon the quantums of money that are involved around compensation.<\/p>\n
\u201cBut it\u2019s an interesting setting that the Labor Party is trying to establish by bringing SMSF trustees, in essence, into this to say, \u2018well, actually, now you guys can pay your share as well\u2019.\u201d<\/p>\n
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