Revenue and Financial Services Minister Kelly O’Dwyer has reaffirmed the federal government’s commitment to its changes to the superannuation system, maintaining they are necessary to best safeguard and grow people’s retirement savings.

Advisers need to be aware of the two dimensional nature of the asset segregation rules to understand this type of arrangement can still exist in an SMSF even after the implementation on 1 July of the new legislation governing the superannuation system, an industry educator has said.

The indexation rules being applied to the concessional contributions caps from 1 July under the new superannuation legislation may end up causing confusion for high-income earners in the years to come.

The Institute of Public Accountants (IPA) has called for the restoration of the superannuation concessional contribution (CC) cap for those over 50 to $35,000 and reminded the federal government the Henry tax review recommended a higher cap.

The SMSF Association has endorsed new legislation aimed at raising the educational and ethical standards of financial advisers.

The Tax Practitioners Board (TPB) has issued a practice notice clarifying how tax agents are expected to manage cloud-based activities in the servicing of clients.

The SMSF sector should have been incorporated into the financial advice education and professional standards that were introduced into Parliament last year, according to an industry consultant. 

SMSF members hold a number of advantages over other superannuation structures via their direct involvement with their fund, including the ability to closely monitor employer contributions, according to the SMSF Association.