The possibility of the Labor government introducing a cap on superannuation asset balances has again been criticised by the SMSF Association.

It has been claimed the current superannuation tax concessions require amending as they do not enable equity in the retirement savings system.

The new Labor government has confirmed a review of the tax concessions contained within the superannuation system is one of its policy objectives.

The SMSF Association is encouraging non-SMSF superannuation specialists to attend its next national conference, saying its content will have wide application.

Industry groups have approved the lack of change in the federal budget and noted lobbying on a number of issues will continue in the lead-up to next year’s May budget. 

Superannuation ranks second in the list of Australians’ trusted places to store money for the best returns in the event of rising interest rates and inflation.