Not so many years ago, my father decided to drop out of the superannuation system. He just decided he’d rather have control of his own destiny.

Labor’s proposed superannuation tax changes pose a very real danger of a long-term effect on the savings psychology of our society.

In its 2018 budget, the federal government announced plans to introduce a three-year audit cycle for compliant SMSFs. Such a change won’t mean only one out of every three years is audited.

In the May federal budget, one particular paragraph proposing audits of SMSFs every three years caught the eye of many SMSF professionals scanning the budget papers.

Whether you are the trustee of an SMSF or the professional adviser servicing SMSFs, no doubt you are busy tackling the changes to your or your clients’ super funds.

One has to wonder just how much change the current government is prepared to force on the SMSF sector. Originally driven by a severe budgetary shortfall, the burgeoning SMSF sector was regarded as particularly ripe from which to glean extra revenue to fill a hole.