The Financial System Inquiry (FSI) interim report will take centre stage at the SMSF Professionals’ Association of Australian (SPAA) 2014 State Technical Conferences during July and August.
The FSI’s interim report will be handed down on July 15, and participants will hear first-hand from Jordan George, SPAA’s senior manager, technical and policy, about its likely impact on the self-managed super fund (SMSF) industry.
George’s FSI review will be the cornerstone his analysis of all the recent rule changes, in the technical conferences’ regulation and legislation update sessions.
George (pictured) says the session will “take a close look at the key themes coming out of the FSI, what it might mean for self-managed super funds into the future, and how SPAA plans to respond to the report”.
Far-reaching consequences
“Considering the impact that its two predecessors – Campbell and Wallis – have had on the financial system, there’s every likelihood this inquiry could have far-reaching consequences as well, particularly when you consider how the superannuation industry has grown exponentially since the Wallis report was handed down in 1997,” George says.
He says mid-year is an excellent time to review the industry, following closely on from the May Budget and recent announcements by the Minister for Finance, Senator Mathias Cormann, about amendments to the Future of Financial Advice (FoFA) legislation.
Issues that SPAA will put under the microscope include:
• FoFA. What do the government’s amendments mean for the industry? What is SPAA’s approach to FoFA?
• SuperStream. Where are we up to and what do SMSFs need to be doing?
• Australian Taxation Office (ATO) determinations and rulings. Among other issues the conferences will include an interpretation of the segregated pension assets rules, limited-recourse borrowing arrangements (LBRAs) and in-house asset rules, and the ATO’S interpretation of the non-arm’s length income rules and LRBAs.
• 2014 Budget changes and the status of any relevant legislation. This covers changes to social security arrangements (including the new eligibility for Commonwealth Seniors Health Card Changes), the ability to refund excess non-concessional contributions, and changes to the Superannuation Guarantee (SG).
“SMSF specialists are now recognised as leaders in our industry and need to continue to challenge themselves to remain the advisors of choice,” George says.
“It is imperative to stay abreast of all new developments. SPAA’s State Technical Conferences are an absolutely integral part of the CPD calendar, and this year is no different with the seven sessions boasting the highest calibre of speaker.
“There are also the important networking sessions, as well as the case studies, that simply add more value to these technical conferences.”
