The government addressed perceived ambiguity around advice fee deduction from member accounts by pulling out two statements from the bill that essentially duplicated rules that already exist in the sole purpose test.
Tax on unrealised assets is virtually unheard of in Australia, and imposing one on fund members sets a dangerous precedent according to the SMSF Association, which says it’s “completely unreasonable” for retirees to plan for “such a radical departure from existing policy”.
An approved degree doesn’t necessarily make for a better adviser, but if the government wants to get the experienced pathway legislation right it must disclose which pathway an adviser took to accreditation.
