Business Services Industry
Superannuation rules remain "overly complex".
Australasian Business Intelligence, August, 2002
Aug 02, 2002 (Financial Planning
ABIX via COMTEX) -- The Financial Planning Association (FPA) contends that Australia's superannuation laws are too complex. In its submission to the Senate Select Committee on Superannuation, the FPA argued that the way superannuation is taxed discourages savings. It reported that people are using their retirement funds to repay "consumption debt", rather than incurring debt for wealth accumulation purposes. The FPA recommends that a medium-term savings vehicle be introduced, to encourage people to save for large purchases. It also thinks the Reasonable Benefit Limit should be abolished.
Publication Date: August 2002
FINANCIAL PLANNING ASSOCIATION OF
AUSTRALIA LIMITED:
AUSTRALIA....
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