The Financial Planning Association (FPA) has called for the next Federal Budget to make aspects of financial advice tax deductible as part of a range of measures aimed at improving access to advice.
The FPA has added its voice to public calls for an increase to the concessional super contributions cap, from $25,000 to $50,000 for all Australians over 50 years of age, regardless of their superannuation account balance.
The FPA also proposed “a more flexible and pragmatic measure in dealing with excess concessional contributions caps”.
“The FPA believes there are specific initiatives that the government must undertake in order to improve access to financial advice for those Australians who are most in need of assistance in managing their financial affairs,” said Dante DeGori, general manager, policy and standards, with the FPA.
“These recommendations encourage a longer term outlook that goes beyond the current election campaign and the impact an ageing population will have on future government budgets.”
Along with other bodies, including the Financial Services Council, the FPA has expressed concern at the level of ‘tinkering’ with superannuation going on.
“The FPA, its members and the millions of Australians that they service, strongly request that the government does not introduce any changes that will reduce the incentives and benefits of the superannuation system which encourage people to save for their retirement,” Mr De Gori said.
“With an ageing population and the additional pressure this will add to future budgets, the FPA strongly recommends that the Budget reflect policy decisions that are designed to support and encourage today’s working Australians to become self-funded in their retirement.”
