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The SMSFA has renewed its call for a more equitable and less costly approach to the federal government’s proposed new tax on superannuation balances exceeding $3 million.

Lease agreements for property must also adhere to non-arm’s length regulations to avoid the scrutiny of the ATO, says an SMSF expert.

The amount of superannuation needed to live comfortably has risen to a record high as the cost-of-living crisis continues to impact all Australians.

Following the release of the government’s latest Intergeneration Report there is renewed confidence that more people will see SMSFs as a more attractive option as a savings vehicle for retirement.

Of the nearly 97,000 complaints lodged with AFCA in the past 12 months, less than 5% were related to investments and advice and just under 2% were about life insurance.

A statement from the authority says consumers in dispute with financial firms lodged a record 96,987 complaints, an “unprecedented” rise of 34% on the previous financial year.

Fewer taxpayers have raced to file an early return and the total paid out in refunds is already down by $1.7 billion.

UPDATED: This budget measure waives fines for late lodgment of income, BAS and FBT returns due during the pandemic.

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