Retiree clients looking to sell their property can often contribute more to their SMSF than expected through the government’s recently introduced downsizer contribution rules, due to the flexibility to split contributions between spouses and use them in conjunction with other contribution rules, according to Fitzpatricks Private Wealth.
Speaking at SMSF Adviser’s SMSF Summit 2019 event in Brisbane, the advice firm’s head of strategic advice, Colin Lewis, said it was possible for clients approaching their 65th birthday in particular to double their contribution amounts by making use of the downsizer and bring-forward contributions and potentially splitting contributions with their spouse. Read more
The short answer is changes to industry regulations to improve transparency for clients. More detail is outlined below.
The regulator (ASIC) recently changed the rules so that commissions paid to planners from super funds must cease completely from 1st January 2021.
Also, as many of you know, similar changes to industry regulations back on 1 July 2013 started the cessation of commissions paid to planners from super funds and the reduction by 50% of upfront commissions on insurance products. Read more