COMPLIANCE
Back to basics with super advice
There are many misconceptions hindering individuals from getting the maximum advantage from their superannuation. Liz Westover examines 10 common myths and illustrates how debunking them can assist people to make the most of their retirement savings.
LIZ WESTOVER is superannuation, SMSF and retirement savings partner at Deloitte
46 selfmanagedsuper
When superannuation and SMSFs become your day-to-day working life, you become very familiar with the rules and regulations that dictate how you and your clients operate. So much so, that it is easy to forget those outside our industry, including our peers and our clients, don’t have the same insights as we do. What we refer to as ‘the fundamentals’ are not necessarily thought of in the same way by others. We can all too easily assume that because most Australians have at least one superannuation fund, they must understand at least the basics of super, but
unfortunately that couldn’t be further from the truth. Consequently, many myths and misunderstandings continue to abound. Much of our ongoing training is in relation to the latest strategies and changes in laws and this is often the updates we provide our peers and clients. But perhaps it’s time to go back to basics and offer a refresh on the fundamentals. Change has been the one big constant in the superannuation industry and that’s caused confusion and disengagement. A back-tobasics approach may be what’s needed to re-engage
