Tue, 1st Oct 2024

On this week's "Superannuation News Wrap", Paige Estritori covers noteworthy changes by the Australian Taxation Office, granting tax-deductible status to ongoing advice fees, thus recognising financial advice as a vital service and making it more affordable. Initial consultation fees, however, remain non-tax-deductible. Also highlighted is the inaccurate nature of retirement calculators provided by super funds, as observed by Super Consumers Australia. Despite their helpful intentions, these calculators often offer misleading advice due to generalised models, overlooking individual factors like health needs and homeownership status. The call is for government-led reforms to consolidate these calculators and create a unified, more accurate platform. Stay tuned for more developments in superannuation at Financial Services Online.n