News Article

The Financial Services Council (FSC) welcomes the introduction of the Compensation Scheme of Last Resort (CSLR) and the Financial Accountability Regime (FAR) Legislation into Parliament today, reflecting the Government’s focus on finalising the remaining pieces of the Royal Commission into the Banking, Superannuation and Financial Services industry.

New analysis of ATO data from the Financial Services Council (FSC) today shows over 500,000 current taxpayers will be adversely impacted by the Government’s proposed 30 per cent tax rate on balances above $3 million.

The Financial Services Council (FSC) notes the certainty of today’s Government announcement to tax superannuation balances over $3 million but warns there are still important details to be resolved. 

The Financial Services Council (FSC) welcomes the Federal Government prioritising public consultation on a proposed definition of the objective for the superannuation system. 

By Blake Briggs, CEO of the FSC 

The Quality of Advice Review’s final report released today by the Government lays a strong foundation to ensure many more Australians get the financial advice they need.

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