Review of borrowing in super could be useful

26 November 2013
| By Mike |
image
image image
expand image

A Government review of borrowing within superannuation has become necessary, according to Institute of Chartered Accountants (ICAA) superannuation specialist Liz Westover.

Writing in the ICAA's Charter publication, Westover said that while the new Government had committed to no unexpected adverse changes to superannuation, there was nonetheless an industry expectation that a review would occur.

"The industry, however, has been largely expecting a review of borrowing for some time now, off the back of the Cooper Review and Stronger Super reforms," she wrote.

Westover said that together with warnings from a number of sources, a review of borrowing had become necessary.

"A review will identify the relative substance of warnings and risk areas and assess whether changes are warranted," she said. "We can then move forward with eyes wide open about the impacts of borrowing in super and hopefully implement appropriate changes to avoid any potential disasters down the track."

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 8 months ago
Kevin Gorman

Super director remuneration ...

1 year 9 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 9 months ago

The Future Fund’s CIO Ben Samild has announced his resignation, with his deputy to assume the role of interim CIO. ...

12 hours 30 minutes ago

ASIC has warned that practices across the $200 billion private credit market are inconsistent and, in some cases, require serious improvement....

12 hours 40 minutes ago

The fund has unveiled reforms to streamline death benefit payments, cut processing times, and reduce complexity....

12 hours 50 minutes ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND