From www.smsfadviser.com: BDO has called for a review of Australia’s superannuation contribution caps in its pre-budget submission, suggesting an increase in both concessional and non-concessional caps to promote equity in the system.

The firm argues that the current caps disadvantage individuals who build wealth later in life, proposing measures like unlimited non-concessional caps for those with balances below $1 million and the introduction of lifetime contribution caps.

BDO argues for an holistic review of the tax system and better public consultation on tax law changes.