Acronyms gone mad

11-May-2017

We all know every industry, not just financial services, has the bad habit of using numerous acronyms all the time in the assumption everyone knows what they stand for.

But it’s perhaps not until someone from outside the universe in which we operate is exposed to all of these acronyms that we begin to realise the extent of the phenomenon.

This was demonstrated by SMSF Association National Conference master of ceremonies Andrew Klein, who despite having performed this duty for the past four conferences, admitted he still had difficulty saying SMSF without verbally stumbling.

Klein continued on to confess that, as a non-superannuation or financial services practitioner, he had no idea what a TRIS, an LRBA, a CC, an NCC, BRP, SIS, ECPI, MTR, or NTLG meant but was hoping he would finally find out at what was his fourth conference.

We thought we might give him a bit of a hand by spelling out what each of the above meant in order and that is - a transition to retirement income stream, a limited recourse borrowing arrangement, business real property, a concessional contribution, a non-concessional contribution, the Superannuation (Industry) Supervision Act, exempt current pension income, marginal tax rate, and the National Tax Liaison Group.

We hope when the conference came to an end, and of course if he reads this piece, Andrew will no longer need to use the acronym WTF as he did originally when confronted with these terms.