Media Release

Stabilisation needed in SMSFs

The reforms sweeping through the self-managed superannuation fund (SMSF) industry should be completed and then stabilised, as further tinkering with the system could be detrimental to consumers’ confidence, says the Institute of Chartered Accountants in Australia (the Institute).

The rapid pace of change has been highlighted at the Institute’s National SMSF Conference, with a number of reforms discussed, including the recent increase in the SMSF levy from $150 to $180 and tighter legislation for investing collectibles and personal use assets, as well as those currently in the pipeline, such as limitations to the concessional cap.

According to the Institute’s Head of Superannuation, Liz Westover, SMSF advisors continue to face a raft of legislative changes which will impact the way clients are advised.

“The conference has driven home upcoming changes to laws governing the SMSF industry, and how recent changes can and should be interpreted. While reform to the industry is necessary and encouraging, it is time to reach conclusive, positive outcomes and then stabilise so that SMSF trustees can be confident in saving for their retirement,” she says.

The ATO’s Assistant Commissioner of Superannuation, Stuart Forsyth, says “it’s been a big year for the industry”. Mr Forsyth pointed to targeted efforts by the tax office in increasing the number of audits of high-risk auditors in anticipation of the expected registration of SMSF auditors.

Hosted in Melbourne, delegates at the conference observed presentations prefaced on an evolving SMSF environment. Speakers across the two-day event in Melbourne also include DBA Lawyer’s Daniel Butler, Deloitte Private’s Mark Wilkinson, William Buck’s Anna Carrabs and SuperIQ’s Andrew Bloore.

Article last Updated 21 September 2011