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SMSF breaches undermine industry’s standing
Mike Taylor
The Association of Superannuation Funds of Australia (ASFA) has warned that poorly run self-managed superannuation funds (SMSFs) can undermine the broader reputation of the Australian superannuation funds industry.
ASFA has also suggested that accountants giving advice with respect to the establishment of an SMSF be subject to the requirements of an Australian Financial Services Licence.
ASFA chief executive Pauline Vamos has used a submission to the Minister for Superannuation and Corporate Law, Senator Nick Sherry, to outline her organisation’s concerns, arguing that proper regulation of SMSFs is necessary to ensure public confidence in the superannuation industry is not undermined or put at risk.
“Proper regulation also ensures the integrity of the purpose of superannuation and that tax concessions are directed at genuine retirement income savings,” she said.
Among the points put to the minister in the ASFA submission are that trustees of SMSFs should be required to meet knowledge and experience thresholds both as individuals and as a collective that could be embodied in a special licence.
What is more, the submission suggested that such licences be obtained by completing or passing a relevant course with a registered training organisation.
The ASFA submission also urges the Government to provide the Australian Taxation Office with a flexible range of penalties to quickly respond to non-compliance as well as drive behavioural change within SMSFs .
8 May 2008
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