The SMSF Association has warned that self-managed superannuation funds (SMSFs) may get dragged into the Royal Commission into misconduct in the banking, superannuation and financial services industry as industry funds seek to deflect attention.
Out-going SMSF Association chairman, Andrew Gale told the organisation’s national conference that although the terms of reference of the Royal Commission excluded SMSFs, there remained the potential for our sector to be included in the work of the inquiry via three key avenues:
“On a positive note, it’s worth noting that prior enquiries into superannuation have found the SMSF sector to be functionally well with a high level of compliance,” Gale said.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.
ASIC has sentenced former director Mudasir Mohammed Naseeruddin over four years imprisonment for ‘egregious conduct’ and dishonestly obtaining client funds from six investors’ SMSF accounts.
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