Media Release

SMSF regulatory settings working well, says SPAA

Prudential supervision not need

The current approach to regulating self managed superannuation funds (SMSFs) is appropriate and working well according to the SMSF Professionals’ Association of Australia (SPAA) submission to the Financial System Inquiry (FSI).

SPAA Senior Manager, Technical and free trial of cialis Policy, Jordan George, said SPAA thought that the existing compliance based regulation for SMSFs is working well and fits well with the nature of SMSFs.

“There have been calls for SMSFs to be prudentially regulated or to be regulated as a financial product in addition to the compliance based regulation that the Australian Taxation Office (ATO) already undertakes in regards to SMSFs.

“SPAA does not support the prudential regulation of SMSFs because it

is unsuitable for the nature of SMSFs where trustees are required to manage their own retirement http://viagra24pharmacy-canada.com/ savings.

“Prudential regulation is appropriate where money is being managed on behalf of another person that has little ability to influence the trustee responsible for managing their retirement savings.

“With SMSF trustees in control of their own retirement savings, there is no need for regulatory oversight of how they manage their savings. This flies in the face of the idea that SMSF trustees are responsible for themselves.

“We were happy to see that the Treasury, the Government’s leading economic department, supported the current SMSF regulatory approach in their FSI submission and also thought there was no need to prudentially regulate viagra24pharmacy-canada.com SMSFs.

“The SPAA FSI submission 40 mg of cialis also acknowledged that the ATO’s SMSF regulatory activities have been effective to the extent that the vast majority of SMSF trustees are complying with the taxation and superannuation laws. The SPAA submission strongly supports the ATO remaining as the regulator of SMSFs,” Mr George said.

About SPAA

The SMSF Professionals’ Association of Australia (SPAA) is the authoritative voice for the self-managed superannuation fund (SMSF) sector. SPAA, meds pharmacy online which represents professionals providing a range of services across various disciplines in the complex area of SMSFs, is an advocate for the highest professional standards and competence to ensure SMSF trustees always receive the best possible advice.

Contact for interviews:

Jordan George
Senior Manager, Technical and Policy P: 08 8205 1900
E: jordangeorge@spaa.asn.au

Media
Shed Media :

Simrita Virk 0434 531 172

Peter White: 0416 041390

April 14, 2014

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