Andrea Slattery

The SMSF sector has been strongly endorsed by both sides of politics, the regulators and Treasury at the SMSF Professionals’ Association of Australia (SPAA) national conference in Brisbane.

SPAA CEO Andrea Slattery, speaking after the session where the ATO, Treasury and ASIC gave their views on the SMSF sector, said: “The really positive thing to come out of this conference is how all three government bodies believed the sector was performing strongly.

“With the Financial Services Inquiry underway, a review of the taxation system leading to a White Paper and an examination of income streams to look at the payment of superannuation and social security benefits in the pipeline, then it was reassuring for SMSF specialists to hear that endorsement from Treasury and the regulators.

“When combined with the positive comments by the Assistant Treasurer, Arthur Sinodinos, on Wednesday, and the Opposition’s spokesperson on Superannuation, Bernie Ripoll, today, then it becomes clear that our industry, with $543 billion in FUM, is on the right track.”

Slattery said it was encouraging to hear Rob Heferen, Treasury’s Executive Director, Revenue Group, say that it was the view of the Government that SMSFs “were unambiguously a good thing, and that people aiming to be self sufficient in retirement was in tune with its philosophical direction”

Heferen, the first Treasury official to address a SPAA conference, urged the SMSF specialists to get involved with the different inquiries now underway “as they will set the scene for the industry for the years ahead”.

ATO Deputy Commissioner Superannuation, Alison Lendon, told the conference that the ATO was committed to improving the services it provided to SMSF fund managers and trustees.

“With the popularity of SMSFs continuing to grow, we want to work with trustees and their advisors to improve compliance and make sure they are prepared for several regulatory changes that will be rolled out over the next year.

“We have launched two YouTube videos for trustees, that will cover ‘hot topics’ and provide introductory information on areas we think people may need more help to understand,” Lendon said.

ASIC Commissioner Greg Tanzer took the opportunity to reiterate the regulator’s position that “some promoters recommending real estate may be breaching the law.

“A license is required to provide financial product advice even where the underlying investment is not a financial product (real estate) because the investment vehicle – the SMSF – is a financial product, and ASIC will vigorously pursue those promoters who are unlicensed.”

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