ASIC wants better disclosure on SMSF establishment
The Australian Securities and Investments Commission (ASIC) has signalled it wants people to have more information before them when setting up a self-managed superannuation fund (SMSF).
The regulator made its position clear to the Institute of Public Accountants last week when discussing disclosure issues and the trustee declarations required by the Australian Taxation Office (ATO).
ASIC commissioner John Price referenced ASIC's so-called SMSF Taskforce and recent roundtables held with industry participants and the manner in which some stakeholders had suggested there might be duplication in the disclosure being proposed by ASIC and the ATO trustee declaration requirements.
"Some stakeholders have noted that the [disclosure] proposals cover issues that are also contained in the trustee declaration that SMSF trustees give to the Australian Taxation Office (ATO)," he said.
"This isn't coincidental - ASIC looked closely at the trustee declaration in developing the proposals.
"A key difference is that trustees get the declaration after they have already set up their SMSF. Our proposals are designed to ensure that they get this information before then, so people can use the information to decide whether a SMSF is right for them," Price said.
He noted that ASIC had allowed an eight-week consultation period around the proposed changes, and said that early next year the regulator wanted to finalise a decision on any next steps.
Originally published by SMSF Essentials.
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