SISFA objects to CGT suggestions
There are close to one million voters who are self-managed super fund (SMSF) members who would object to further regulation of the sector, the Small Independent Superannuation Funds Association (SISFA) has warned.
Those members do not want further structural change to the running of their SMSFs, or to have their funds "raided" by the Government, said SISFA director Darren Kingdon in a statement.
"Federal politicians should think hard about the advice coming from union-oriented advisory groups regarding the regulation of SMSFs by the ATO and taxing small funds separately from large funds," he said.
One of the union arguments has been that SMSFs should be taxed on unrealised capital gains in the interests of "fairness", Kingdon said.
"Has anyone seen a large fund pay tax to the ATO on unrealised gains before sale? They might bring it to account in calculating member balances, like SMSFs, but do they really pay it?" he said.
Recent Australian Taxation Office statistics found there are now around 913,000 SMSF members, and politicians should be wary of "people power arising from these voters who have chosen to control their retirement", SISFA stated.
Those voters should be very concerned about any "cash grab" on their SMSF and object strongly to their local member, the association stated.
AUTHOR
Staff Writer
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