SPAA welcomes ATO praise
The SMSF Professionals' Association of Australia (SPAA) has welcomed Australian Securities and Investment Commission (ASIC) Commissioner Greg Tanzer's comments regarding the self-managed super sector at the recent Tax Institute National Superannuation Conference.
SPAA senior manager technical and policy Jordan George said Tanzer's statement about the critically important role of self-managed super fund (SMSF) advisers was "tacit acknowledgement" of the group's stance as a "discreet professional sector" and was welcomed by all professionals who worked in the space.
George said SPAA accepted Tanzer's comments about providing investors with choice in saving for retirement and that SMSFs were only suitable for some, saying Australian Taxation Office SMSF statistics could show the steady but not excessive flows into SMSFs and dispel commentators' negativity around the rise of SMSFs.
"Equally, fears have been raised by some about risks of (an) over-exuberant move into property assets within the SMSF sector, but again figures show a reality of fairly steady 3-4 per cent growth in this asset class since restrictions were lifted in 2007," he said.
Much of the growth was due to an increase in property values, George said.
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