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Dixon Advisory has mounted a strong defence of the existing regulatory regime for self-managed superannuation funds (SMSFs), including arguing that there should be no attempt to legislate a minimum balance for the establishment of a self-managed fund.
While many in the financial planning and superannuation industries, as well as the Australian Prudential Regulation Authority (APRA), have held that people with balances of less than $200,000 should not be directed towards SMSFs, Dixon’s submission to the Cooper Review argued “SMSF choice should not be restricted to only one part of the population”.
It went on to stipulate a number of other things the Cooper Review should not seek to impose, including mandatory compliance education for SMSF trustees and the imposition of mandatory professional custodians.
The submission also said that retail and industry funds should not be allowed to further slow down rollovers into SMSFs.
