AIST urges APRA supervision of SMSFs
The organisation representing not for profit superannuation funds believes the self-managed superannuation funds (SMSF) sector should come under the jurisdiction of the Australian Prudential Regulation Authority (APRA) rather than the Australian Taxation Office (ATO).
The Australian Institute of Superannuation Trustees (AIST) position has been made clear by its chief executive, Fiona Reynolds, while commenting on reports that the ATO is considering clamping down on related party loans.
Those reports suggested concern existed that some SMSF trustees were using such loans as a tax device.
Reynolds pointed to the growth of the SMSF sector and argued that the ATO was not in a position to provide efficient supervision of the sector.
"We think the sector should be regulated by APRA," she said.
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
