Don't exclude SMSFs from trans-Tasman super

3 October 2012
| By Staff |
image
image
expand image

Australian self-managed superannuation funds (SMSFs) should be able to receive superannuation transfers from New Zealand, according to the SMSF Professionals' Association of Australia (SPAA).

SPAA chief executive Andrea Slattery described as counter-productive and discriminatory proposals to exclude SMSFs from the proposed Australia and New Zealand superannuation accord.

"This restriction as to where New Zealand-sourced retirement savings can be directed in Australia is unneeded and unwarranted," she said.

"It is especially unwarranted in light of a review of the governance, efficiency, structure and operation of Australia's superannuation system (the Cooper Review) findings that the SMSF sector was largely a successful and well-functioning part of the system."

Slattery said the suitability of SMSFs as a destination for New Zealand-sourced retirement savings was strengthened by the compliance-based regulation undertaken by the Australian Taxation Office (ATO).

She said she was concerned that the exclusion of SMSFs would result in about one-third of the superannuation industry being unable to be part of the trans-Tasman portability scheme.

"This could significantly reduce the effectiveness of the measure, with more and more Australians choosing SMSFs as their preferred savings vehicle to fund their retirement," Slattery said.

Read more about:

AUTHOR

 

Recommended for you

 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Squeaky'21

My view is that after 2026 there will be quite a bit less than 10,000 'advisers' (investment advisers) and less than 100...

1 week ago
Jason Warlond

Dugald makes a great point that not everyone's definition of green is the same and gives a good example. Funds have bee...

1 week ago
Jasmin Jakupovic

How did they get the AFSL in the first place? Given the green light by ASIC. This is terrible example of ASIC's incompet...

1 week 1 day ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

9 months 2 weeks ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

9 months 2 weeks ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND