Self-managed superannuation funds (SMSFs) should be made to pay their way alongside major Australian Prudential Regulation Authority (APRA)-regulated funds.
That is the bottom line assessment of industry funds representative body, the Australian Institute of Superannuation Trustees (AIST), which has used a submission to the Treasury to note that while SMSFs have benefited from the implementation of the Government’s SuperStream changes they have not had to contribute to the cost.
The AIST was responding to the Government’s proposed Financial Institutions Supervisory Levies for 2017-18 and, like other superannuation industry organisations, has called for greater transparency around how those levies are used by APRA, the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO).
However, in doing so, AIST chief executive, Evan Scheerlinck, noted the manner in which SMSFs had been exempted from the SuperStream costs.
“We reiterate comments from earlier submissions that self-managed superannuation funds (SMSFs) stand to benefit from the SuperStream reforms in the same way as APRA-regulated funds,” the AIST submission said. “The SMSF sector should bear part of the cost.”