SPAA welcomes ATO praise

6 September 2013
| By Staff |
image
image
expand image

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.

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 1 week 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