Stronger Super element based on hearsay
Specialist self-managed superannuation fund (SMSF) company the SMSF Academy has claimed the Cooper Review's recommendation to ban off-market transfers of listed shares was predominantly based on hearsay.
Arguing that the Australian Taxation Office (ATO) should provide deeper and more micro analysis of the SMSF sector, the SMSF Academy managing director Aaron Dunn said he would have liked to have seen a recent ATO publication include off-market and in-specie asset transfers.
"Not providing this information hampers the SMSF industry's ability to put forward a valid argument on the Stronger Super reform recommendation to abolish the off-market transfer of listed shares into SMSF from 1 July, next year," he said.
Claiming the Cooper Review recommendation had been based on hearsay, Dunn said it would be valuable to look not only at contributions to SMSFs from a macro-level, but also understand how these contributions got into the fund - for example as business real property or listed share transfers.
AUTHOR
Mike Taylor
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
