Self-managed superannuation funds (SMSFs) are not advantaged over those regulated by the Australian Prudential Regulation Authority (APRA) but are certainly more nimble, according to the SMSF Professionals' Association of Australia (SPAA).
Responding to reported suggestions by Assistant Treasurer Senator Arthur Sinodinos that large superannuation schemes were at a disadvantage when they are compared with their do-it-yourself counterparts, SPAA claimed this was not because of an unlevel playing field.
SPAA's technical director, Graeme Colley, said that, rather, it was because SMSFs were more nimble and better able to exploit tax breaks.
"There is no reference in income tax law that self-managed funds are taxed any differently to the way bigger funds are taxed," he said.
Colley told reporters that while superannuation laws did not apply equally to self-managed funds and large funds, the discrepancy benefited the larger funds.
Originally published on SMSF Essentials.
