Return to full SMSF article list
HomeFree weekly newsletterFree newsletter archiveContact usLogin AllThingsConsidered.biz

Self Managed Super Fund (SMSF) Article
A little knowledge is a dangerous thing

By Tony Negline.

This article may be out of date.

2nd February 2010

Click here to buy - A How To Book of SMSF's by Tony Negline

Should it be made harder for people to set up Self Managed Super Funds – for example, by introducing a minimum level of financial assets and compliance knowledge? 

Compliance issues often arise in Self Managed Super Funds because many of them are only reviewed once a year or often more than to 12 months after an error has occurred.

Many SMSF trustees rely on a range of professionals to help them comply with their legal obligations. The tax office has expressed concern about the quality of work it sees from some of these professionals and it has to be said that standards in the industry are either non-existent or inadequate. 

No, I don’t believe it is necessary for the government to place such restrictions on SMSFs but perhaps it needs to consider how it could adequately educate, monitor and supervise all the people providing services to SMSF trustees.

This was one of the proposals floated in an issues paper published by the federal government’s Review into the Governance, Efficiency, Structure and Operation of Australia's Superannuation System (often called the Cooper Review, after Jeremy Cooper who heads up this expert panel).

Before Cooper finalises his recommendations to the government, I want to explore the issues he raises and what I hope the review will ultimately recommend.

Return to full article list of SMSF articles

 

Share this article
Click to share this article on Facebook Click to share this article on Twitter

If you would like more SMSF articles like this by email, subscribe! It's free.

[Bold fields are required]

Your details

Your alternate email address is used only if messages to your primary email address are returned to us.

Industry

Do you work in the financial services industry?

This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.

 
 
Site design by Raycon