Stronger voice for Australia’s one million SMSF owners
The SMSF Owners’ Alliance and Self-managed Independent Superannuation Funds Association have combined their organisations to create a stronger, united voice for Australia’s one million SMSF trustees and beneficiaries – the owners of some $628 billion in superannuation savings.
More on the Self-managed Independent Superannuation Funds can be found here: www.sisfa.com.au
For existing Members of the SMSF Owners Alliance
The membership of existing SMSFOA members will continue until it falls due. Then members will be offered a range of memberships depending on the opted level of service. The basic General Membership will be $88.
Guard against costly mistakes and tax audits – special insurance for SMSF trustees
SISFA offers Trustee Members special insurance cover to protect SMSF trustees against the cost of administrative penalties and preparing for ATO tax audits.
The CoreSuper insurance package provides cover to:
• Individual Trustees or Corporate Trustees of Self-Managed Superannuation Funds (SMSF) for administrative penalties incurred under Section 166 of the Superannuation Industry (Supervision) Act 1993 (SISA).
• SMSFs for costs incurred in preparing for an Australian Taxation Office directed compliance and tax audit.
Further information about the benefits of this insurance to SMSF trustees can be found here:
2017 – SMSF Owners Confront a New Reality
The Governor General has signed the superannuation changes into law. The politicians have moved onto other things. The ATO is producing reams of guidance on how the new rules will work. Accountants, advisers, auditors, lawyers and valuers are bracing for a rush of work.
Meanwhile SMSF trustees are on a steep learning curve.
Read our comments on the new world facing SMSF trustees.
Read (pdf): As the super landscape changes, SMSFs must adapt
• The latest statistics from the ATO on self-managed super show that SMSF’s are still the largest slice of the superannuation pie, though growth compared to other sectors has slowed as contributions to the large APRA funds grow and as more SMSF owners reach retirement and start drawing a pension. Self managed fund balances remain comparatively high. You can check the stats at https://www.ato.gov.au/Super/Self-managed-super-funds/In-detail/Statistics/Annual-reports/
and here’s an easily readable summary from Phillip La Greca of Super Concepts published in Cuffelinks - https://cuffelinks.com.au/smsf-sector-numbers/
• As SMSF Owners digest the effect the new superannuation rules will have on them, more questions are arising about how it will all work in practice. Here we can direct you to the informative comments from SMSF adviser Monica Rule in the online newsletter Cuffelinks - https://cuffelinks.com.au/
What We Are Telling The Government
The annual Tax Expenditures Statement - that tries to measure taxes that are NOT collected - is being reviewed. We tell Treasury that the purpose and the limitations of the TES need to be clearly spelled out so that it can't be misused, for example to claim that super tax concessions cost the budget $32 billion or more each year.
What We Are Telling The Media
SISFA has worked with the ATO to achieve a sensible outcome on the new events based reporting regime for SMSFs. The new system will start 1 July next year with quarterly-based reporting of significant events, like starting a pension, for SMSFs with member accounts totalling more than $1million.
What We Are Telling Our Members - see latest newsletter
SISFA's chair announces the appointment of a new director, Peter Hendy, and a new managing director, Michael Lorimer. SISFA backs Peter Costello's idea for a new central fund to hold most superannuation assets in trust as a way to improve the efficiency and reduce the costs of the super system for most Australians.
Speaking Up For One Million Australians, just like you
Get the SMSFOA Submission to Financial System Inquiry Final Report
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Leading Opinion on SMSF Issues
16 September 2017 – James Kirby – The Business Australian - Fresh efforts to undermine and stop the spread of DIY superannuation funds are reaching a crescendo: emboldened by the tax crackdown on the system this year, industry lobbyists are now openly attacking the sector with a venom they might have concealed under more supportive governments.
4 May 2017 - Robert Gottliebsen, The Austrlian Business Review... Let’s hope that Treasurer Scott Morrison stays well away from superannuation changes in next week’s budget. Last year’s changes were a complete botch because the people around him on superannuation matters do not understand the industry.
24 November 2016 – Jennifer Hewett, Australian Financial Review…A rare show of bipartisanship has broken out in Canberra. Unfortunately, it just means a big bipartisan mistake. But given the enormous long-term costs of that mistake will only become obvious many years hence, it's little wonder Scott Morrison and Kelly O'Dwyer are delighted their superannuation changes have passed the Parliament.
22 November 2016 – Professor Judith Sloan – The Australian …The drafting of the legislation is all over the shop, bringing in new accounting concepts never used previously in superannuation tax law and the deadlines are unworkable. The compliance costs for superannuants are immense, even for those who won’t be caught in the first instance.
25 October 2016 – Professor Judith Sloan – The Australian …. There is really no difference between the Gillard and Turnbull governments when it comes to implementing hasty and ill-judged policies and wasting money.
3 October – Robert Gottliebsen, The Australian Business Review.... The “ten million dollar club” of top Australian public servants has struck again by preserving most of the gold plating in their pension nest while the rest of Australia suffers benefit cut backs and/or extra taxes.
21 September 2016 – Robert Gottliebsen – The Australian…
Around the world public servants in collaboration with their actuarial mates have been misleading politicians about the real cost of the bonanza pension schemes they have been promised. Nowhere has the game been played better than in Australia.
How the super changes will work: ATO guidelines
The Australian Taxation Office publishes useful information on how the changes to superannuation from 1 July are intended to work.
If you are seeking more detailed information, the ATO has finalised a suite of Law Companion Guidelines to explain how the changes to superannuation from 1 July will work in practice. These are quite detailed and deal with the $1.6 million balance caps and Capital Gains Tax measures.
You can find a compilation of LCGs here:
A directory of useful services and providers to SMSFs