Australians should be very concerned about any “cash grab” on their SMSF and object strongly to their local member, according to the Small Independent Superannuation Funds Association (SISFA).
The superannuation body is looking to further politicise the superannuation debate, pointing out that about a million people – and potential voters – self-manage their own super funds.
These voters, it believes, are seeing media commentary about their funds and how they might face more change in regulation or taxation.
SISFA warned politicians that they should be wary of “people power” arising from these voters who have chosen to control their retirement.
“Federal politicians should think hard about the advice coming from union-oriented advisory groups regarding the regulation of SMSFs by the Australian Tax Office and taxing small funds separately from large funds,” said Darren Kingdon, a director of SISFA.
“According to recent ATO statistics, there are around 913,000 members from the 478,000 DIY funds in existence. The continuing high level of SMSF establishment suggests that another 100,000 people are also aspiring to take control of their retirement savings and start an SMSF.
“That is a cool million voters spread across the country who don’t want further structural change to the running of their SMSFs or have their funds raided by the government for that matter.”
Kingdon says that one of the union arguments put forward has been that SMSFs should be taxed on unrealised capital gains derived by the fund in the interests of fairness.
“Has anyone seen a large fund pay tax to the ATO on unrealised gains before sale? They might bring it to account in calculating member balances, like SMSFs, but do they really pay it?” he asks, adding that voters should be very concerned about any “cash grab” on their SMSF and object strongly to their local member.
I agree 100% with your comments. Industry & retail super funds would love nothing better than the unrealised capital gains of a SMSF to be taxed each year. We need to pressure our beloved politicians on this topic. We are fed up with the changes being suggested by those parties with a strong commercial interest in restricting a SMSFs advantages. Could I suggest that you start up a petition and request all advisers operating in the SMSF area to put their names and the names of their clients who agree on the petition?