SMSF advisers go under the microscope

This year marks 10 years since the establishment of the SMSF Professionals’ Association of Australia (SPAA), and interest in the self-managed superannuation fund (SMSF) sector has never been greater.

The increased level of interest has led, inevitably, to an increased level of regulatory scrutiny. In 2013, advisers to SMSFs will be under the microscope like never before.

The Australian Securities and Investments Commission (ASIC) is currently conducting a large-scale review of the SMSF sector and of the quality of advice provided to SMSF trustees.

And the SMSF sector regulator, the Australian Taxation Office, has significant new powers that it will be able to bring to bear on SMSF trustees for breaches of the law committed after June 30 this year.

In part, the ATO will be able to direct SMSF trustees to fix breaches – including unwinding transactions, potentially at significant cost – instead of relying on trustees entering into an enforceable undertaking (EU).

That, and ASIC’s review of advisers, means that even though the buck ultimately stops with SMSF trustees themselves, they are likely to seek out only the highest quality advice and service providers.

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The SMSF Professionals’ Association of Australia will celebrate its 10th anniversary at its national conference starting today (February 13-15) in Melbourne.

Titled “Revolution”, to reflect the way SPAA sees Australians approaching their superannuation, the conference will offer industry professionals a gala dinner, high-quality technical content, networking with peers and a deeper understanding of the broader economic and investment themes.

Please visit the Professional Planner stand at the conference and trial our first Intelligence Series app on SMSFs. To download the app, click here.