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» Articles - ALERT - Review of SMSF sector
Dixon Advisory have provided the following alert to participants in the SMSF sector...
As you may be aware, the new Minister for Superannuation, Senator Nick Sherry, has commenced a review into the SMSF sector.
Dixon Advisory is highly concerned that there may be the introduction of legislation that would significantly impact on the ability of accounting firms to profitably work in the SMSF sector.
Proposals raised by the Minister or by organizations such as the Association of Super Funds of Australian (ASFA) include:
A new minimum balance for SMSFs – possibly as high as $200,000.
Removal of the carve out that allows CPAs and CAs to open an SMSF without holding an Australian Financial Services Licence. This would mean you would need an AFSL just to open an SMSF.
The mandatory use of a corporate trustee for new funds (obviously adding $695 or more to set up costs).
An increased requirement for training and knowledge of SMSF trustees – including the possibility of a mandatory course.
An increase to the level and depth of the written investment strategy.
Dixon Advisory as an administrator of over 2,500 SMSFs has been taking a leadership role in lobbying government.
For more information contact DixonAdvisory.
Alan Dixon
DixonAdvisory
Now that you have read this, what do you think? Do you have other ideas? Please share you views with other members (eg by blog or discussion form) and/or request professional member(s) to contact you directly.
