SPAA Endorses the ATO as an Appropriate and Effective SMSF Regulator

 

Australian Taxation Office (ATO) is an appropriate and effective regulator

SPAA endorses the ATO as an appropriate and effective regulator for the SMSF sector

Darin Tyson-Chan in Morningstar reports -The Australian Taxation Office (ATO) is an appropriate and effective regulator of the self-managed superannuation fund (SMSF) sector and calls for greater scrutiny of the space from other industry sectors are unfounded, according to the head of a peak super association.

“The ATO has proven time and again how dedicated it is to the operation, administration and prudential regulation of the SMSF sector. SPAA (SMSF Professionals’ Association of Australia) has worked hard alongside of the ATO to get new penalty powers for the ATO, which are being introduced from the Cooper review to allow it to regulate more appropriately into the future,” SPAA Chief Executive Andrea Slattery told InvestorDaily.

“We’ve also encouraged – and this has been supported by the ATO – an auditor registration program and an auditor penalty program that are being introduced.”

“These are the small pieces of tinkering around the edges Cooper recommended. They are all being introduced, they are all being recommended by SPAA and they are all for the benefit and the integrity of the SMSF sector, and the ATO is the regulator of that sector and a very good one at that.”

In response to reports the government is looking to amend some of the tax treatments within superannuation to make them less favourable, Slattery said it would be contradictory to the messages SPAA had received on that subject recently. MORE

SuperBenefit are members of the peak body SPAA (Self-Managed Superannuation Professionals)

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Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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