Financial Standard Comments - SPAA rallies against off-market trading ban The self-managed super fund industry is calling on the government to revoke plans to ban off market transfers with particular concern that larger funds are not subject to the same rules. https://www.financialstandard.com.au/feed/latest?story=12373101 Tue, 04 Oct 2011 14:37:33 +1100 Tue, 04 Oct 2011 14:37:33 +1100 en-AU Copyright 2026 Financial Standard 5 Comment by SMSF Auditor () In my SMSF audit practice I have found numerous instances of suspected backdating of off-market transfers. This is not a matter for which we auditors can lodge auditor contravention reports because the hard evidence is not there; however that does not mean that the mischief is not occurring.
As regards the brokerage, I think most people would agree that brokerage is a relatively minor expense these days. It should also be borne in mind that it is no longer possible to conduct a fee-free off market transfer of shares. This is because since January this year the share registers are charging $55 to undertake the procedure. In many cases the cost of dealing through a broker will be less than this.
I am not sure what SPAA is referring to when saying that SMSFs will be placed at a disadvantage when compared to other funds. After all, members of retail and industry funds have no capacity to make "in specie" contributions or off-market contributions to those funds. Surely this proposal will put members on an equal footing.
The concessional tax treatment of superannuation is significant; the resulting tax savings are considerable. Rorting the system is just not reasonable.I see this proposal as a minor change which will improve the integrity of the system. I think it deserves broad support.

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]]> SMSF Auditor () Tue, 04 Oct 2011 14:37:33 +1100