Financial Standard Comments - SMSFs should pay SuperStream levy: AIST Self-managed super funds are the biggest superannuation sector by dollars and will be major beneficiaries of the SuperStream reforms and so should contribute to the levy being imposed on other fund members, argues the AIST. https://www.financialstandard.com.au/feed/latest?story=13004394 Fri, 22 Jun 2012 13:50:07 +1000 Fri, 22 Jun 2012 13:50:07 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by Laurie Pennell () Can Fiona Reynolds please explain how SMSFs will benefit from SuperStream when the trustees and their advisers do most of the work and / or make their contributions directly themselves.
This is just another attempt by the industry funds influenced AIST to grab funds from areas over which they should mind their own business.

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]]> Laurie Pennell () Fri, 22 Jun 2012 13:50:07 +1000 Comment by SMSF Trustee () One of the many reasons for setting up an SMSF is to avoid the costs associated with membership of a large superannuation fund. SMSFs do not have a "back office" and have no isues in handling contributions to their fund. Automation through Superstream will have no impact on the efficiency of runing an SMSF and to suggest that SMSFs should contribute to the costs of automation in their more cumbersome and less efficient counterparts is outrageous!

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]]> SMSF Trustee () Fri, 22 Jun 2012 14:16:24 +1000 Comment by W.Thomas () This needs very little comment. To put it in the simplest of terms, as the previous commentor says, " it is outrageous" - (an I add) If the AIST was as efficient as the majority of SMSFs there would be no need to add further costs.

The ATO already gets $180 per annum for an SMSF Supervisory Levy, which is included in the income tax assessment. What value flow-back does the SMSF get for this cost ??

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]]> W.Thomas () Fri, 22 Jun 2012 15:06:44 +1000 Comment by John Edwards () There are a couple of negative words, which when conjoined make a positive. "Yeah-Right". Why on earth should SMSFs be involved in this madness. It is for this exact reason (cost and efficient control) that SMSFs exist.

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]]> John Edwards () Fri, 22 Jun 2012 15:07:22 +1000 Comment by Fiona Reynolds (AIST) Then perhaps you should go back and look at the press releases from SPAA and co talking about how much self managed funds will benefit from super stream!!!

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]]> Fiona Reynolds (AIST) Mon, 25 Jun 2012 14:09:18 +1000