Industry fund calls for tougher SMSF rulesBY KARREN VERGARA | WEDNESDAY, 13 JUN 2018 12:39PMA $1.6 billion industry superannuation fund is calling for new regulations to make it tougher for people with low account balances to set up a self-managed superannuation fund. Related News |
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Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
I agree small SMSF don't make economic sense but advisers are subject to a best interests duty so this issue doesn't need a specific SMSF rule. ASIC should look at who is setting up these funds - they may not be advised or may be set up by accountants, for example - and then address any compliance failures accordingly. We all know industry funds hate SMSF so perhaps Mr. Smith is taking a misdirected free kick and suggesting an inappropriate remedy to a problem.
Yes, why isn't ASIC asking who set up these small funds and was the advice given by an AFSL holder or AR and was it in the client's best interest? They have the info on a plate here.
Likewise ATO should analyse how many multiple and lost accounts REI Super have and give them a kicking for that!