SMSFs should pay SuperStream levy: AISTBY ALEX DUNNIN | FRIDAY, 22 JUN 2012 12:50PMSelf-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. |
Editor's Choice
Ausbil shutters $27m long short fund
Ausbil Investment Management has shuttered its Long Short Focus Fund, with $27 million in funds under management (FUM).
Ageing dynamics require holistic retirement planning: La Trobe
As more Australians enter retirement, the phase increasingly resembles a "distinct" economic life cycle, making better retirement planning essential rather than just an opportunity for financial advisers.
Aware Super elevates data and AI with new promotions
Artificial intelligence (AI)and data analytics are becoming increasingly central to investment decision-making, with Aware Super reshaping its investment leadership to strengthen how technology informs portfolio strategy.
Challenger open to TAL takeover at a better price
Challenger will continue to engage with TAL Daiichi Life to get a better offer price, after it rejected the takeover bid earlier this week, stating the offer falls short of a level it could recommend to shareholders.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Jacqueline Fernley
CHIEF EXECUTIVE OFFICER
ARC POINT OCIO PTY LTD
ARC POINT OCIO PTY LTD
Jacqueline Fernley is a self-confessed nerd, a market animal and as of this year, her own boss. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
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.
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!
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 ??
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.
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!!!