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. |
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David Woodall
CHIEF EXECUTIVE OFFICER, SUPERANNUATION
INSIGNIA FINANCIAL LTD
INSIGNIA FINANCIAL LTD
Facing his greatest test yet in metamorphosing MLC Super, Dave Woodall is adamant the juice will be worth the squeeze. Jamie Williamson writes.
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!!!