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The SMSF Working Group has discussed the design and implementation of reforms to the SMSF sector. These reforms include the registration of SMSF approved auditors, new ATO penalties, measures to improve the information available on the sector, and new processes and penalties that deter the use of SMSFs for illegal activity such as illegal early release of superannuation.
Implementation
The Government has implemented its election commitment to allow SMSFs to continue to invest in collectables and personal use assets, provided that they comply with tighter legislative restrictions. Regulations that set out the restrictions that will apply to these investments commenced on 1 July 2011. There is a five-year transitional period for existing investments. The rules are contained in Superannuation Industry (Supervision) Amendment Regulations 2011 (No. 2).
Membership
| Graham Meyer (Chair) | Institute of Chartered Accountants Australia (ICAA) |
| Anna Carrabs | Institute of Chartered Accountants Australia (ICAA) |
| Dante De Gori | Financial Planning Association (FPA) |
| Andrew Bragg | Financial Services Council (FSC) |
| Michael Lorimer | Small Independent Superannuation Funds Association (SISFA) |
| Tony Keir | Association of Superannuation Funds of Australia (ASFA) |
| Sharyn Long | SMSF Professional Association of Australia (SPAA) |
| Graeme Colley | SMSF Professional Association of Australia (SPAA) |
| Frank Gayton | Industry Super Network (ISN) and Australian Institute of Superannuation Trustees (AIST) |
| Ashley Course | National Institute of Accountants (NIA) |
| Michael Davison | CPA Australia |
| Manuel Thaler | SMSF Audit Professionals |
Consultation
The Government has announced its decisions on the key design aspects of the reforms.
For more information, please see the Stronger Super Information Pack.