SISFA's call to ranks
The Small Independent Superannuation Funds Association (SISFA) is appealing to financial planners to join its ranks in a bid to better represent self-managed superannuation fund (SMSF) members.
The Small Independent Superannuation Funds Association (SISFA) is appealing to financial planners to join its ranks in a bid to better represent self-managed superannuation fund (SMSF) members.
Speaking at a Financial Planning Association Sydney chapter lunch, chairman David Smith said small super funds made up 97 per cent of all super funds but are not properly represented.
He said small funds are the fastest growing of all funds, with their number expected to triple in the next five years.
SISFA is concerned that with the Australian Tax Office (ATO) becoming the regulator of SMSFs, small fund members could be under threat.
“The threat — or the opportunity — comes from the fact that the ATO is now the regulator of small super funds,” Smith said.
“APRA was a soft regulator. It only had five national auditors. The ATO is quite a different regulator — it goes according to the letter of the law.”
As such, Smith believes that small fund members need SISFA in order to have their views presented to the government.
The association currently has 200 members and directors include accountants, financial planners, lawyers and administrators from all mainland states.
Smith said the major benefit of membership for financial planners is that they have the opportunity to have their views heard.
“You get to talk about your clients, your administration systems. In effect, you help to develop policy to present to government,” he said.
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