SPAA welcomes regulatory scrutiny of SMSFs

The level of regulatory scrutiny being directed towards self-managed superannuation funds (SMSFs) should give trustees greater confidence in the sector, according to SMSF Professional's Association chief executive, Andrea Slattery.

Slattery has pointed to increased surveillance of the sector by both the Australian Securities and Investments Commission (ASIC) and the Australian Taxation Office (ATO) together with the position adopted by the Government as being positive signs for trustees.

She said the other critical element to assist in building consumer confidence in the sector had been the growth in the SMFS profession and the reality that trustees could access quality advice.

"It is important at a time when the ATO is focusing on SMSFs to ensure they (trustees) comply with the superannuation tax laws and get specialist advice," she said.

"Such advice is particularly pertinent for funds that are in pension phase to ensure that trustees abide by the rules, especially as they relate to the minimum payment," Slattery said.

She said it was important that trustees who are in pension phase complied with the tax and superannuation rules in order to retain the concessional tax treatment that their pensions receive.