AIST urges APRA supervision of SMSFs
The organisation representing not for profit superannuation funds believes the self-managed superannuation funds (SMSF) sector should come under the jurisdiction of the Australian Prudential Regulation Authority (APRA) rather than the Australian Taxation Office (ATO).
The Australian Institute of Superannuation Trustees (AIST) position has been made clear by its chief executive, Fiona Reynolds, while commenting on reports that the ATO is considering clamping down on related party loans.
Those reports suggested concern existed that some SMSF trustees were using such loans as a tax device.
Reynolds pointed to the growth of the SMSF sector and argued that the ATO was not in a position to provide efficient supervision of the sector.
"We think the sector should be regulated by APRA," she said.
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