Get used to the pace of change for SMSFs
Between limited licenses and auditor registration, it seems 2013 may see self-managed super funds (SMSFs) experience more change more quickly than they ever have previously.
And yet for Patrick Giddy, principal of Wealth Management at Crowe Horwath, this is a pace of change that the sector will have to get used to.
"I would like to think that we're starting to get ahead of the game when it comes to legislative change," he said. "But given the amount of money in this sector, I think the reality is that we're going to have to get used to it.
"You can't have a sector where potentially all your money is tax free and not expect that there's going to be some scrutiny."
According to Giddy, the continuing paradigm for SMSFs will be change.
"The Government's going to be taking more and more of an interest, there's more stakeholders, we've got an ageing population, we're in a lot better position than a lot of other countries around the world, having had compulsory super for 20-odd years; there's simply too much at stake," Giddy explained.
"And the balance isn't easy - they need to strike a balance between incentivising people to be self-funded in retirement versus not making it too generous and being seen to favour the rich."
And while Giddy was hopeful that SMSFs were at least ahead of the curve when it came to dealing with such issues, he warned trustees and professionals alike that the hard work was set to continue.
"At the end of the day, we've just got to get used it," he said.
"There's no use complaining about it. There's going to be increased attention, increased focus but there's too much at stake to think that scrutiny, and therefore legislative and regulatory change, won't continue."
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