SISFA objects to CGT suggestions

SMSFs ATO capital gains director government

8 October 2012
| By Staff |
image
image
expand image

There are close to one million voters who are self-managed super fund (SMSF) members who would object to further regulation of the sector, the Small Independent Superannuation Funds Association (SISFA) has warned.

Those members do not want further structural change to the running of their SMSFs, or to have their funds "raided" by the Government, said SISFA director Darren Kingdon in a statement.

"Federal politicians should think hard about the advice coming from union-oriented advisory groups regarding the regulation of SMSFs by the ATO and taxing small funds separately from large funds," he said. 

One of the union arguments has been that SMSFs should be taxed on unrealised capital gains in the interests of "fairness", Kingdon said. 

"Has anyone seen a large fund pay tax to the ATO on unrealised gains before sale? They might bring it to account in calculating member balances, like SMSFs, but do they really pay it?" he said.

Recent Australian Taxation Office statistics found there are now around 913,000 SMSF members, and politicians should be wary of "people power arising from these voters who have chosen to control their retirement", SISFA stated.

Those voters should be very concerned about any "cash grab" on their SMSF and object strongly to their local member, the association stated.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days ago

Interesting. Would be good to know the details of the StrategyOne deal....

6 days 7 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 4 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days 5 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

4 days 8 hours ago