SMSFs to be included in Henry and Cooper reviews
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The Federal Government has made it clear that self-managed superannuation funds (SMSFs) cannot expect to be exempt from changes stemming from the Cooper and Henry reviews.
The Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, said SMSFs could not expect to be exempt from the process.
He told the Association of Superannuation Funds of Australia (ASFA) conference that SMSFs needed to be treated in the same manner as branded funds.
“In circumstances where the failure of SMSFs places pressure on the age pension then, of course, they should not be exempt from the process,” Bowen said.
The minister also appeared to signal that the Government wanted to see an end to the disputation and competition between industry funds and retail master trusts.
He said it was time to put an end to the environment in which some types of funds were trying to gain an advantage over other types of funds.
Bowen said that, rather, funds should be focused on the future of the whole industry.
AUTHOR
Mike Taylor
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