SMSFs should be included in trans-Tasman transfers
Australian self-managed superannuation funds (SMSFs) should be able to receive superannuation transfers from New Zealand, according to the Self-Managed Super Fund Professionals' Association (SPAA).
SPAA chief executive Andrea Slattery described as counter-productive and discriminatory proposals to exclude SMSFs from the proposed Australia and New Zealand superannuation accord.
"This restriction as to where New Zealand-sourced retirement savings can be directed in Australia is unneeded and unwarranted," she said.
"It is especially unwarranted in light of a review of the governance, efficiency, structure and operation of Australia's superannuation system (the Cooper Review) findings that the SMSF sector was largely a successful and well-functioning part of the system."
Slattery said the suitability of SMSFs as a destination for New Zealand-sourced retirement savings was strengthened by the compliance-based regulation undertaken by the Australian Taxation Office (ATO).
She said she was concerned that the exclusion of SMSFs would result in about one-third of the superannuation industry being unable to be part of the trans-Tasman portability scheme.
"This could significantly reduce the effectiveness of the measure, with more and more Australians choosing SMSFs as their preferred savings vehicle to fund their retirement," Slattery said.
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