SPAA welcomes ASIC’s recognition of SMSF professionals
On the back of comments made by Australian Securities and Investments Commission's (ASIC's) Greg Tanzer, the SMSF Professionals' Association of Australia (SPAA) has welcomed the regulator's recognition and acknowledgement of professional service providers in the self-managed super fund (SMSF) industry and the vital role they play.
Jordan George, SPAA senior manager, technical and policy, noted Tanzer's description of that role as being 'critically important' during a speech addressing The Tax Institute's National Superannuation Conference.
"Indeed, his comments are tacit acknowledgement of the fact that SMSF professionals can be viewed as a discreet professional sector," George said.
"SMSFs are now the largest single pool of super savings in the industry, accounting for around one-third of superannuation assets in nearly half a million funds nearing one million members."
George said that SPAA is 'at one' with Tanzer's comments, and while it is essential that investors can choose how to invest their retirement savings, SMSFs are only suitable for certain investors.
"Recent ATO SMSF statistics show steady but not excessive growth in new SMSFs," he said.
"This is illustrative of the current health of the sector and there is little sign of a rush into SMSFs that has concerned some commentators.
"Equally, fears have been raised by some about risks of an over-exuberant move into property assets within the SMSF sector, but again figures show a reality of a fairly steady 3-4 per cent growth in this asset class since restrictions were lifted in 2007," George continued.
"Much of this is understood to be due to an increase in property values."
George concluded by saying that SPAA welcomed ASIC's recognition of the vital role its members played in the ongoing health and stability of the SMSF sector.
"The sector is in good shape and official recognition of the central role of good gate keeping in this state of affairs is both appreciated and welcome by the accountants, auditors, planners and others who perform this multi-faceted role," he said.
Originally published on SMSF Essentials.
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