The Senator and Self Managed Super Funds

The Senator, again at the recent ASFA conference, advised that the SMSF segment (of the super industry) is a robust, important and most healthy area of the market.

The Senator’s qualification of the health of the SMSF segment is based upon the results of a recent Australian Taxation Office survey which found that a significant number of SMSFs may not be well managed.

The Senator has again advised that the review of the SMSF segment has been concluded and the Government “is currently analysing the pathway forward”. 

While we have no insights of the direction, width, gradient or surface of the yet-to-be-announced pathway, the Senator has consistently referred to the amendments made in 2005 to the prudential regulation of public offer funds.  This suggests that the pathway may involve upgraded trustee duties, responsibilities and education.