The Self-managed Independent Superannuation Funds Association (SISFA) will merge with Tax and Super Australia (TSA) after its membership voted unanimously in favour of the move put forward by the board earlier this month.
SISFA chair Chris Balalovski announced the result of the voting, which took place at an extraordinary general meeting on 30 March, in a communication to members and noted plans were underway to complete the merger.
“I’m very pleased to advise that, following the unanimous recommendation of SISFA’s board, that its members also unanimously voted in favour of the motion,” Balalovski said.
“As a consequence, SISFA will immediately be working with all relevant parties to promptly formalise the merger, including the details of the rights and entitlements of its members under the new structure, which we expect will result in all members immediately enjoying greater benefits.
“Please be assured that we will shortly confirm the precise date of the finalisation of this transaction, as well as all of its specific consequences.”
Balalovski thanked members for their support for the proposal to merge, adding the SISFA board and executive “emphasise our conviction in the belief of its positivity in the proud evolution of SISFA”.
SISFA first entered into discussions regarding a merger with TSA in December last year and as a result of the merger, TSA would be the only organisational entity, with the operations and assets of SISFA transferred to TSA after payment of all of SISFA’s existing liabilities and the wind-up of that organisation.
According to the notice calling the meeting, SISFA members will be offered a no-cost 12-month membership of TSA and representation on the TSA board through SISFA director Phil Broderick.
SISFA’s technical and policy committees will also continue to work with existing members and regular chapter meetings and the annual SMSF forum will also continue.
