The current strong position of the SMSF sector has been attributed to the collective efforts of practitioners joining with the SMSF Association to improve the provision of advice and better outcomes for consumers in changes introduced by government.
SMSF Association (SMSFA) chief executive Peter Burgess made the claim yesterday during a dinner to celebrate the association’s 20th anniversary at its Technical Summit 2023 on the Gold Coast, noting the work of SMSF specialists had been central to the sector’s growth.
“Let me share the secret of our success. Our members and their unwavering quest for knowledge, their dedication and enthusiasm, and their desire to keep on improving are the same attributes shared by our team at the association who leave no stone unturned in their quest for improvement and excellence – this alignment in values and beliefs is what makes this association so special,” Burgess said.
He added the growth of the SMSF sector, which currently has $889.5 billion in funds under management and 1.13 million members, was something in which the SMSFA and its members had played a key role.
“In no small part, we have helped guide the SMSF sector into the commanding position it holds in the industry today,” he said.
“From embedding the SMSF specialist auditor designation in legislation, the complete reversal of the 2010 Cooper review’s perception of SMSFs, to the removal of the $500,000 ASIC (Australian Securities and Investments Commission) threshold for SMSFs, we have achieved a lot and earned the respect of government, regulators, media and the wider industry.”
He added the SMSFA would continue to push government over current proposals to make changes that impact SMSF members and support them in their efforts to control their own retirement savings.
“With the support of our members and key stakeholders we will continue to invest in our accreditation programs and the technical support we provide our members,” he said.
“We will continue to fight for this industry and the rights of individuals to be aspirational and to take control of their own financial well-being.”
“We have drawn a line in the sand in opposing the government’s proposal to impose a higher tax on balances above $3 million.
“Although supportive of many of the recommendations of the Quality of Advice Review, we believe the important role of accountants in advising SMSFs is a glaring omission – and have said so publicly.”
