Print this     

Date of article: 14 March 2008
Last updated: N/A

Minister reinforce support for SMSF

The Labor Government’s Minister for Superannuation and Corporate Law, the Hon Nick Sherry, has reinforce his support for the growing self managed superannuation fund (SMSF) sector in his 12 March 2008 press release.

The Minister also emphasise the need to address the issue of improving governance of the sector in the near future.

Minister Sherry said: "The SMSF sector is an important part of the superannuation architecture in Australia and I strongly support the ongoing role it plays. But we have to be ready to face up to some of the issues we see in the sector."

The Minister is concerned that some SMSF trustees are unaware of their legal obligations as trustees. Referring to a recent Australian Taxation Office (ATO) survey, the Minister said: "The survey results indicate that whilst the majority of the sector is well managed, a significant minority may not be. A robust government system is needed to ensure the security of the retirement incomes of all Australians using SMSFs."

The Minister is seeking submissions on SMSF governance.