subscribe to our newsletter
Focus on SMSF compliance risks ‘excessive’

Focus on SMSF compliance risks ‘excessive’

Katarina Taurian
02 January 2014

The Institute of Public Accountants (IPA) has expressed concern about an “excessive focus” on compliance risks within the SMSF sector.

The regulator’s focus on these risks within the sector is not “necessarily founded”, IPA chief executive Andrew Conway told SMSF Adviser.

“We don’t think there are systemic failures in the administration of SMSFs… and I think that’s going to be a challenge for government, from a policy point of view, to ensure they get the balance right,” Mr Conway said.

“Achieving sound regulation that is practical and still allows the sector to grow… that’s really what’s in Australia’s best interest from 2014 and onwards,” he added.

Mr Conway's comments come as the ATO announced a decrease of 11 per cent in the number of SMSF compliance breaches for the year ended 30 June 2013.

In addition, 2014 is set to be one of the “the most important” years for SMSFs, as the sector continues to address issues associated with the regulator, he said.

“I think the reality is, as everyone has realised SMSFs [are] not going away, it’s not the flavour of the month or the topic du jour… the SMSF sector is strong, viable and fast growing,” Mr Conway said.

“I think the challenge is how the regulators respond to that without smothering the sector.”

Focus on SMSF compliance risks ‘excessive’
smsfadviser logo
join the discussion

Do your clients plan to add additional members to their SMSF if the new six member limit is passed as law?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super