POWER IN NUMBERS
Australian SMSF Members Association
“There are more than 470,000 Self Managed Superannuation Funds in Australia, this figure is increasing by 30,000 per annum”.
The Australian SMSF Members Association (ASMA) was formed in 2012.
“This important group of self-funded retirees controls over $430 billion in assets and combined has the power to influence investment in Australia and government policy. ASMA is dedicated to bringing our members together and making the most of our group influence and SMSF bargaining power. When we act in concert we will not only protect our benefits but also reap the rewards.” (source:www.smsfmembers.com)
The association has been formed to give all SMSF members the chance to have their say and be of influence to the Government and other superannuation regulating bodies when it comes to protecting the nest eggs that you have worked so hard to build up in order to enjoy your retirement with peace of mind.
Membership to the ASMA is free and the registration process is quite simple, click on the link below to go directly to the registration page and fill in the relevant details.
ATO PENALTY REGIME
Tax and Superannuation Laws Amendment (2014 Measures No.1) Bill was passed by parliament on 6 March 2014. It provides the ATO with three new compliance treatments to deter and address non-compliance by SMSF trustees:
- education direction (under Section 160)
- rectification direction (under Section 159), and
- administrative penalties (under Section 166).
The new treatments take effect from 1 July 2014 and apply to contraventions that:
are made on or after 1 July 2014, or
remain unrectified after 30 June 2014.
For further information about the new penalty regime click on the link below:
SMSF TRUSTEE RESPONSIBILITIES
On the 1 July 2014 a new penalty regime was introduced by the ATO who are responsible for regulating Self-Managed Superannuation Funds under powers enacted in the Superannuation Industry (Supervisory) Act 1993 and Regulations 1994 to ensure that Trustees of SMSF’s understand what is expected of them in their roles.
The Certified Practicing Accountants of Australia along with the Institute of Chartered Accountants in Australia have partnered together to produce a simple SMSF Trustee Education Program based on the Trustee Declaration that every Trustee is required to read and sign when they set up their SMSF’s.
To find out more about the Education Programme and the Trustee Declaration click on the links below.