ATO regulation of SMSFs given thumbs up

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The SMSF Professionals’ Association of Australia (SPAA) has given the green light for the ATO to continue to regulate the SMSF sector, in their submission to the Financial System Inquiry (FSI).

Jordan George, SPAA Senior Manager, Technical and Policy, said prudential regulation (by APRA) of SMSFs would be “unsuitable for the nature of SMSFs where trustees are responsible for managing their retirement savings.”

“Prudential regulation is appropriate where money is being managed on behalf of another person that has little ability to influence the trustee responsible for managing their retirement savings,” he said.