At some time in the next 12 months, the Abbott Government will announce a review into the financial services industry. It may be that the review’s terms of reference will give it scope to look at how SMSFs are regulated and decide that some changes should be made.
Unless the ATO significantly alters its approach to regulating the super laws, I believe that at this point in time moving away from the Tax Office would be making change for change’s sake.
Everyone involved in SMSFs should keep a close eye on the new inquiry into financial services. You’d be amazed how important changes can happen accidentally, particularly given recent noise made by one of the regulators – the Australian Securities and Investments Commission (ASIC).