SMSF Owners Alliance

The SMSF Owners Alliance (SMSFOA) was established in 2012 to give the owners (trustees and beneficiaries) of SMSF’s a direct voice on Government policies that affect them. SMSF Owners’ primary focus is on advocacy supported by comprehensive financial modelling to illustrate the impact of proposed and possible changes to the system.

The SMSFOA merged with the Self-managed Independent Superannuation Funds Association (SISFA) in 2017.

This page contains archived content from the SMSF Owners Alliance.

SISFA

Speaking up for one million Australians with SMSFs

The following are links to key areas of the SISFA website you might find useful.

Newsletter Archive

Access archived SMSF Owners Alliance Newsletters below
2016

161208 – SMSFOA Members Newsletter

  • Superannuation changes waved through Parliament
  • Superannuation objective lacks ambition
  • SMSF Owners’ chairman lashes Government over super changes

161122 – SMSFOA Members’ Newsletter

  • Superannuation Bills before the Parliament will likely be law by Christmas
  • Government makes a couple of sensible changes
  • But the Bills are too complex and still retrospective

161027 – SMSFOA Members’ Newsletter

  • Annual general meeting – 16 November
  • SMSF Owners’ Chairman lambasts Government over super changes
  • Tranche 3 of the draft legislation is released
  • Complexity will increase compliance costs

161004 – SMSFOA Members’ Newsletter

  • A raft of draft legislation on the $1.6 million cap
  • What we think it all means
  • What we will be saying to Government about it

160908 SMSFOA Members’ Newsletter

  • Government releases draft super legislation…with the hard stuff yet to come
  • Objective of superannuation is defined
  • Stated purpose of super leaves way open for further changes
  • Very tight deadline set for submissions

160719 SMSFOA Members Newsletter

  • Prime Minister not budging on superannuation changes
  • Party room debate on superannuation did not eventuate
  • Kelly O’Dwyer retains superannuation portfolio
  • Questions the Government needs to answer
  • Investors’ Big Day Out seminar dates

160712 SMSFOA Members’ Newsletter

  • Coalition returned to Government but at odds on superannuation policy
  • Labor supports a re-think on super
  • We call on Coalition party room to debate super changes when they meet next week.
  • Investors’ Big Day Out seminar dates

160627 SMSFOA Members’ Newsletter

  • Brexit must prompt the Government to pause and re-think on superannuation
  • Labor plans to tax super even more
  • Prof Bewley shows that most people won’t be able to save $1.6 million under current policy settings
  • Minor parties pledge to oppose superannuation changes
  • Save Our Super lobby group joins the fray

160616 – SMSF Members Newsletter

  • Newspoll shows most people can’t decide which party is better (or least worst) on super
  • Dr Ron Bewley shows that $1.6m in super is not enough – it should be double
  • Joining up with like-minded groups
  • Keeping up the pressure on the Government

160603 – SMSF Members’ Newsletter

  • Bruce Foy urgers members to keep up the good work
  • Our meeting with the Treasurer’s Office
  • Malcolm Turnbull says Coalition will not back down on super
  • The retirement income equation that doesn’t add up
  • Independent Senators pledge to oppose the super tax changes

160526 – SMSFOA_Members’_Newsletter

  • Super tax changes still hot election issue
  • Adverse impacts on super
  • Will the policies and public servants cop it too?

160513 – SMSFOA Members’ Newsletter
SMSF Owners convey their concerns about new tax on retirement savings

  • Retrospective? – Yes, we think so
  • Our latest media release and Coalition Brief

160505 – SMSF Members Newsletter
The blindside super tax hit in the Budget is wrong on three fundamental counts:

  • A broken promise
  • a betrayal of trust
  • retrospective

160406 – SMSFOA Members_ _Newsletter

  • Superannuation – what’s it really for?
  • SMSF Owners’ offer our definition of superannuation
  • Stepping up our advocacy effort ahead of the Budget and the election
  • Register for the Australian Shareholders’ Association ‘Grow your portfolio’ conference

160217 – SMSFOA Members Newsletter

  • Game change in tax policy
  • You are one in a million – let the Coalition Government know!
  • Our letter to the PM on super tax and dividend imputation
  • Leave imputation alone
  • Australian Shareholders’ Association conference
  • Professor Sloan nails it again
  • Shock report…you’ll have to read about it

60122 – SMSFOA Members Newsletter

  • Gearing up for an election year with super tax as a key policy issue
  • We write to the Treasurer & Assistant Treasurer with a better super tax plan
  • Our plan removes all super earnings tax with neutral effect on the budget
  • The AFR (and SMH/Age) give our plan a good run

2015

151216- SMSFOA Members Newsletter_14

  • Budget black hole threat to superannuation savings?
  • What the Treasurer is thinking about the future shape of super
  • Meanwhile, SMSFs power ahead
  • Another (predictable) call from the Grattan Institute to cut super contributions and tax earnings in retirement
  • here is Grattan coming from?
  • Who and what are Grattan?

151124_Members_Newsletter_13

  • SMSF Owners’ Chairman Bruce Foy issues rallying call
  • Chairman’s Report to AGM reviews a busy year
  • Policy smoke signals from Canberra
  • Tell your friends and colleagues about us

151103-MembersNewsletter12

  • AGM coming up soon
  • Reading the tea leaves on tax policy change
  • Government response to Financial System Inquiry
  • SMSF Owners appear before Parliamentary Committee
  • New look website easier to use
  • Membership renewals

151009-Members_Newsletter_11

  • Taxation of super is back on the policy table
  • About Kelly O’Dwyer – our new Minister
  • Josh Frydenberg says thanks to SMSF Owners
  • What next in the tax reform process?
  • SMSF Owners take our $32 billion case to Parliament

150917-SMSFOA_Members_Newsletter_10

  • SMSF Owners congratulates Malcolm Turnbull on becoming Prime Minister
  • We again challenge the $32 billion myth
  • We question Westpac’s chairman on why his bank thinks it’s OK to put a new tax on its customers.
  • Professor Sloan gets it right again

150728-SMSFOA Members Newsletter_9

  • Government rules out superannuation tax increases…but the risk remains
  • SMSF Owners co-ordinate a Joint Letter on superannuation design principles
  •  Our follow-up submission to the Tax White Paper
  • Joe Hockey explains why the Government won’t touch tax on super
  • Duncan Fairweather sums up the current debate over super taxation

150821-SMSFOA Members_Newsletter_8

  • New SMSF Policy Advisory Council formed
  • Tax White Paper deadline on retirement incomes extended
  • Should associations be advocating that their clients pay more tax?
  • Who says you shouldn’t have more than $2.5m in super?

150604-SMSFOA Members Newsletter 7

  • The battlelines are drawn – get set for a Federal election on the taxation of your superannuation savings.
  • The Assistant Treasurer pricks the $32 billion balloon, saying it can’t be used to claim Budget savings (as we’ve always said).
  • SMSF Owners’ submission to the Tax White Paper says the system can be changed for the better without increasing tax on super.
  • One man’s heartfelt view – leave our super alone!
  • Tell your friends it’s now cheaper to join SMSF Owners – we’ve dropped the joining fee for new General Members.

150512-Members Newsletter 6

  • There are no tax measures relating to superannuation in the budget.
  • The budget contains a pledge that “there will be no new taxes on superannuation under this Government.” We interpret this to mean there will be no adverse changes to the taxation of superannuation in the 2016-17 budget either as this will fall before the next election is due.
  • The budget confirms that the assets test taper rate for Age Pension eligibility will be steeper. For every $1,000 of assets (excluding the family home) over the threshold, the pension rate will be reduced from the current $1.50 to $3.00.
  • We believe this is a good first step towards a properly constructed 3 pillar retirement system in which the Age Pension primarily a safety net for a minority of Australians.
  • Some SMSF owners may be interested in small business measures which will reduce the tax rate for small companies and sole traders; make it easier for small business to raise capital; allow immediate write off of each capital purchase of less than $20,000. Unincorporated small businesses will get a 5% tax deduction up to $1,000. These arrangements start now and continue until mid-2017.

150511-SMSFOA Members Newsletter 5

  • As very low interest rates squeeze superannuation fund earnings, we write to the Assistant Treasurer to ask the Government to reconsider minimum superannuation pension withdrawals. Read our letter to the Minister below.
  • SMSFOA will be in the Budget lock-up tomorrow – Tuesday 12 May – and we aim to send you a report on how the Budget might affect SMSFs.

150428-SMSFOA Members Newsletter 4

  • Negative responses to the Labor plan to tax super earnings in retirement
  • SMSFOA says super taxes should be considered in the context of the Tax White Paper
  • The proposed tax will catch more people than Labor says because it’s not indexed and income will vary according to fund performance
  • The Government labels Labor’s retirement tax as a revenue grab that will target the middle class

150325 -SMSFOA Members Newsletter 3

  • Status of our submissions to Government
  • $32bn myth exploded
  • Australian Shareholders’ Association Conference
  • Bacon, Super and Eggs Breakfast
  • SMSFOA’s Thought Leaders’ Roundtable
  • Media Release – Finally it’s official – focus on $32 billion cost of superannuation is misleading
  • Professor Sloan weighs in again – Super rules favour politicians, not the rich

150228 -SMSFOA Members Newsletter 2

  • SMSFs in the political firing line again as major policy reviews loom.
  • Finance Minister again pledges no unexpected, adverse changes to super.
  • Expert commentators debunk the myth that super tax concessions are breaking the budget.

150129-SMSFOA_Members_Newsletter 1

  • SMSFOA’s Pre-Budget Submission – we point out that the Government still has a spending problem, not a revenue problem. It should not eye super funds as a way to raise revenue.
  • The Murray Report – we say keep dividend imputation
  • The Taxation White Paper is looming as our next challenge
  • We beg to differ with a judge who claims super is a tax rort for the ri

Advocacy Archive

Access archived SMSF Owners Alliance advocacy information below
Advocacy

Dr Ron Bewley examines super tax policy changes.
In the near future we will publish a series of articles on election tax policy by Dr Ron Bewley, former Head of the School of Economics at the University of NSW.
In his first article, Dr Bewley finds that the income drawn from a super fund of $1.6m, an income of four times the age pension and the $100k tax free income for politicians and others on defined benefit schemes don’t line up as the Government claims. Also, that many older Australians face the prospect of running out of super savings before they die.

Download the article, below

160627 – Can I save $1.6m for super?
160629 – Is 1.6m in super achieveable?
160609 – So how much should the superannuation cap be?
160609 – 1.6m supersavings cap should be doubled
160602 – What price a pollies pension?
160602 – Governments super policy doesn’t add up

2016

161206 – SMSF Owners submission to Senate Economics Committee on Superannuation Objective

161117 – SMSF Owners submission to Senate Economics Legislation Committee on 2016 Superannuation Bills

161020 – Tranche 3 – SMSF Owners submission

161006 – SMSF Owners Alliance submission on draft Tranche 2 superannuation legislation

160916 – SMSF Owners submission on draft Superannuation (Objective) Bill

160916 – SMSF Owners response to Draft Report on competition and efficiency in superannuation

100716 – Super Legisaltion

160609 – Superannuation policy consequences letter to PM-Treasurer-Assist.Treasurer

160420 – SMSF Owners submission to Productivity Commission review of superannuation competition efficiency

160406 – SMSF Owners Alliance Objectives submission

160204 – SMSF Owners Alliance 2016 Pre-Budget submission

160118 – SMSF Owners letter to Treasurer & Assist Treasurer on best tax option for superannuation

2015

150724 – SMSF Owners Alliance supplementary submission to the Tax White Paper Taskforce

150724 – Joint letter to Tax White Paper Taskforce

150915 – SMSF Owners submission to Inquiry into Tax Expenditures Statement

150603 – SMSF Owners Alliance submission to Tax White Paper Task Force

150331 – SMSFOA Submission to Financial System Inquiry Final Report

150129 – SMSFOA Pre-Budget Submission

2014

140904 – SMSFOA Retirement income stream paper

140826 – SMSFOA Response to FSI Interim Report

140703- SMSFOA After the Budget Hysteria

140328 – SMSFOA FSI Submission

140212 – SMSFOA submission on better regulation governance transparency of super funds

140131 – SMSFOA pre-Budget Submission

Speakers Corner Archive

Access archived SMSF Owners Alliance Speakers Corner articles below
Speakers Corner

24 November 2016 – Jennifer Hewett, Australian Financial Review… A rare show of bipartisanship has broken out in Canberra. Unfortunately, it just means a big bipartisan mistake. But given the enormous long-term costs of that mistake will only become obvious many years hence, it’s little wonder Scott Morrison and Kelly O’Dwyer are delighted their superannuation changes have passed the Parliament.

22 November 2016 – Professor Judith Sloan – The Australian … The drafting of the legislation is all over the shop, bringing in new accounting concepts never used previously in superannuation tax law and the deadlines are unworkable. The compliance costs for superannuants are immense, even for those who won’t be caught in the first instance.

25 October 2016 – Professor Judith Sloan The Australian … There is really no difference between the Gillard and Turnbull governments when it comes to implementing hasty and ill-judged policies and wasting money.

3 October – Robert Gottliebsen, The Australian Business Review… The “ten million dollar club” of top Australian public servants has struck again by preserving most of the gold plating in their pension nest while the rest of Australia suffers benefit cut backs and/or extra taxes.

21 September 2016 – Robert GottliebsenThe Australian… Around the world public servants in collaboration with their actuarial mates have been misleading politicians about the real cost of the bonanza pension schemes they have been promised. Nowhere has the game been played better than in Australia.

17 September 2016 – Judith SloanThe Australian…The biggest take-home message is that the Coalition can never be trusted on superannuation. Its leaders say one thing and do another, trying to out-Labor the ALP when it comes to imposing higher taxes on savers who are seeking to provide for their retirement.

13 September 2016 – Rebecca WeisserThe Australian… The government’s modelling shows everyone from the third income decile up — that is, 70 per cent of the population — is worse off under its new retirement system.

13 September 2016 – Professor Judith SloanThe Australian… Scott Morrison and Kelly O’Dwyer may well regret ever hearing the word superannuation. Having experienced a rush of blood to their heads and working on the basis of misleading and deceptive advice given to them by activist bureaucrats, they now find themselves in a right royal pickle.

12 September 2016 – Professor Henry ErgasThe Australian… There is a fundamental defect in the government’s superannuation proposals that has been entirely overlooked. Instead of growing in line with average earnings, the $1.6 million “transfer balance” cap is only indexed to consumer prices.

9 Sept 2016 John Roskam, Australian Financial Review… Expressing the objective of superannuation in the way the government proposes is to put tax and financial consideration at the centre of superannuation policy. Instead, the starting point should be the inherent dignity of individuals taking personal responsibility for the care of themselves in retirement.

1 Sept 2016 – Noel Whittaker in Cuffelinks… If we can believe the rumours, Federal Cabinet is busy working on ways to make its proposed superannuation policies more palatable. It may be a challenging task: at first glance, the Budget 2016 policies seem inconsistent and lacking in logic.

27 Aug 2016Robert Gottliebsen in The Australian… Thanks to what Scott Morrison and his feathered public servant advisers have done to people’s super, the family home is being turned into a super fund…another strong housing price rise will follow.

27 Aug 2016 – Grace Collier in The Australian… People who aim to fund their own retirement are not angry about having to pay more tax. These people are well accustomed to paYing for everyone else; they have done it all their lives. TheY are angry because they have been lied to by Morrision…in mY opinion the man is dangerous and not fit to be Treasurer.

24 Aug 2016 – Robert Gottliebsen in The Australian… The public servants’ defined benefit superannuation scheme has become one of the greatest scandals in the nation…

23 Aug 2016 – Judith Sloan in The Australian… Scott Morrison has embarked on the unusual task of trying to persuade fellow members of his own party in parliament to support his superannuation proposals announced at budget time.

20 Aug 2016 – Grace Collier in The Australian… I am told that before the election, Cabinet simply waved the policy through simply because nobody understood it and time constraints were pressing.

20 July 2016 – Janet Albrechtsen in The Australian… The story of how the Turnbull government stitched up the poorest policy by a Liberal government in decades is told in one short letter to The Australian from a former Treasury official and an explosive email sent to the Liberal Party campaign director by a party donor.

13 July 2016 – Glenda Korporaal in Business Spectator … The proposed changes were not the result of a detailed, thoughtful review of the super system but an overnight election eve attempt to claw back more revenue on the basis that those most affected would be rusted on conservative voters who had nowhere else to go.

13 July 2016 – Professor Judith Sloan in The Australian… It’s hardly surprising that Bill Shorten has agreed to pass most of the government’s budget changes to superannuation, subject to an independent review that assesses whether some of them are retrospective.

28 June 2016 – Judith Sloan in The Australian… Superannuation is one policy area that means a lot to certain people, particularly those in retirement and those heading for retirement. It is a potential vote-changer.

6 June 2016 – Robert Gottliebsen in Business Spectator… Some in the ALP camp shared a small champagne over the weekend in celebration over Malcolm Turnbull’s declaration that there will be no changes to the superannuation policies announced in the budget.

2 June 2016 – Judith Sloan in The Australian … Changes to superannuation announced in the budget are just a bunch of ill-considered, over-engineered thought bubbles. It was absolute political madness to announce them going into an election. The government will stick with them at its peril.

1 June 2016 – Jennifer Hewitt in the Financial Review … Malcolm Turnbull won’t be happy his enthusiasm about an economy in transition is being overwhelmed by arguments about “transition to retirement” and the government’s other changes to superannuation.

30 May 2016 – Paul Batchelor (former CEO of AMP) in The Australian … The Coalition in 2006 encouraged aspirational Australians to build a comfortable nest egg for their retirement. Now in 2016 we have a Coalition government introducing a retrospective tax that penalises those that trusted government policy and did as encouraged, built their retirement savings through superannuation.

18 May 2016 – Jennifer Hewitt in the Financial Review … “I think people could start drawing the conclusion it is not a very safe investment,” Costello said of super. “And by the way, it isn’t. It is locked up for 40 years but apparently it is not locked up against the government.”

13 July 2016 – Professor Judith Sloan in The Australian… It’s hardly surprising that Bill Shorten has agreed to pass most of the government’s budget changes to superannuation, subject to an independent review that assesses whether some of them are retrospective.

2 June 2016 – Judith Sloan in The Australian … Changes to superannuation announced in the budget are just a bunch of ill-considered, over-engineered thought bubbles. It was absolute political madness to announce them going into an election. The government will stick with them at its peril.

1 June 2016 – Jennifer Hewitt in the Financial Review … Malcolm Turnbull won’t be happy his enthusiasm about an economy in transition is being overwhelmed by arguments about “transition to retirement” and the government’s other changes to superannuation.

30 May 2016 – Paul Batchelor (former CEO of AMP) in The Australian… The Coalition in 2006 encouraged aspirational Australians to build a comfortable nest egg for their retirement. Now in 2016 we have a Coalition government introducing a retrospective tax that penalises those that trusted government policy and did as encouraged, built their retirement savings through superannuation.

18 May 2016 – Jennifer Hewitt in the Financial Review … “I think people could start drawing the conclusion it is not a very safe investment,” Costello said of super. “And by the way, it isn’t. It is locked up for 40 years but apparently it is not locked up against the government.”

18 May 2016 – Glenda Korporaal in The Australian… Australia’s superannuation system as we know it — the system that has delivered a $2 trillion savings pool, projected to rise to $4 trillion in 10 years and $9 trillion in 20 years – is now coming to an end.

14 May 2016 – Terry McCrann in The Australian… The government’s — rather importantly, proposed — changes to superannuation are not retrospective. To claim they are requires a suspension of reason or a simple failure to understand the meaning of the word.

14 May 2016 – Janet Albrechtsen in The Australian… During this first week of the election campaign, Malcolm Turnbull and his ministers have lined up day in, day out to swear that the superannuation changes are most definitely not retrospective. That’s the first clue that retrospective laws are wicked.

12 May 2016 – Graham Hand in Cuffelinks… ‘Retrospective’ has become the riskiest word in the election campaign. It’s easy not to take sides in the superannuation retrospectivity debate because both major political parties are obfuscating. In recent months, both have explained what ‘retrospective’ really means, and the policies of both meet their own definitions.

11 May 2016 – Glenda Korporaal in The Australian… There is a bizarre Alice in Wonderland feel to the political debate on superannuation with the Labor Party sounding like the Liberal Party and the Coalition having to cope with accusations of retrospective taxation as result of its sudden, sweeping “soak the rich” strategy on super.

9 May 2016 – Professor Henry Ergas in The Australian… In theory, putting your jewels in a safe protects them from theft. In practice, thieves know safes are where the jewels are kept. And if the thief has a key, you’re in ­trouble. That, in a nutshell, is the story of super. There are, no doubt, many twists in the saga; but all the latest episode confirms is that when they are desperate for cash, governments can be trusted to breach whatever trust we have placed in them.

7 December 2015 – Professor Henry Ergas in The Australian… we tax the person who saves for his or her own retirement more heavily than the person who does not…middle-class Australians are far more exposed to financial risk, including that which comes from uncertainty about longevity, than their equivalents in other countries, where defined-benefit pensions generally remain an important part of retirement incomes.

15 October 2015 – Andrew Main in the Australian Business Review… International consultant Mercer has warned the federal government that any move to cut back tax concessions to the bulk of superannuation savers risks adding to the government’s age pension bill in the future.

27 September 2015 – Robert Carling Super tax breaks; don’t distort the system any further… The bandwagon in favour of higher taxes on superannuation is gaining both passengers and momentum – as was clear at the AFR Tax Reform Summit. Like all bandwagons, however, this one has taken on a life of its own, unconnected to the merits of the case. Superannuation tax hikes seem destined to serve as a sacrificial offering to the gods of revenue and fairness in any grand tax reform bargain.

9 June 2015 – Professor Judith Sloan in The Australian – Spurious debates often trump facts in super debate... It’s a good line. You are entitled to your own opinions but not your own facts. But when it comes to superannuation, many commentators either prefer to ignore the facts or claim spurious estimates of future tax concessions are facts which they are not.

28 April 2015 – Peter Costello in the Daily Telegraph – Labor’s tax delusionThere are a lot of people in Australia who don’t pay tax. Does that shock you? Well, it shouldn’t because that’s the way our tax system is designed.

23 February 2015 – Jennifer Hewitt in the Australian Financial Review – ‘Unfair’ super tax breaks back on agenda to save budget… “Here we go again…superannuation tax concessions are back as the favourite target for a budget in trouble. In a rancorous political climate, this seems to be the one area of furious agreement – that such tax breaks are inherently unfair”.

19 February 2015 – Robert Carling, Centre for Independent Studies, in the Australian Financial Review… Rorts for the rich are a myth “We need an informed and balanced debate, not a one-sided debate wrapped in dodgy data and the new politics of inequality.”

Media Releases Archive

Access archived SMSF Owners Alliance media releases below
2016

161123 – Parliament waves through new super laws

161108 – Open season on super

161031 – More haste less speed

160915 – Treasurer sees sense on non concessional super cap

160912 – Take time to get the purpose of super right

160907 – First tranche of Super laws… the good news

110816 – Super band-aide concessions not good enough

160712 – Coalition Party Room must debate superannuation policy

160703 – Hate to say it Malcolm but we told you so

160630 – Govt relents on non-concessional cap for asset purchases

160629 – Letter to SMSFOA

160627 – Dr. Ron Bewley: Can I save $1.6m for super?

160629 – Is 1.6m in super achieveable?

160628 – Labor issues a blank tax invoice on super

10626 – Brexit means govt must pause and re-think Super

160615 – Five fundamental flaws in the Governments superannuation policy

160609 – 1.6m supersavings cap should be doubled

160609 – Dr Ron Bewley: So how much should the_superannuation cap be?

160602 – Dr Ron Bewley: What price a pollies pension?

160602 – Governments super policy doesn’t add up (attachment to Dr Ron Bewley article)

160510 – A Double R (for retrospective) election

160503 – Budget a mixed bag for super savers

160331 – Superannuation objective should be aspirational

160314 – Purpose of superannuation should be to provide a reasonable income in retirement

160301 – The musical chairs of tax reform

160211 – Removing imputation is a bad idea

160204 – Change super tax only to make it work better

160120 – Memo to Treasurer – Drop all taxes on superannuation earnings

2015

151214 – Lets call a spade a hammer and sickle – SMSF Owners comment on Grattans views on-taxing super

A lot of the opinions, analysis and “research” reported on this subject are based on two very different views of the objectives of reform and, unless the proponents of change are more open about their fundamental view of society, the debate will continue to be clouded and confused.

151203 – Need for a more balanced view of superannuation tax concessions

A Parliamentary Committee has recommended that Treasury undertake an analysis of the costs and benefits of superannuation tax concessions.
This will give a more balanced picture of the economic benefits of super tax breaks.

151125 – How to destroy superannuation – ask Grattan

An $11,000 cap on concessional contributions, as proposed by the Grattan Institute, would confine superannuation to being merely a substitute for the age pension rather than a vehicle for increasing savings for individuals and the nation.

151110 – Equal_super_tax concessions for all can work

There seems to be a groundswell of opinion that a modified version of Dr Henry’s proposal for super taxation could work well.

151026 – Cost of super tax myth dispelled

Today’s ‘myth busting’ report by Deloitte Access Economics helps to put the debate about superannuation tax concessions in proper context.

151020 – Government ticks_the right boxes on FSI report

The Government has made the right policy decisions on superannuation in response to the Financial System Inquiry.

51001- SMS Owners Expect PM to Take Thoughful Approach on Super Tax

Today’s meeting between the Prime Minister and business, unions and community groups has put the taxation of superannuation back on the agenda.

180615 – SMSF Owners Form Policy Advisory Council

The Chairman of the SMSF Owners’ Alliance, Bruce Foy, has announced the formation of an SMSF Policy Advisory Council to offer strategic advice to the Board
on how best to carry out its mission to promote and protect the interests of Australia’s one million SMSF owners.

150614 – More tax on super is not the answer

SMSF Owners does not support proposals for new taxes on superannuation. We believe that the taxing of superannuation should be reformed to deliver a simpler, fairer and more effective retirement savings system. More tax on super is not the answer.

150604 – Change super for the better – tax it less

SMSF Owners says superannuation is working better than many of its critics claim, but there is room to improve its effectiveness. This is contrary to some critics of super who want to tax it more, risk killing off the incentive to save and leading to more Australia ns having to retire on the Age Pension 100% of which is paid for by the Government from taxes

150522 – Labors case for superannuation tax based on double counting

In his Budget response this week, the Shadow Treasurer claimed that the cost to the budget of superannuation tax incentives will equal the cost of the Age Pension in 2018-19. Not so. The Shadow Treasurer claimed that the cost of superannuation tax incentives will rise to $50 billionto justify Labor’ proposed new tax on superannuation earnings.

150514 – SMSF Owners Alliance Applauds ASIC crack-down on unlicensed investment promoters

SMSF Owners Alliance applauds ASIC crack-down on unlicensed investment promoters. It is good to see ASIC taking action in the courts to crack down on unlicensed advice to self-managed superannuation funds.

50512 – Budget a step in the right direction

Tonigh’s Budget: A step in the right direction. True to its word, the Government has made no changes to superannuation taxation in this budget. Although there will no doubt be differencesin approach, Labor’s recent commitment to a 5-year moratorium suggested that they also believed thatsuperannuation tax changes should be infrequent.

150505 – Rate cut should lead to drop in minimum super pension

Rate cut should lead to drop in minimum super pension. The Reserve Bank’s decision today to lower the official cash rate to 2% makes it more pressing for the Government to consider reducing the minimum superannuation pension rates.

150424 – Ten things wrong with Labors new superannuation earnings tax

Prmature, more tax, more “fiddling”, more people will pay …

150422 – Labor Jumps the Gun on Super Tax

Labor’s second go at taxing earnings on superannuation funds pre-empts the outcome of the Taxation White Paper which we all hope will lead to a better retirement incomes system.

150401 – More sound and fury – signifying nothing!

There are no surprises in today’s report from ASFA that wealthier people have higher superannuation account balances–mostly held in self-managed funds and benefit from larger retirement income streams. But the report does not give a balanced picture and doesn’t help advance an objective tax debate

150330 – Time for cool calm thinking on tax

Today’s tax discussion paper Re:Think gives Australians the chance to engage in a rational conversation about the tax system.

50305 – Intergenerational Report sets out stark reality of Australia’s budget position

The Charter of Budget Honesty Act 1998 requires the Intergenerational Report to model current Government policy-even if not all such plicies are yet legistaled

150228 – Its Official – Focus on 32 billion cost of superannuation is misleading

Over two years ago we questioned the publication by Treasury of figures which were interpreted, wrongly, as meaning superannuation tax concessions were a $32 billion cost to the Federal Budget. We have since consistently said it is not valid to use the aggregate figure of $32 billion in tax concessions as an estimate of the amount of tax the government would save if there were no tax concessions (on superannuation).

150213 – Treasurer needs to take a long term view on taxation of super

The Treasurer should ignore the chorus of calls for super fund earnings to be taxed in the May budget.

150129 – Pre-Budget Submission – Parliament must allow the Government to rein in spending

In SMSFOA’s pre-Budget submission for 2015, we urge the Governmentto perseverewithitseffort to reduce spending and not to resortto raising taxes to cover the Budget deficit it inherited from the previous Government.

150118 – Frydenberg on the money

The new Assistant Treasurer, Josh Frydenberg, is right to focus on the governance of the major APRA-regulated funds

2014

141212 – 13 out of 18 – Sound Report but still work to do

The general first impression of the Financial System Inquiry (FSI) Final Report is that it has tried to avoid being unnecessaril prescriptive and focussed more on improving the framework in which the Australian Financial System can develop more efficiently and effectively.

141111 – We support ASIC’s action on property spruikers.

SMSFOA supports ASIC’s action in the NSW Supreme Court today to prevent a propertyinvestment promoter from carrying on an unlicensed financial services business.

141008 – A nugget of good sense sifted from FSI

submissions We have not read all the submissions to the Interim Report of the Financial System Inquiry, though given there were over 6, 500 we should hardly need to apologise!

140908 SMSF’s Should be Free to Choose Type of Retirement Income

SMSF’s Should be Free to Choose Type of Retirement IncomeIn SMSFOA’s submission to Treasury’s current ‘Review of Retirement Income Stream Regulation’, we warn against mandating a particular method of retirement income

140826 – Need for stability in superannuation policy settings.

SMSFOA’s response to the Interim Report of the Financial System Inquiry, lodged today, supports the FSI’s comments on stability of superannuation policy. Unexpected changes of policy, e.g. the taxation of superannuation, corrode confidence in superannuation as a long-term savings vehicle.

140715 – FSI Interim Report raises questions for all SMSF members to ponder.

Today’s interim report by the Financial System Inquiry (FSI) recognises the factors that drive the success of self-managed superannuation funds but also poses questions that the one million Australians who have SMSF accounts need to think about carefully.

140620 – Amendments make FOFA more workable.

The changes to the Future of Financial Advice (FOFA) reforms announced today by the Assistant Treasurer, Senator Cormann, are sensible measures that should make FOFA more workable and lessen red tape while maintaining necessary levels of investor protection.

140511 – MSFs don’t need two regulator.

SThe Financial Services Council’s reported proposal to the Financial System Inquiry that APRA should have regulatory oversight of SMSFs on top of ATO supervision is unnecessary and would just wrap the most successful segment of the superannuation system in more costly red tape.

140423 – Super savings key to retirement age.

As the Treasurer is reported to be considering raising Age Pension eligibility to 70, he could also take the opportunity to enhance the superannuation system to give more people a choice about when they can afford to retire.

140328 – SMSFs a force for good in the Australian economyIn our submission to the Financial System Inquiry, lodged today,

the SMSF Owners’ Alliance notes that Australia’s $1.8 trillion superannuation system has developed well over the last two decades. The Self-Managed Superannuation Fund sector, in particular, has been growing strongly and with over $520 billion in assets is set to be a key driver of growth of the Australian economy.

140213 – Large superannuation funds should match corporate governance and transparency standards.

Public offer superannuation funds should adhere to the same standards of governance and transparency as listed public companies and conform to the ASX corporate governance principles.

140131 – Regaining Momentum on Super

When shaping the 2014-15 Budget over the next three months the Government needs to recognise the importance of continuing to shift the cost of retirement from taxpayers via the Age Pension to individuals through the continued evolution of Australia’s superannuation system.

About the SMSF Owners Association Archive

Access archived SMSF Owners Alliance content
Objectives

Role of SMSF Owners’ Alliance

SMSFOA’s role is to ensure that the interests of SMSF owners are taken properly into account by the Australian Government and its regulatory authorities in determining policy and making rules relating to the governance, management and taxation of SMSFs.

It is intended that SMSFOA will have national membership and be the primary organisation that directly represents the interests of the owners of SMSFs.

Key Objectives

  • Offer all owners of SMSFs the opportunity to become members of an association that exists solely to represent their interests.
  • Engage actively in public policy discussions about the development and regulation of SMSFs as an essential element of Australia’s superannuation system, becoming recognised by government and regulators as the representative voice for the owners of SMSFs.
  • Foster a retirement savings culture to encourage more Australians to take responsibility for and make provision for an adequate income in their retirement years, reducing reliance of an ageing population on publicly-funded pensions.
  • Consult with members on regulatory policy issues affecting SMSFs, including governance, investment scope, drawdown arrangements and taxation.
  • Convey the views of members in well-researched and cogent submissions and statements to government, regulators, the media and the general public.
  • Liaise with other like-minded associations in the superannuation sector, while always maintaining an independent stance in the best interests of SMSF owners.
  • Communicate the benefits of SMSFs as a retirement savings option and the important contribution SMSFs make to the economic well-being of Australia.
  • Be the independent voice for Australians who have established SMSFs to build sufficient assets during their working lives to support themselves in their retirement years.
Governance

Board & Executive

Chairman: Bruce Foy B.Com, LLB Bruce has served on the boards of several public and private companies. Currently he is a non-executive Director of Avant Group Holdings Ltd, Avant Insurance Ltd, The Doctors’ Health Fund Ltd, Investigator Resources Ltd and the Financial Planning Association of Australia Ltd. In the recent past he also served as Chairman of State Water Corporation and Chairman of Transgrid Corporation. Until 2005, Bruce was Australian Managing Director and Country Head of ING Bank N.V. and in that role served as the Chairman of the International Banks and Securities Association and later as Chairman of AFMA Services Pty Ltd

Executive Director: Duncan Fairweather Duncan was Executive Director of the Australian Financial Markets Association and the International Banks & Securities Association from 2001-12 and has a background in industry affairs and the media. He was previously Chairman of the Finance Industry Council of Australia and the Regulatory Affairs Committee of the International Council of Securities Associations.

Finance Director: Malcolm Clyde MA(Eng.Sc.) (Oxon.) MBA (Harvard) Malcolm’s career in finance and business strategy & development included senior positions at Macquarie Bank and ABN AMRO, the latter as a founding Director and Head of Corporate Finance. He also established two venture capital businesses and was a founding director of Centennial Coal Company Limited, arranging its initial public offering in 1994 and subsequently being responsible for its business development strategy.

Director: Clive Craven, LLB (Sydney), LLM (Sydney), GAICD. Clive retired as a Partner of Clayton Utz Solicitors, Sydney in late 2007. During his extensive legal career Clive specialised in commercial and finance law acting for governments, sponsors, banks, borrowers and investors on major projects and financings. He lectured (part time) for 25 years in the Masters of Laws programme at the University of Sydney and more recently served as a director of Sydney Harbour Foreshore Authority and Cook’s Cove Development Corporation. Clive also served as President of The Banking and Financial Services Law Association in 1999/2000.

Director: David Rohr, LLB (Sydney), LLM (Sydney) David is a solicitor who works part-time as an in-house legal consultant for a major university. He also provides a legal advisory service for private clients. Between 1981 and 2008, he worked for Mallesons Stephen Jaques (now King & Wood Mallesons) and was a partner of that firm for 21 years, practising mainly in the area of commercial property and infrastructure. He was Chairman of the Property Law Committee of the General Practice Section, Law Council of Australia for several years. He is also a director of Thames Pastoral Co Pty Ltd which is the Australian subsidiary of the Insight Global Farmland Fund.

Director: Barry McWilliams, LLB (Hons) (Auckland) Barry has extensive experience in commercial and company law. Until recently, he was a Senior Mergers & Acquisitions Partner at Mallesons Stephen Jaques (now King & Wood Mallesons) specialising in funds management, equity capital markets, mergers and acquisitions. He has been Chairman/Director of a number of public and private companies including Australian Settlements Limited which provides settlement and payment system services to building societies and credit unions.
He was Chairman of Retail Responsible Entity Limited, the responsible entity of Federation Centres unlisted funds which had over $2billion in assets. He is Chairman of Lend Lease IMT (OITST) Limited and a director the Australian Design Centre.

Constitution

SMSFOA Constitution 2012

Membership Guide & Rules

SMSFOA Membership Guide and Rules (Amended 28 August 2015)

FAQ

Why is SMSFOA necessary?
In the superannuation sector, the managers of the major industry, corporate and retail funds are well represented by influential associations. Professional advisers and managers also belong to industry and professional associations. The owners (trustees and beneficiaries) of SMSFs, being significant stakeholders in Australia’s superannuation system, also need an effective national organisation to represent them directly.

Who are the people involved?
A group of SMSF owners have got together to form the SMSF Owners’ Alliance, believing it is necessary to have a representative body dedicated to promote and protect the interests of SMSF trustees. The founding Board of SMSFOA comprises six individuals with successful professional careers in business, the law and industry affairs. See their profiles at the governance page.

Are they receiving any financial benefit?
Currently, the directors of SMSFOA are not paid. The Board recognises that in order to attract appropriate experience and expertise, and to compensate for time spent, some modest director’s fees may need to be paid in the future. As we grow, SMSFOA intends to develop a small team of professional experts to ensure we have the capability and expertise to develop our policy agenda, to represent effectively the interests of members and to efficiently administer the organisation as it develops.

How many members do you have?
SMSFOA is in the start-up phase. As SMSF owners recognise the benefit of an organisation that protects them, we expect membership numbers to grow. There are more than half a million SMSFs with around one million individual trustees and beneficaries individual trustees and beneficiaries, all of whom would benefit from SMSFOA membership.

Should I join as a Principal or General Member?
It depends on how closely engaged you would like to become. If you wish to take the opportunity to participate actively in the work of SMSFOA and exercise a vote at general meetings, then you may wish to consider becoming a Principal Member. On the other hand, if you support the objectives of SMSFOA but may not have the opportunity to participate actively, you may opt to become a General Member. SMSFOA welcomes your commitment at either level.

Can I change membership category?
Yes. At the annual renewal of your membership you may opt to change your membership category, subject to the provisions of the SMSFOA Constitution.

What value will you provide to me and my SMSF?
Essentially, our value to SMSFs lies in our advocacy effort on your behalf. Whenever a policy issue arises that affects your SMSF and the value of your investment in it, SMSFOA will be there to speak up for all SMSF owners. We will seek to have our voice heard in policy decisions that could greatly affect how much you can contribute to your SMSF, how you can invest your assets and how you can access the value in your fund in the pension phase. We will keep a sharp focus on the taxation of SMSFs as tax is a key factor in building the value of your SMSF during the accumulation phase and the rate its value is reduced during the pension phase. We will keep you advised of our policy priorities and advocacy activities via a monthly emailed newsletter. Over time, it is our intention to also develop a range of useful research and information packs.

If I join, how will I have my say?
You can communicate directly with SMSFOA via email to: jane@sisfa.com.au. We would welcome your views on issues of relevance to SMSFs especially if you have technical/professional expertise in any area of SMSF administration and compliance.  Members will be invited to attend our annual general meeting and seminars we present. We will keep you informed of SMSFOA’s activities via a monthly emailed newsletter (which can also be found on our website).

What do you see as the big issues?
Consistent and fair treatment of SMSFs when it comes to contribution rules, investment rules, drawdown arrangements and, in particular, taxation. SMSFs must not be discriminated against by way of taxation or regulatory rules just because they have been so successful. There is a big risk that when governments are looking for more revenue to balance their budgets, they will be tempted to target the more than $500 billion held in SMSFs. They could do this in any number of ways, for example by changing the contribution limits yet again, by changing the tax rate on SMSF investment earnings, by re-introducing tax on retirement pensions for over 60’s and so on.

We want governments to accept that constant change to superannuation rules creates uncertainty and harms confidence in the system. Many people have ordered their lives and their financial affairs so they can be self-sufficient in retirement and they should be able to look forward and enjoy those years without fear that the goalposts will be changed and as a result the value of their SMSF will be diminished.

Will you provide advice on setting up an SMSF or on investment strategy?
No. The service we are providing our members is to represent your interests in dealing with the government and with regulators to ensure your investment is treated fairly, particularly with regard to taxation and specific rules that apply to SMSFs. It is not within the scope of SMSFOA, nor are we licensed to do so, to give any advice regarding the specifics of setting up an SMSF or its investment strategy. This is the role of qualified and licensed advisers. Our primary role is advocacy.

How do I join?
Go to our Join Now page where you will find an online membership application form and payment options.

Can I charge my membership fee to my SMSF?
You should discuss with your fund’s accountant/auditor/adviser.

Privacy & Disclaimers

Privacy Policy & Disclaimers

SMSF Owners’ Alliance Limited (“We”) have systems and procedures in place to keep secure personal information provided to us. We only collect personal information for a purpose which is lawful and directly related to our functions. All personal information is held under secure conditions with access restricted to those individuals who need it to carry out our work. Credit card information is deleted after payment has been processed.
All web transactions are secured using [128 Bit Secure Socket Layer (SSL) encryption].
If a person visits our website, we make a record of the visit and log limited information for statistical purposes. No attempt is made to identify individual visitors. We may use cookies to provide a better experience when you are visiting our website.  Data gathered (other than that expressly provided to us by our members or in connection with the applications for membership) is only used as non-personal and aggregated information. An email address is only recorded by us if a visitor sends us an email message and it will only be used for the purpose for which it was provided.
If we update this privacy statement, we will place the revised version on our website.
It is our policy to give our members access to their personal information on request so that they may review and correct details.

Sponsorship

SMSFOA is grateful for the support of the sponsors whose corporate identity is presented on this website. SMSFOA accepts sponsorship on the proviso that it does not in any way compromise the independence of SMSFOA in forming and expressing its positions on policy and other issues.

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Contact

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contact@growsmsf.com.au

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General Information Warning & Disclaimer

All information contained on this website is provided as an information service only and, therefore, does not constitute, and should not be relied upon as, financial product advice. None of the information provided takes into account your personal objectives, financial situation or needs, and you will need to make your own decision about how to proceed. Alternatively, for financial product advice that takes account of your particular objectives, financial situation or needs, you should consider seeking financial advice from an Australian Financial Services licensee before making a financial decision.

Grow SMSF does not hold an Australian Financial Services Licence (AFSL) and we are not authorised representatives of a AFSL. We do not provide financial product advice or recommend any financial products either expressly or implied.

From time to time Grow SMSF may produce information or content about specific financial products or services that enable access to specific financial products however we do not recommend, endorse or confirm as suitable any financial product or service featured on the Grow SMSF website or social media assets. This condition specifically applies to any financial product where Grow SMSF provides services at a discounted or preferential fee due to the use of those products, services or accounts. It’s not compulsory to utilise a specific account or service provider to be a client of Grow SMSF however the types of accounts, investments and service providers you use for your SMSF will determine the fees your SMSF is charged.

Where Grow SMSF provides information in relation to a financial product or service supported by or integrated with Grow SMSF the information is factual information only about the operation of the account or service and how data or reporting information is made available to us. Before making a decision on any financial product for your SMSF you should obtain a Product Disclosure Statement (PDS) relating to that product and consider the PDS before making any decision. As financial product and solution providers are frequently making changes to their products and services Grow SMSF cannot accept any responsibility for any outdated or inaccurate information provided on this website or via social media assets.

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