Yolanda Beattie
Honner Media
Tel: (02) 8248 3752
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7 February 2010 SPAA Chairman, Sharyn Long is interviewed by the Investor Daily RE: Penalities for your SMSF's poor report
Penalties for your SMSF's poor report SPAA chair Sharyn Long talks about the auditor contravention report and how SMSF trustees can best... DOWNLOAD VIDEO
Broadcasts
2010/09/01 Broadcast: Morningstar Interview: Art for SMSFs' sake: Andrea Slattery
Morningstar interview, Andrea Slattery with Julia Newbould, IFA.
2010/05/04 Boardroom Radio: SMSF Industry Round Table
Sharyn Long, SPAA Chairman; Liz Westover, Head of Superannuation for the ICAA; and Dr Greg Nazvanov, Financial Planner from Moneytree Partners discuss and examine Phase 3 of the Cooper Review relating specifically to SMSFs. Moderated by Ian Glenister, Principal, Glenister & Co.
2010/04/30 Boardroom Radio: Future of Financial Advice
Sharyn Long, SPAA Chairman; Nerida Cole, Executive Director, Dixon Advisory; Paul Drum, General Manager of Policy and Research, CPA; and Dante de Gori, Policy & Government Relations General Manager, FPA discuss recent Government reforms relating to the Financial Advisory industry. Moderated by Peter Bobbin, Principal, Argyle Laywers.
2010/09/09 Media Release: SPAA welcomes ATO initiatives to reduce fraud
SPAA welcomes ATO initiatives to improve SMSF registration and rolloverprocess integrity.
SPAA has today welcomed a series of initiatives being rolled out by the Australian Tax Office to improve the integrity of the SMSF registration and super rollover process, including measures to prevent illegal early access to super.
2010/09/01 Media Release: SPAA STC Survey finds clear support for higher professional standards
SPAA SMSF professionals support art guidelines and restricted licence for accountants but reject tax agent licence for financial planners. SPAA Technical Conference Survey finds clear support for higher professional standards.
In an industry first, the Self-Managed Super Fund Professionals' Association of Australia (SPAA) has launched an SMSF trustee education curriculum guide to encourage education providers and industry practitioners to create and provide SMSF trustee training.
2010/07/30 SPAA Media Release: SPAA welcomes Govt endorsement of SMSF art guidelines
SPAA has today welcomed the Federal Government’s endorsement of a SPAA/Australian Artists Association art investing guideline as the broad approach for future collectables investment in SMSFs.
2010/07/12 SPAA Media Release: Demand for SPAA specialist accreditations climb
SPAA has today announced a rapid increase in demand for its specialist accreditation as SMSF professionals (SSA and SSAud) embrace higher professional standards in the face of industry reform. Higher demand comes as SPAA updates its accreditation program to embrace a wider level of knowledge. SPAA recorded a 20 per cent jump in advisers completing the program over the six months to 30 June 2010, bringing the total number of SMSF Specialist Advisers (SSA) to 585 with a further 279 advisers in the process of completing the accreditation. Similarly, demand for specialist auditor accreditation (SSAud) has seen a 330 per cent increase in auditors completing the accreditation in the same period.
2010/07/05 Media Release: SPAA welcomes Cooper commitment ot higher SMSF auditor, adviser standards
SPAA has today welcomed the final Cooper Report recommendations on the 0 billion self-managed superannuation sector which confirms the SMSF sector is well functioning and successful. SPAA strongly supports recommendations for higher competencies for SMSF auditors and advisers.
2010/06/30 SPAA Media Release: Best practice guidelines for SMSF art investments
SPAA and the Australian Artists Association (AAA) have today released best practice artwork investing guidelines for SMSF advisers and auditors for SMSFs investing in artworks.
2010/05/31 SPAA Media Release: SPAA end of tax year tips
SPAA has urged Australian superannuation investors to be proactive about maximising their tax position in the lead-up to the end of the financial year, whilst also avoiding common traps that may result in penalties.
2010/05/12 SPAA Media Release: SPAA welcomes Budget change to Commisioner discretion
SPAA has welcomed amendments to the superannuation legislation that allow the Commissioner of Taxation to exercise discretion on excess contributions tax before an assessment is issued.
2010/05/02 SPAA Media Release: SPAA supports government efforts to address retirement savings adequa
SPAA has today largely supported the government's response to the Henry Review
saying changes to the superannuation guarantee will improve Australia's
retirement savings over the long term.
However, SPAA believes the government has missed an important opportunity
to address immediate concerns by failing to address the harsh excess
contribution penalties.
2010/04/29 SPAA Media Release: SPAA welcomes Cooper’s commitment
SPAA welcomes the recommendations contained in the Cooper phase three report on self-managed super solutions which acknowledge the importance of the fast growing sector in funding retirement savings of Australians.
2010/04/27 SPAA Media Release: SPAA comment on future of advice
SPAA accreditations a blueprint for a review of professional standards; SPAA calls for a Super Licence to replace the accountants’ exemption. SPAA welcomed the government’s Future of Financial Advice reforms saying the package is an important step forward in improving the quality and professionalism of financial advice provided in Australia.
SPAA has enhanced its technical resources with the appointment of David Shirlow as Director to the SPAA Board and the announcement that current part time Technical Director Peter Burgess will assume a full time position from 1 July 2010.
2010/03/29 SPAA Media Release: SPAA supports ATO clarity re excess super contributions
SPAA supports Australian Tax Office alert stating that SMSF trust deeds containing clauses that seek to avoid excess contributions tax are "ineffective" and should not be used. However, SPAA says SMSF members who inadvertently breach the caps should be able to have the excess refunded without penalty as a transitional measure.
2010/02/04 SPAA Media Release: Bowen to address 2010 SPAA Conference
In a volatile superannuation landscape, delegates at the forthcoming SPAA National Conference 2010 will be very keen to hear from keynote speaker, the Federal Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen when he addresses the conference on Thursday, February 18 on the future of the Self Managed Super Funds sector.
2010/02/02 SPAA Media Release: Need for Federal Governnment to encourage self funded retirees
The need for Self Funded retirees to be encouraged to look after their own future has never been greater, according to the Self-Managed Super Fund Professionals’ Association of Australia (SPAA) in the wake of yesterday’s release of the 2010 Intergenerational Report.
2010/09/01 Money Management: Support for restricted licence for accountants
A number of SMSF advisers surveyed by the Self-Managed Super Fund Professionals’ Association of Australia have supported a restricted licence for accountants advising on SMSFs and the registration of SMSF auditors.
2010/09/01 Financial Standard: SMSF advisers back FOFA call to upskill
More than 90 per cent of SMSF advisers support raising competency levels through the proposed Future of Financial Advice Reforms - while six out of 10 advisers agree SMSF auditors should be registered with ASIC, new research shows.
2010/08/23 The Australian: Superannuation rise in doubt after poll result
Australia's peak superannuation bodies have warned that Labor's proposed increase to the superannuation guarantee levy from 9 per cent to 12 per cent is in jeopardy in the wake of the expected hung parliament. The chief executive of the Self-Managed Super Fund Professionals Association of Australia, Andrea Slattery, said: "There is going to have to be a lot of negotiation on the table" and that one could be the proposed higher SG rate. Another could be the cap on extra superannuation contributions.
2010/08/19 Money Management: Ripoll scotches tax deductability of planning advice
Speaking at the SPAA State Technical Conference in Sydney yesterday, the chair of the Parliamentary Joint Committee (PJC) on Corporations and Financial Services, Bernie Ripoll, said that while the PJC did not recommend against making financial planning advice tax deductible, he believed Treasury needed to take a long look at any such proposal.
2010/08/19 Financial Planning Magazine: Cooper report receives mixed reception
Financial Planning Magazine by Freya Purnell. The Cooper review panel delivered the final report of the review into the governance, efficiency, structure and operation of Australia's superannuation system to the Federal Government on 30 June 2010. Meanwhile, the Self-Managed Super Fund Professionals' Association of Australia (SPAA) welcomed recommendations for higher competencies for SMSFs auditors and advisers, but expressed disappointment about the Cooper recommendation to ban exotic assets and to recommend full Australian Financial Services Licensing (AFSL) requirements for accountants who merely advise on the establishment of an SMSF.
2010/08/04 The Australian: Investors are braced for change whoever wins federal poll
The Australian, page 6 - by Gillian Bullock. What are the key issues in the election campaign and how will they affect your investments? While there are no big-ticket items in this present election given the desire by both parties to be seen to be economically prudent, there are still points of difference that may influence different sectors of the market, affect interest rates and unsettle the currency. Superannuation. Meanwhile Self-Managed Super Fund Professionals Association of Australia chief executive Andrea Slattery says government has to recognise that SMSFs are no longer a cottage industry, as they represent one third of assets.
2010/08/03 Super Review: SPAA welcomes SMSF collectables decision
Super Review - by Chris Kennedy. The Self-Managed Super Fund Professionals' Association of Australia (SPAA) has supported the Government's decision to reject Cooper Review recommendations that art and collectibles should be banned from self-managed super funds (SMSFs). New Government guidelines are broadly in line with best practice guidelines presented to the Government last month by the SPAA in conjunction with the Arts Association of Australia (AAA) and the Australian Antique and Art Dealers Association (AAADA), according to the SPAA.
2010/08/02 Money Management: SPAA welcomes art investing for SMSFs
Money Management - by Milana Pokrajac. The Self-Managed Super Fund Professionals' Association of Australia (SPAA) has welcomed the Federal Government's endorsement of a SPAA/Australian Artists Association art investing guideline as the broad approach for future collectables investment in self-managed superannuation funds (SMSFs). If re-elected, the Labor Government has said it would allow SMSFs to continue investing in collectables, including artwork.
2010/08/02 Financial Standard: Art lobby wins fight to keep SMSFs art-friendly
The Federal Government has endorsed the Cooper Review's key MySuper reforms but in a major victory for the art industry and self-managed super fund trustees, it said that it won't adopt the move to ban SMSFs from investing in ‘collectibles'. The leading industry body for self-managed super funds, SPAA said it welcomes the Government's endorsement of SPAA/Australian Artists Association policies for future SMSF art investments.
2010/07/31 The Australian: Art and collectables super rules eased
The Australian, page 27 - by Andrew Main. Superannuation: Self-managed super funds have won major concessions on a key recommendation of the Cooper review covering personal assets. The federal government yesterday announced new rules preventing savers taking "personal benefit'' from assets such as paintings and cars in their self-managed super funds, but allowing their continued acquisition, and stopping short of forcing their disposal. Super Funds Professional Association of Australia chairwoman Sharyn Long said the new rules allowed investors to, for example, lend works to galleries for public showing "as long as the premises are not owned by the super fund or any related party''.
The Age, page 6 - by Karl Quinn. Investing in art for your retirement has got the all clear, but hanging that framed nest egg on your wall could be a no-no if Labor is re-elected next month. In news that will have Australian artists breathing a little more easily, Labor yesterday announced it would not move to exclude art from the list of eligible assets for self-managed superannuation funds (SMSFs), as per the recommendations of the Cooper review of superannuation. The ALP instead has promised consultation with the industry, and the adoption of an approach that is "broadly in line" with that advocated by the Self Managed Super Funds Professionals Association of Australia.
The Australian (Wealth) page 1 - by Gillian Bullock. Self-managed super funds have about 0 million invested in exotic assets such as wine, collectables and artworks. So it's little wonder that SMSF trustees are annoyed at the proposed ban on exotic investments included in the Cooper review on the superannuation system. Given that most SMSF trustees rely on the input of others to run the funds, the Cooper review called for higher competency and advice standards for these service providers. This includes financial planners, accountants and auditors. Just last week the Self-Managed Super Fund Professionals' Association of Australia reported a 20 per cent jump in advisers completing its specialist accreditation program.
2010/07/14 The Australian: Super result, but watch the fine print
The Australian (Wealth), page 4 - by Simon Hoyle. Self-managed superannuation funds look like being one of the big winners from a large-scale review of the "governance, efficiency, structure and operation of Australia's superannuation system'', the so called Cooper review. The review, chaired by Jeremy Cooper, released its final report on July 5. It has issued 29 recommendations that relate specifically to SMSFs. The Self-Managed Superannuation Funds Professionals' Association of Australia (SPAA) says it is disappointed the review wants to ban exotic assets from SMSFs. The chief executive of SPAA, Andrea Slattery, says the government has no business directing the investments of any superannuation fund.
2010/07/14 The Australian: Let's avoid over-regulating a stron and bomming super sector
The Australian (Wealth), page 8 - by Tony Negline. The past seven years have seen a dramatic rise in self -managed super funds. These funds now represent the largest super sector. In that time an average of 2500 new SMSFs were established each month. This growth rate shows no sign of slowing. Sharyn Long and Andrea Slattery, respectively chairman and chief executive of the Self-Managed Super Fund Professionals Association of Australia, or SPAA, think there is no obvious saturation point. They argue SMSFs are a legitimate part of the super sector and satisfy all the government's objectives of its super policy objectives. Namely, they deliver investment and benefit choice, fee for service, operational transparency and demand consumer engagement. They are also low cost, based on Australian Taxation Office data.
