The corporate watchdog has put self-managed superannuation fund (SMSF) auditors under the microscope and has made a disqualification, suspensions, and conditions imposed on a number of SMSF auditors.
The Australian Securities and Investments Commission (ASIC) said the actions followed concerns regarding failure to meet requirements including independence standards and auditing standards, failing to comply with continuing professional development requirements and otherwise not being a fit and proper person.
The impact of identity theft and its threat to superannuation savings were highlighted in a case that went before the Federal Court at the end of 2023.
A recent NSW Supreme Court decision is an important reminder that while super funds may be subject to restrictive superannuation and tax laws, in essence they are still a trust and subject to equitable and common law claims, says a legal expert.
New research from the University of Adelaide has found SMSFs outperformed APRA funds by more than 4 per cent in 2021–22.
The SMSF Association has made a number of policy recommendations for the superannuation sector in its pre-budget submission to the government.