Shorten’s ban on asset transfers a gamble for SMSFs
05 Oct 2011
New rules announced within the latest Stronger Super reforms package, banning self-managed super funds (SMSFs) against making in-specie asset transfers, will disadvantage SMSFs and exposes them to greater costs and risks, warns Hewison Private Wealth. John Hewison, CEO of Hewison Private Wealth, said while the move to introduce MySuper and cut costs for superannuation members has been widely applauded, the ban of in-specie, off-market asset transfers for SMSF investors appears to have flown under the radar and unfairly discriminates against self-managed super funds. “The issue is that under the new reforms, SMSF investors have restrictions applied, but institutional and industry superannuation funds, which also use these transactions, are exempt,” Mr Hewison said.