SMSF Professionals' Association of Australia Ltd
Page 1 of 1
DATE:
16 December, 2009
FROM:
Self-Managed Super Fund Professionals’ Association
of Australia (SPAA)
SUBJECT:
SPAA applauds inclusion of key issues in Cooper
Review Phase 3
For Immediate Release
SPAA welcomes Phase 3 of the Cooper Review
The Self-Managed Super Fund Professionals’ Association of Australia (SPAA) has welcomed the release of
the Cooper Review’s Phase 3 Issues paper, applauding the inclusion of many issues raised by SPAA for
discussion and debate.
SPAA Chairman, Sharyn Long says she’s pleased to see so many issues of importance to SPAA such as
improved standards of advice and ongoing education also recognised by the Cooper Review.
“We’re delighted that the Review has taken up a large number of specific issues raised by SPAA,” she said.
“We are very confident about the status of the sector and certainly welcome industry scrutiny and debate"
The Issues Paper discusses increased competency standards for financial advisers providing advice to
SMSF members, a key tenet of SPAA’s charter, the significant role of auditors in the SMSF process,
including registration of auditors, and acknowledges that SMSFs effectively govern themselves in an
appropriate manner.
“The Issues paper citing the fact that the ATO has strong indicators that compliance levels remain relatively
high also supports SPAA’s firm held belief that the majority of people are doing the right thing,” she said.
Ms Long also acknowledged the release of the Review’s Statistical Summary of Self Managed
Superannuation Funds which showed that the sector enjoyed the lowest costs of the majority of the
superannuation industry.
The average SMSF member balance was $456,000 and the operating expense ratio for the average SMSF
was 0.69%, down from 0.86% in 2006, a fall of nearly 20%.
The Statistical Summary also shows that members aged 50 and above represent 67% of the total SMSF
membership.
“SPAA is the peak industry body for the self-managed super sector, the largest segment in Australian
superannuation at 31% of the market or $370 billion in assets. There are now more than 417,000 SMSF
entities.
End.
Contact for Interviews:
SPAA Chairman – Sharyn Long
M: 0412 940 007 E: slong@sharynlongca.com.au
SPAA CEO – Andrea Slattery
T: (08) 8212 5999 M: 0417 898 317 E: ceo@spaa.asn.au
Media Contact:
Leigh McClusky – McClusky & Co PR and Communications
T: (08) 8100 3308 M: 0411 711 780E: leigh@mccluskyco.com.au
MEDIA RELEASE
ABN 67 103 739 61
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+61 8 8212 599
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