Cooper Review: Self Managed Super Shake-up

National accounting firm Chan & Naylor says the long-awaited Cooper Review will deliver a major shake-up to Self Managed Super Funds (SMSF).

“The recommendations will promote best practice standards and should be welcomed by the accounting industry,” said Ken Raiss, Director, Chan & Naylor.

Mr Raiss outlined key SMSF recommendations arising from the Cooper Review:

Advisers to SMSF trustees will need to meet higher professional, competency and accreditation standards.

The use of leverage by SMSF trustees to acquire property will remain in place and closely monitored by government.

Insurance should be part of a fund’s investment strategy in the event of death, disability or temporary incapacity.

Increase in the amount of SMSF statistical data captured by the Tax Office.

All end of year valuations by the SMSF trustee should be at market value.

“As accountants we are continuously working to ensure our clients receive the best ethical, practical and commercial advice. The Cooper recommendations will improve industry standards across the board,” Mr Raiss said.

“We will continue to work with industry leaders to ensure our clients receive best practice self managed superannuation advice.

“As part of this commitment we developed the Chan & Naylor Enduring Family Superannuation Fund to address major deficiencies in commonly used SMSF documentation,” Mr Raiss concluded.

ENDS.

Media Contact: Justine Taylor, Wilkinson Group, 0422 66 30 66