There is a new kid on the block who intends to keep the bastards who play with SMSF's honest its called; The SMSF Owners Alliance and it has been set up to represent the interests of SMSF trustees/beneficiaries not accountants, not financial planners, not SPAA, not the treasury and not the tax office. http://smsfoa.org.au/join-now.html I have spoken directly to the Executive Director Duncan Fairweather yesterday. If you have an SMSF you should be very concerned about what treasury and the federal government have planned for the May budget. The treasury documents revealed that they view SMSF's as a tax avoidance scheme and are lobbying government to treat SMSF's differently compared with Retail and industry funds. If you have an SMSF one trustee of your fund should join this group. There are almost 500,000 SMSF's and over 1 million Trustees/beneficiaries. That is a hell of a voting block. Kind Regards non recourse
The difference is in the memorandum of articles of association. I've had a look at the one you mentioned. It is run by Grant Abbott and investment advisors and is not a true body that aligns soley with the SMSF trustees/beneficiaries. The SMSF Owners Alliance if your a full member you have a direct say and voting rights. So if you don't like the board you remove them The SMSF Owners Alliance has just got started and what I like is they want to remain at arms length from SPAA or any of the other advisor groups. That doesn't preclude them from putting in supporting submissions when interests align. Kind Regards non recourse
I think I already signed up with the Australian SMSF Members Association, not that it stops me signing up with another mob I guess, bunch of splitters.
The proceeds go to setting up a national association that then can target government through lobbying. I would think with over 1 million beneficiaries and half a million SMSF's if we had 50,000 funds with 1 member each involved it would be a very powerful voice. When I spoke with Duncan two days ago he stressed that he wants people to put aside their political bias and focus on getting the best outcomes for people who want to provide for themself. I put in a 29 page submission into the Cooper review in 2009/10 regarding SMSF's with a focus about allowing SMSF's like large retail and industry funds to hold reserves rather than forcing the remaining deceased members funds to be paid out and taxed. This would then allow remaining members to have reserves which could even out dips in investment income and mean that more people would not qualify for a government pension. The reason ? So that after 2nd-3rd generation perhaps 60% of retirees would be independent. This would then leave the government to fund the 40% who really do need help. Of course our Treasury hates intergenerational trusts...they want all the cash now and push the problems onto future generations. In my discussion with Ducan they have done some modeling that shows for every $1 put into super today over 30 years saves the government $11. Kind Regards non recourse
Just some more information about the SMSF Owners Alliance. I joined as a principal voting member and will try to help them in their endeavor to become a truely independent national representative body. Their board members are worth Googling as they all have extensive C.V's MEMBERSHIP GUIDE AND RULES SMSF Owners' Alliance Limited ("SMSFOA") was established to advocate for and to promote only the interests of self managed superannuation funds ("SMSFs"). SMSFOA is a not for profit company. Its members do not receive dividends because any profits must be used to promote its objectives. Its members must contribute $10, but no more, if it is liquidated with a shortfall of assets. SMSFOA is open to membership by trustees and beneficiaries of complying SMSFs. These owners can choose between a Principal Membership and a General Membership. A Principal Member is a more involved member, who may attend and vote at general meetings, pays a higher entrance fee and may, if s/he wishes, help SMSFOA in its endeavours. A General Member is a supporter of SMSFOA's objectives and pays a lower entrance fee. All Members may attend an annual information meeting. All Members also receive regular updates of activities by email and have access to information on a members only section of SMSFOA's website. Governance SMSFOA has a board of directors, which oversees the Executive Director, but is more involved in ongoing business than would be the case with a for profit public company. Currently, it has six directors: Bruce Edward Foy, Chairman Malcolm Brian Clyde, Finance Director William Duncan Fairweather, Executive Director and Secretary Clive Horace Craven Barry John McWilliams David John Rohr Directors must be Members. One third of the Board retires at the end of the first, second and third years, but may be reappointed by the Board at the end of their term for a further term determined by the Board. However, appointment of directors is subject to confirmation by Principal Members at the next Annual General Meeting following their appointment. The Board has determined to audit SMSFOA's accounts and submit them to the Annual General Meeting for approval. Membership Members must be either a trustee, whether individual or corporate, or a beneficiary of a complying SMSF at all times. Should this change, membership ceases. Members must advise the Secretary of SMSFOA promptly by email or in writing if they cease to qualify for membership. SMSFOA also has the right to seek information from Members or third parties to confirm Members' compliance with the Constitution and Membership Rules. Currently, such a person or corporation may apply for membership as either a Principal Member or a General Member. (The Board may also appoint any person to be an Honorary Member from time to time). Application for membership must be made on the Application for Membership Form attached to this Guide and Rules. At the same time, the relevant joining fee and first annual membership fee must be paid. The Application for Membership Form can be completed and emailed to [email protected], at which time it will be deemed to be dated and signed, or, it can be downloaded, completed, signed and sent to PO Box R1490, Royal Exchange, NSW. 1225. A corporate trustee must appoint one of its directors to be its representative at Members' meetings. The initial fees can be paid by cheque in favour of SMSF Owners' Alliance Limited or by internet banking: SMSF Owners' Alliance Limited, Westpac Banking Corporation, BSB # 032 002 Account # 823 285. The Board has deemed applications for General Membership to be approved upon receipt of a completed Application for Membership Form and payment of initial fees. For Principal Membership, the Board or its delegate/s will review the application and advise successful applicants within 30 days. A membership number/website password and a fee receipt will be emailed to successful applicants. Their names and other details will be entered on the Membership Register. Successful applicants are deemed to have nominated the email address on their Application for Membership Form for all communications by SMSFOA, as updated from time to time. Members must update their email address if it changes. Invoices for annual membership renewal fees will be emailed to Members. Renewal fees are payable by BPay or approved credit card within 30 days to remain a Member. Members are bound by SMSFOA's Constitution and Membership Rules, as updated from time to time. Memberships are not transferable. Membership fees are not refundable in whole or in part due to changed circumstances. Additional levies may be made on Members, but only after notice to Members. Members may resign at any time by email or in writing addressed to the Secretary of SMSFOA. All Members may attend an annual information meeting at which the activities of SMSFOA will be advised and matters of interest discussed. No resolutions may be put to the vote at these meetings. Only Principal Members attend, speak and vote at general meetings. Each Principal Member has one vote. Audited accounts will be distributed to Principal Members and, upon written request, to interested General Members, by email prior to the Annual General Meeting. Membership fees Principal Membership Joining fee $330 Annual fee $110 General Membership Joining fee $165 Annual fee $110 Honorary Membership Nil All fees include GST. Adopted by Board on 3 December 2012. Kind Regards non recourse
