The Australian Government is conducting a review of the growing self-managed superannuation funds (SMSFs) sector. Such entities now number close to 370,000 and cover about 25% of the overall super industry. In various submissions to the review, lobby groups such as the Association of Superannuation Funds of Australia and Self-Managed Superannuation Members Association are backing a proposal for mandatory financial regulation education for trustees of SMSFs. However, accounting body CPA Australia notes the information provided to trustees by the regulator, the Australian Taxation Office, is already of a very high standard. Accountants are in a "turf war" with financial planners over who may or may not provide advice to those operating SMSFs.
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