A new organisation with the goal of representing the interests of all SMSF members has been established.
The Australian Self Managed Super Fund Members' Association (ASMA) was officially set up earlier this month and has already begun its intake of members.
"We'd like to be known as the 'Voice for SMSF Members'. Our charter will be to protect and improve the benefits of SMSF members," ASMA executive director Simon Makeham said.
"The reason we have started is that there is no organisation out there that genuinely goes about protecting and looking after the members of SMSFs. There are other associations and bodies that talk about protecting SMSF member interests but they have no membership base to support them," he explained.
Makeham said the Federal Government's decision to lower the superannuation contributions caps was a prime example of a situation where SMSF members needed to have their views expressed but did not have any avenue to do so.
"That affected a lot of SMSF members and there was absolutely nothing said and nobody made any noise at all about that issue on behalf of these individuals," he said.
"These are the types of things, and we've got a long list of similar issues that arise everyday in relation to SMSFs and there is no one out there lobbying for them or providing adequate education about these matters."
Prior to forming ASMA Makeham contacted a large number of SMSF members to gauge how they felt about the sector.
"None of those members said to me that they are happy with the current situation. There is a risk to the security of their superannuation and that is that we have people who will legislate without regard and that will impact on the benefits of SMSF members," he said.
The cost to join ASMA is $100 plus GST per year for a fund with one member and $175 plus GST per year for a fund with two or more members.
