Governance of self managed superannuation funds

The Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry, has announced he has commenced consultation with a range of industry organisations and practitioners about a range of practices in self managed superannuation funds (SMSFs).

The Government is closely monitoring developments in the SMSF sector to ensure that trustees, and potential trustees, are aware of the risks involved and provided the skills necessary to run a superannuation fund in a prudent fashion.

SMSF's currently comprise more than 368,000 entities, over 700,000 thousand members, and more than $300 billion in assets.