ICAA Official Speaks At Inaugural SMSF Conference

by Mary Swire, for LawAndTax-News.com, Hong Kong

03 March 2008

Ian Read, Assistant Deputy Commissioner for the Institute of Chartered Accountants in Australia (ICAA) spoke at the inaugural SMSF (self-managed superannuation funds) Conference.

Addressing the growth of the self managed funds industry, he began:

"The self managed funds industry has enjoyed significant growth over the past year."

There are now over 372,000 SMSFs in Australia representing the interests of over 718,000 individuals. Assets have grown to $300.2 billion in the past year alone. We had over 47,500 new funds register between 1 January and 31 December 2007. That’s an average of over 3,900 each month."

He went on to add that:

"One could say business is booming, but this growth also brings with it challenges. How are you going to manage the increased demand whilst continuing to provide your clients with quality advice? How are you going to stay ahead of regulatory changes in order to help your clients ensure their funds are compliant?"

He went on to observe that: "It’s equally important that your clients understand and fulfil their responsibilities. The regulatory framework protects their interests, and they play as important a role in maintaining its integrity as do the regulators and you, the professional advisers."

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