The Gillard Government will provide funding to the Australian Taxation Office (ATO) and Australian Securities and Investments Commission (ASIC) to implement the Stronger Super self managed superannuation fund reforms, announced on 16 December 2010.
These reforms will boost Government and public confidence in the self managed superannuation fund sector through the introduction of a range of measures to improve the operation, efficiency and integrity of the largest sector in the superannuation system.
The measures include the introduction of a new administrative penalty framework, registration of fund auditors subject to competency and independence standards, improved data collection and improvements to the self managed superannuation fund registration process.
"The reforms will enhance trustees' ability to manage their superannuation and will improve confidence in the sector", Minister Shorten said today.
"The introduction of proof of identity checks at registration and other improvements to the registration process will protect self managed superannuation fund trustees against fraud and the loss of their retirement savings."
From 2010-11 to 2014-15, the ATO will be provided with $40.2 million and ASIC with $8.4 million to implement a range of measures that will improve the operation, efficiency and integrity of the self managed superannuation fund sector.
The increased funding will be fully offset by a $30 increase to the self managed superannuation fund levy, from $150 to $180, with effect from the 2010-11 income year, and by the collection of fund auditor registration fees.
Further information on the reforms is available at the Stronger Super website at http://strongersuper.treasury.gov.au.