ICAA head of superannuation Liz Westover said the increasing prevalence of property spruikers pushing people inappropriately into SMSFs for the purpose of borrowing to buy real estate, together with others promising holidays for SMSF trustees, may result in a review of borrowing arrangements in SMSFs taking place sooner rather than later.
"As chartered accountants and SMSF professionals, the onus is on all of us to ensure the ongoing success of the SMSF industry," Ms Westover said.
In many cases this means ensuring compliance with the spirit of the law as well as the letter of the law, she added.
"We cannot tolerate those who inappropriately push people into SMSFs and push the boundaries of the legislative framework we operate in. I encourage all of you to challenge and hold accountable those people and those groups that do," Ms Westover said.
The institute would be encouraging the new government not to look at any wholesale review of SMSFs, "despite calls from some sectors of the superannuation and the broader financial services industry".
The ICAA will also be encouraging the new government not to remove the low income super contribution measure or to proceed with its plans to defer an increase in the super guarantee, she said.
