{"id":2532,"date":"2026-08-31T05:31:43","date_gmt":"2026-08-31T05:31:43","guid":{"rendered":"https:\/\/actinvest.com.au\/?p=2532"},"modified":"2026-08-31T05:31:43","modified_gmt":"2026-08-31T05:31:43","slug":"cslr-levy-on-smsfs-unfair","status":"publish","type":"post","link":"https:\/\/actinvest.com.au\/index.php\/cslr-levy-on-smsfs-unfair\/","title":{"rendered":"CSLR levy on SMSFs unfair"},"content":{"rendered":"

The Institute of Public Accountants has criticised the government\u2019s intention to impose a levy on SMSF trustees to fund the CSLR.<\/p>\n

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The Institute of Public Accountants has criticised the government\u2019s intention to impose a levy on SMSF trustees to fund the CSLR.<\/p>\n

The Institute of Public Accountants (IPA) has questioned the long-term viability of the Compensation Scheme of Last Resort (CSLR) and confirmed its opposition to the government\u2019s intention of imposing a levy on SMSF trustees to fund it.<\/p>\n

\u201cThe Compensation Scheme of Last Resort \u2026 is broken and is not sustainable,\u201d IPA advocacy and emerging policy general manager Michael Davison said.<\/p>\n

However, Davison acknowledged amending the CSLR framework to determine compensation amounts based on actual losses, eliminating the \u2018but for\u2019 provision, was a positive development, but maintained including SMSF trustees in the monetary support of the consumer protection measure is imprudent.<\/p>\n

\u201cRemoving the \u2018but for\u2019 provision where a consumer may be compensated for potential losses, and not actual capital losses, will help, but forcing SMSF trustees to pay a levy is grossly unfair,\u201d he indicated.<\/p>\n

\u201cSMSF members are no different to any other retail investor. They are individuals or families who just happen to invest in their retirement through a specific type of government-approved savings vehicle. They have been targeted by these predatory schemes and are victims just like any other retail investor.<\/p>\n

\u201cSMSF trustees invest their life savings, often based on licensed financial advice \u2013 which is regulated by ASIC \u2013 just like any other retail investor. They entrust their savings to the product providers and financial advisers and expect them to act in their best interests. They should not have to insure their own savings in case there is misconduct or product failure caused by others, which they have no control over.\u201d<\/p>\n

With regard to the introduction of the new class of adviser, he supported the idea, but was critical of its limited application.<\/p>\n

\u201cThe financial adviser population has halved and it is difficult for consumers to access quality affordable financial advice. However, limiting the new class of adviser to superannuation funds and insurers is a missed opportunity,\u201d he noted.<\/p>\n

\u201cThere is a large pool of qualified professionals, such as accountants, that could be utilised to provide limited or scaled financial advice to consumers, giving them more opportunities to access quality affordable professional advice.\u201d<\/p>\n

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By: Darin Tyson-Chan | August 24, 2026 | smsfadviser.com<\/p>\n","protected":false},"excerpt":{"rendered":"

The Institute of Public Accountants has criticised the government\u2019s intention to impose a levy on SMSF trustees to fund the CSLR.<\/p>\n","protected":false},"author":1,"featured_media":2533,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/2532"}],"collection":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=2532"}],"version-history":[{"count":1,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/2532\/revisions"}],"predecessor-version":[{"id":2534,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/posts\/2532\/revisions\/2534"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media\/2533"}],"wp:attachment":[{"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=2532"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=2532"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/actinvest.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=2532"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}