SMSF Association Submission – Response to PwC Exposure Drafts

The SMSF Association welcomes the opportunity to provide this submission in response to the
Government’s exposure draft legislation consultations for the suite of “Response to PwC” reforms:

1. Tax Practitioners Board Reforms
2. Reform of Promoter Penalty Laws
3.  Whistleblower Protections
4. Information Sharing

The Association broadly supports the proposed reforms.

We note that the information sharing provisions relating to professional associations have been modelled upon powers available to ASIC pursuant to Australian Securities and Investments Commission Act 2001 subparagraph 127(4)(d)(i). We would encourage Government to undertake a
review of the powers afforded to ASIC. Whilst these powers are available to the regulator, they do not appear to have been adopted in practice. When matters are referred to the regulator, there is often
no further communication. Nor is information shared by the regulator on matters relevant to professional association disciplinary action for members.

Read the full submission below.