Assistant Treasurer Arthur Sinodinos has said he does not believe SMSFs are doing “too much” property investing, reports SMSF
Adviser. During a speaking engagement at the ANZ Central Bank and Sovereign Wealth Fund Conference in Sydney last month, Senator Sinodinos discussed the ongoing public speculation regarding SMSFs and property investment.
“Our superannuation pool now is about $1.6 trillion,” Sinodinos said. “One third of that is held through self-managed super funds, with one, two, three, or four people acting as trustees for their own superannuation fund.”
This statement follows an announcement from Sinodinos stating that the federal government is not interested in conducting a specific review of limited recourse borrowing.
“There is the financial (sector) inquiry, which is looking at the overall architecture of the financial system,” Sinodinos said at the SMSF Professionals’ Association of Australia national conference last month.
“And as part of that, it will also look at the role of the superannuation sector, the savings pool… of which SMSFs are about a third.”