Date: 26 August 2026
The Federal Government has announced a significant package of proposed reforms aimed at improving access to financial advice, strengthening consumer protection, and reducing the risk of investment scams. While many changes are still subject to legislation and further consultation, they have the potential to impact both large superannuation funds and self-managed super funds (SMSFs). For SMSF trustees, the reforms signal an increased focus on governance, trustee education, and fraud prevention.
Super Funds to Offer More Advice
Large superannuation funds may soon be able to provide broader financial guidance to members through a new class of adviser. The reforms are intended to make basic financial advice more accessible and affordable, allowing funds to help members make better retirement decisions and potentially recommend certain products where appropriate safeguards exist.
New Powers to Combat Scams
A key driver behind the reforms is the government’s response to recent investment scheme collapses such as Shield and First Guardian that resulted in significant losses for investors. Regulators will receive new powers aimed at identifying and preventing consumer harm before it occurs.
Potential Changes for SMSFs
Several proposed measures would directly affect SMSF trustees:
- The ATO would gain the power to stop rollovers into an SMSF where there is a well-founded suspicion of consumer harm or potential scam activity.
- New SMSF trustees may be required to satisfy basic knowledge requirements before operating a fund.
- SMSFs may need to maintain a uniquely identifiable bank account and have an investment strategy documented before accepting rollovers.
- Newly established SMSFs could be required to disclose whether a financial adviser assisted with the fund’s establishment and the fees charged.
As these are still proposals at this stage, the devil will be in the detail as to how the ATO practically implements these new requirements.
Higher Levies and Industry Funding
The Government has also proposed increasing the annual SMSF supervisory levy for the first time since 2013 from $253 to $295 and requiring SMSFs to contribute to the Compensation Scheme of Last Resort (CSLR). Current estimates suggest most SMSFs would contribute less than $20 per year towards the scheme.
What This Means for SMSF Trustees
For most SMSF trustees, these proposals are unlikely to change day-to-day fund operations in the immediate future. However, the reforms reinforce the importance of maintaining strong governance practices, ensuring trustees understand their responsibilities, and remaining vigilant against scams and inappropriate investment schemes. Trustees considering establishing a new SMSF or rolling benefits into an existing SMSF should keep a close watch on developments as more details emerge.
Key takeaway: The reforms are designed to improve consumer protection and access to advice across the superannuation system. While they may introduce additional requirements for SMSFs, well-managed funds are already following many of the practices that the proposed changes seek to formalise.
The superannuation landscape continues to evolve, with regulators placing greater emphasis on consumer protection, trustee education and governance. While many of the proposed changes are still being developed, they highlight the importance of regularly reviewing your SMSF to ensure it remains compliant, appropriately structured and aligned with your retirement objectives.
As always, we will continue to monitor these developments and keep you informed of any changes that may affect your fund. If you have any questions about how these proposed reforms could impact your SMSF, or if you would like to arrange a review of your fund’s strategy, investments or trustee structure, please contact our team.
Disclaimer: This article contains general information only and does not take into account your personal objectives, financial situation or needs. Before making any financial decisions, you should seek professional advice tailored to your circumstances.
Article written by Ryan Pinkerton, R+M SMSF Specialist Advisor
