The new body will now represent over 10,000 SMSF trustees and its mission will be “speaking up for the one million Australians with SMSFs”.
The Self-managed Independent Superannuation Funds Association (SISFA) and the SMSF Owners’ Alliance (SMSFOA) said the merger will form a “stronger united voice” for trustees. The new organisation will be known as SISFA.
Both bodies have been focused on representing the interests of SMSF trustees to the government.
SMSFOA executive director Duncan Fairweather said the body has had success in its lobbying efforts, but it was time to “move it to the next level”.
“What we need as an advocacy organisation is more strength in terms of expertise, and SISFA were a very good fit there because they essentially are closer to the coal face in terms of how policy applies,” Mr Fairweather said.
He said talks of a merger have been in place for approximately six months.
“Amalgamation into a single combined force and single effective voice will protect and promote the interests of Australians who have taken responsibility for managing their own retirement savings and generating their own income in retirement without focusing on the age pension,” the newly formed body said.
“During a long and complex debate regarding superannuation and the role of small and self-managed funds within the sector, our two organisations have realised our views are aligned on the ways to improve the fairness and efficiency of the superannuation system and the needs of members and trustees of self-managed funds.”