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On 19 August 2026, Assistant Treasurer and Minister for Financial Services Daniel Mulino used his first National Press Club address to unveil a sweeping package of reforms to superannuation, financial advice and the Compensation Scheme of Last Resort (CSLR). The trigger was the collapse of managed investment schemes Shield and First Guardian, which affected close to 12,000 Australians and more than $1 billion in retirement savings.
While the package touches lead generation, anti-hawking rules, managed investment scheme governance and CSLR funding, self-managed super funds are the area facing the most direct and immediate change. Below is a summary of what's coming, and what it may mean if you run, or are considering setting up an SMSF.
Perhaps the most material change for existing SMSF trustees is a financial one. The CSLR's funding model is moving to a 'waterfall' structure, and SMSFs will now be brought in as a contributing (Tier 3) subsector for future special levies, with contributions scaled according to the fund's assets. This follows lobbying from the SMSF Association to limit the size of this impost, but it represents a new, ongoing cost exposure for the sector that hasn't existed before.
Separately, compensation payable under the CSLR will be limited to a consumer's actual investment loss; rather than a hypothetical loss including foregone gains, for AFCA applications made after 30 June 2027.
None of these changes affect the fundamentals of why you might choose an SMSF; control, direct asset selection, and tailored estate planning remain unchanged. But the compliance bar for establishing and running a fund is rising, and there is a new, variable cost (the CSLR special levy) that wasn't previously part of the SMSF cost equation.
It’s time to weigh up if an SMSF is still the right structure, or who already run one and want to understand how these changes affect them, this is worth a conversation before, not after, the detail is finalised. Legislation to give effect to these announcements hasn't yet been introduced to Parliament, so specifics may shift as the package moves through consultation and drafting.
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