The Self-managed Independent Superannuation Funds Association (SISFA) has announced plans for a merger with Tax and Super Australia (TSA) and has called an extraordinary general meeting of its members at the end of this month to vote on the proposal.
In a notice from SISFA chair Chris Balalovski calling the meeting, and seen by selfmanagedsuper, the industry body stated it had entered into discussions regarding a merger with TSA in December and the boards of both organisations agreed a merger was beneficial.
“For SISFA, this is particularly because TSA can offer our members a strong financial partner whose own members are a like-minded community of practitioners, in circumstances where SISFA’s ability to deliver on all its current and future programmes is constrained by resources,” the notice stated.
“SISFA can offer TSA strength in its technical, policy and advocacy activities,” the notice continued, adding TSA had been representative body for the tax advisory profession for more than 100 years and wanted to deliver the same services to SMSF practitioners and SMSF members/trustees
Under the merger TSA would be the only organisational entity with the operations and assets of SISFA transferred to TSA after payment of all of SISFA’s existing liabilities and the wind-up of that organisation.
SISFA members would also be offered a no-cost 12 month membership of TSA and representation on the TSA board through SISFA director, and chair of its technical committee, Phil Broderick.
According to the notice, SISFA’s Technical and Policy Committees will continue to work with existing members and regular chapter meetings and the annual SMSF forum will also continue.
“Our Board unanimously determined that this merger was fair to and in the best interests of SISFA and its members, and adopted and approved an agreement to do so,” the organisation said.
“Accordingly, SISFA’s Board unanimously recommends that SISFA’s members also vote to agree to a merger with TSA and exercise their right to vote on a resolution to do so in the affirmative.
“In arriving at its recommendation, SISFA’s Board gave careful consideration to a number of factors including safeguarding SISFA’s legacy, the financial viability of SISFA meeting its objectives, as well as our fiduciary duties to protect members’ interests and our ability to positively impact their lives.”
The extraordinary general meeting is scheduled to take place at SISFA’s registered office in the ACT and by teleconference on 30 March 2022.''