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SMSF warning: ATO zeros in on property borrowing

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Australian Broker | 21 Nov 2012, 07:00 AM Agree 0
The Australian Taxation Office has issued a strong warning to trustees of SMSFs that they should get 'reliable, independent' advice or risk incurring the ire of ASIC and suffering painful financial consequences
  • FBAA waste of time | 21 Nov 2012, 10:20 AM Agree 0
    Brokers are Advising on thisand advising borrwoers about super

    IT NEEDS TO BE STOPPED NOW
  • Peter Wood | 21 Nov 2012, 11:23 AM Agree 0
    Trustees of SMSF's are totally responsible for structures and the investment strategies of their Self Managed Super Funds. Brokers purely facilitate the lending.Its a Self Managed Super Fund...not a Financial Planner managed super fund...not an Accountant managed super fund and definately not an ASIC managed super fund..I would highly recommend trustees do a SMSF accreditation via Kaplan or similar so trustees comprehend their legal obligations.
  • Clint Hawthorne, National Head of Sales AFM | 21 Nov 2012, 01:07 PM Agree 0
    All the more reason to form an Alliance with an organisation like Supershift.
    Offer additional services to your customers, generate additional income for your buisness and do it in a compliant manner utilising the services of SuperShift Australia. Australian First Mortgage formed an Alliance with Supershift, maybe you should consider doing the same. A fantastic value add for your broking business! www. supershift.com.au
  • Mary Kehely(Moneylink Financial Planning) | 21 Nov 2012, 04:54 PM Agree 0
    I agree that customers wanting to enter into the SMSF's world need to be speaking to a qualified planner that understands the risks and can clearly address these with the customer, especially in the direct property area
    as this is where things can and do go very wrong.
    there are plenty of us out here that are doing the right thing
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