Regulation called for to oversee SMSFs
As the legislation currently stands, anyone can run a seminar and promote property and the tax benefits of holding property inside a self-managed fund.
To avoid the law, all that needs to be said is that they are not licensed to give financial advice.
The head of the Association of Superannuation Funds of Australia is calling for property promoters who make a link between real estate and self-managed superannuation funds to have an Australian Financial Services Licence or work under the supervision of a licence holder. This would help increase consumer protection.
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