“Buy our properties in an SMSF”

Very interesting… In a Media Release, ASIC has announced that it has commenced proceedings to prevent a property investment promoter from promoting the use of Self Managed Super Funds to purchase investment properties.

ASIC claims to have evidence of where this entity has given advice to set up an SMSF to hold the rental property to over 500 people… AND THEY DON’T HAVE AN AUSTRALIAN FINANCIAL SERVICES LICENCE…

So to all the real estate agents out their telling people to buy the rental property in an SMSF…

It is worth noting that in almost all these cases the first investment property acquired by the newly formed SMSF was owned or promoted by the entity that gave them the advice to set up the SMSF. DODGY

By Ken Mansell

As a stay at home Dad most of the week this is my way of pretending I am still the tax counsel of ASX and SEC listed companies, working at big 4 firms, working at the Federal Treasury, on the Henry Review and at Parliament House for the previous government.

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