Lately, there has been a lot of loose talk about SMSFs and how they are a used as a vehicle to avoid tax. Unfortunately, those talking about the issue are either way too ignorant or have their vested interests. Some are just using this avalanche of brickbats to vent their angst; after all, the SMSF wave hit the aspirations of many industry funds hard. So, all things said, is there any truth in the allegations? Are SMSFS not paying enough tax? Let us find out what an article on the Australian Financial Review has to say.
Category: Commentary Archives
How SMSF Lending Breaches the Law
Already, there has been a raging debate about whether real estate agents should recommend SMSF lending for facilitating real estate investments. Now, the turf where this debate is being played out is hotting up further with lawyers warning accountants and advisers of a potential law breach.
Those advisers who are offering Limited Recourse Borrowing Arrangement (LRBA) certificates to SMSF clients are likely to be trespassing the guidelines of the National Consumer Credit Protection Act ‘2009’ and this can land them in trouble as their insurance may fall short of protecting them.
SMSF According to Politicians
In an article for the web blog The Australian, Robert Gottliebsen discusses the caustic attacks being made on the SMSFs from all directions and believes that hard-hit industry funds and politicians holding vested interests should stop playing the dirty politics of spreading unfounded rumours.
How to Deal with Unworthy Financial Advice
In an article for the website Herald Sun, Jeff Kennett talks about the expanding need for financial advisers and why they will become an even more vital cog in the wheel in the future. This said, Kennett is convinced that the same advisers will have to be “specifically trained” in their jobs and be of unquestionable moral conduct.
Understanding In-house Asset Rules
A media release on the site of SMSF Professionals’ Association of Australia (SPAA) asserts why it is important for the SMSF trustees to understand the in-house asset rules profoundly and what exactly the rules are.
Lack of Retirement Savings Causes Baby Boomers to Return to Work
If you go through the Canberra Times, you will find an article by Julieanne Strachan that talks about a number of baby boomers returning to full-fledged or part time work because their Superannuation savings does not have enough legs to carry them through their post-retirement life.
