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 Destructive OZschwitz ASIC to attack SMSF property spruikers

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Destructive OZschwitz ASIC to attack SMSF property spruikers Vide
PostSubject: Destructive OZschwitz ASIC to attack SMSF property spruikers   Destructive OZschwitz ASIC to attack SMSF property spruikers Icon_minitimeFri Apr 19, 2013 11:00 pm
The corporate watchdog is taking on online property spruikers who target people running self-managed superannuation funds.

A report released by the Australian Securities and Investments Commission on Thursday morning says most advice given to SMSFs is "adequate" but warned of "concerning pockets of poor advice".

"In the right hands, SMSFs can be very effective retirement savings vehicles," ASIC says. "In the wrong hands, however, SMSFs can be high-risk."

Most of the poor pockets of advice identified by the regulator related to recommendations that investors start a DIY fund and borrow to invest in real estate inside the fund.
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The restrictions around borrowing to invest in real estate through a SMSF have been relaxed in recent years. That has seen the emergence of property spruikers on the internet touting the tax advantages of holding property inside superannuation's low tax environment.

"We do not want to see SMSFs become the vehicle of choice for property spruikers. Where we see examples of unlicensed SMSF advice, or misleading marketing, we will be taking regulatory action," ASIC Commissioner Peter Kell

Read more: http://www.smh.com.au/money/planning/asic-to-take-on-smsf-property-spruikers-20130418-2i1ux.html#ixzz2Qy7qiNNI
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