In Tax payer Aware 2012/7 the Australian Taxes Office warns SMSF Adviser trustees & financial adviser to work out due diligence and proper care. If a improperly executed investment decision leads to contraventions of the SIS Act the trustee may encounter disqualification, justice and penalties notwithstanding the trustee’s lack of participation in the transaction. Further, the SMSF Adviser may be made noncomplying, which means that the revenue and the market value of the assets will be subject matter to 45% tax.
- The funding and the headline of the property is held in the individual’s name.
- The headline of the property or home is held by the SMSF trustee not the trustee of the retaining trust
- The Self Managed Superannuation Fund (SMSF Adviser) trustee gets a household property from the SMSF participant.
It is highly recommended, given the above, that specialized advice is sought prior to joining into superannuation investment methods.
For more advice on making an investment in a SMSF, please make contact with Peter Quinn here at Quinns by posting an online enquiry or call us on 9580 9166 to book an free appointment.
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