The AFR reports this morning that Self Managed Super Fund (SMSF) Investors are in the sights of a Federal Government review and crackdown.
SMSF investors are seen as having access to extra “perks” that other superannuation investors don’t get and the AFR reports it’s a confluence of this extra perks element, the removal of the accountants’ exemption – which meant accountants could give limited advice – and concerns about property spruikers which is driving the renewed focus on the SMSF sector.
ASIC and the ATO are involved and it seems the sheer size and rate of growth in the sector are also a big part of the review. The AFR reports that ATO figures show that between 2008 and this year, SMSF’s in Australia grew from around 375,000 to more than 500,000.
SMSF investors you have been warned.
YOu can read more here