The Association of Superannuation Funds of Australia (ASFA) has called for property spruikers and SMSF set-up advisers to be subject to AFSL conditions.
In a statement issued yesterday, ASFA said the licensing – or lack thereof – of the SMSF sector is a major concern, given reports of SMSF members being “offered luxury international holidays in exchange for buying property through their fund”.“For some time now, ASFA has been concerned about the growing number of people being targeted by schemes which offer attractive incentives up front at the expense of good retirement outcomes down the track,” said ASFA chief executive Pauline Vamos. “Such schemes run the risk of falling foul of the sole purpose test that applies to all SMSFs. As well, provision of large incentives indicates that a property is not being sold at a fair market price.“With more and more people entering the SMSF sector each day, it's critical the regulators address the growing concern the community has around its governance, and ensure professionals working in this area are licensed appropriately.”
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