NMPE ReVue – Tuesday, December 12

Alex Burke,  Senior Writer,  No More Practice Education

ATO cracks down on SMSF schemes

The ATO has issued a warning concerning SMSF schemes promising to let people withdraw their super early.

"As the regulator of the super system," warning said, "the ATO is taking action to shut down promoters who tell people they can gain access to their super before they are eligible to by setting up a self-managed super fund, which is illegal."

The statement referred to a specific instance where the ATO recently took action against someone who wasn't a registered tax agent or financial adviser. They'd worked to help establish SMSFs for 68 individuals, most of whom weren't legally entitled to early withdrawal.

"The ATO took immediate action to shut down the scheme," the warning explained, "with an interim injunction to stop the woman from promoting it further. The court ordered a financial penalty of $220,000 and she received an injunction that bans her from setting up SMSFs for a further seven years."

FASEA recruits adviser

Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume has appointed Will Hamilton to the FASEA board.

Hamilton is the managing director of Hamilton Wealth and held previous roles including general manager wealth services at NAB, head of private wealth management at Goldman Sachs JBWere and managing director of Deutsche Securities Asia.

"This appointment will continue the high level of skills and experience available to FASEA," Hume said, "to help ensure that the key sectors of our economy are effectively regulated."

 


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