Property firm hit for false super claims

The director of Consumer Affairs Victoria has accepted an enforceable undertaking from a property investment company that made false claims related to investing in a superannuation fund. Earlier this month, Consumer Affairs announced that it had accepted an enforceable undertaking from Melbourne-based Accrue Property. Consumer Affairs found that Accrue made several false or misleading statements…

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SMSF industry continues to grow, according to ATO statistics

According to statistics released by the ATO on 17 December 2014, the number of self-managed super funds (SMSFs) has increased by 29% to 534,000 in 5 years and with total assets growing to $557bn. The statistics are featured in the ATO’s report entitled, Self-Managed Superannuation Funds: A Statistical Overview 2012-13.   “SMSFs account for 99 per cent of…

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SMSF property firm pays penalty for potentially misleading statements

SMSF Property Capital has paid a $10,200 penalty to comply with an infringement notice from the corporate regulator, after making potentially misleading statements about ASIC-approved financial products. “ASIC takes the misuse of language such as ‘ASIC endorsed’ or ‘ASIC approved’ very seriously, especially in the area of SMSFs,” said ASIC deputy chairman Peter Kell. “Creating…

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