Financial services investment management and education group Wealth Within has launched a new investment platform which allows SMSFs to gear into direct property.
The Global One platform allows for SMSF gearing by acting as the bare trust for the fund, as well as offering SMSF compliance services.
“Any entity can buy into property off the platform but it supports SMSFs, so it eliminates the need to have to set up a separate bare trust,” Wealth Within executive director Lea Zerbes said at the platform’s launch this week.
The platform can also hold direct property in custody, allowing for valuations to be performed, Ms Zerbes said.
“Property trusts have to value at 30 June every year and it’s no different for us,” she said.
“Everyone says it can’t be done, we just had to work out the workflows to work out how it can be done. Nothing can’t be done on a platform or in technology.”
Wealth Within will also be rolling out an education program to coincide with Global One’s release, with a focus on SMSF borrowing both for advisers and their clients.
“If we were going to be introducing a new product advisers hadn’t dealt with on the platform before, we felt it was really important that they were educated on what the responsibilities are for the trustee.
“If they want to pass that on to their client under a white label… they can brand the information.”
The Global One platform has been in development for several years and is based on adviser feedback, with approximately 1,800 planner principal agreements already formed and 4,000 SMSF accountants also targeted, the group stated at its launch.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 26 Sep 2017ATO set to add new items to SMSF watch listBy Katarina Taurian
- 26 Sep 2017ATO tipped to scrutinise property development and unit trustsBy Jotham Lian
- 26 Sep 2017Statistics reveal full impact of events-based reportingBy Staff Reporter
- 26 Sep 2017Tax advice exemption discrepancy driving away accountantsBy Jotham Lian
- 26 Sep 2017Consultant flags strategies to negate complex ECPI calculationsBy Miranda Brownlee
- 25 Sep 2017Survey results point to major concerns with new reportingBy Miranda Brownlee
- view all
- ATO tipped to scrutinise property development and unit trusts
One big four accounting firm says the ATO has started to zoom in on property development in unit trusts being held in SMSFs and the calculat...read more
- Statistics reveal full impact of events-based reporting
Analysis conducted by SMSF software provider BGL Corporate Solutions has indicated that around 290,000 SMSFs will be affected by the events-...read more
- Tax advice exemption discrepancy driving away accountants
A discrepancy in ASIC’s treatment of licensed and unlicensed accountants in relation to the tax advice exemption instrument is driving acc...read more
- view all