Regulators crack down on 'free' SMSF services

ASIC AND the ATO are cracking down on SMSF services that are advertised as ‘free’ but end up locking trustees into long-term contracts.

ASIC AND the ATO are cracking down on SMSF services that are advertised as ‘free’ but end up locking trustees into long-term contracts.

Speaking at the Financial Advice in Super Symposium in Melbourne last month, ATO director of SMSF regulatory and income tax products Nathan Burgess warned against the proliferation of such services on the internet.

“ASIC are looking to a few people who have advertised [an SMSF service] as free, but when [the trustee] books in to it they are signing up for a long-term service contract that is going to cost them a lot of money,” said Mr Burgess.

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