subscribe to our newsletter
ATO warns on SMSF ‘boiler room sales tactics’

ATO warns on SMSF ‘boiler room sales tactics’

16 October 2014 — 1 minute read

The ATO has expressed concern about SMSF trustees being faced with boiler room-type operations, involving telemarketers and high-pressure sales tactics.

In a statement released last week, the ATO said such tactics are being used to coerce investors to invest in artwork at inflated prices, while promising inflated rental returns on these investments.

The ATO is encouraging trustees to seek an independent opinion when purchasing assets such as artwork to avoid any valuation pitfalls.

“The value of complex asset classes such as artwork and collectibles can be very subjective in nature. There have been concerns raised with the ATO about how some of these assets are being valued in the marketplace,” the ATO stated.

“A valuation of assets is required to confirm your SMSF has complied with relevant super laws. Asset valuation is a key component in preparing meaningful SMSF financial reports and it can have an impact on members' returns.”

ATO warns on SMSF ‘boiler room sales tactics’
smsfadviser logo
join the discussion

Do you think the government should reinstate the accountants’ exemption for SMSF advice?


Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super