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12 Nov 10 On the giving of tax advice

MEMBER 339 writes:

"Members will be pleased to learn of an email I received this week from a Real Estate Agent. It reads in part:


We are now offering free set up costs for self managed super funds.

Advantages of self managed super in relation to property investments are:-

1. No capital gains tax when the investment property is sold after age 55.
2. Funds transferred from your existing super for the deposit.
3. 15% tax on profits from the investment.'

Also, apart from the obvious errors, I'm sure all accountants are thrilled at the prospect that the ability to advise clients on the setup of Super Funds has been taken away from us and we've now been replaced by those ethical all knowing all disclosing Real Estate Agents.

This is another disaster waiting to happen, and we'll read all about it in about 10 years time where, with the benefit of hindsight, the law makers are going to concede that maybe it wasn't such a good idea after all.

To be fair, the email also encouraged people to seek their own financial advice."

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