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ASIC has warned SMSF promoters they will be heavily scrutinising any claims made about investment properties involved in the National Rental Affordability Scheme.
Yesterday, the industry watchdog stressed that it will be keeping an eye out for unlicensed promoters of SMSF products, as well as misleading advertising.
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“ASIC is aware that a number of SMSF promoters include misleading statements in their ads about the grants that may be available under NRAS,” the press release said.
“ASIC has seen ads stating that consumers can use their superannuation to purchase a property using the scheme and receive ‘$100,000 tax free’.”
ASIC commissioner Greg Tanzer said he wants legal and balanced messages to come from people recommending consumers invest using their SMSF.
“It is important that ads are clear, accurate and balanced, especially when consumers are looking for investments for their long-term retirement,” Mr Tanzer said.
“Consumers need to be cautious when presented with claims that appear too good to be true and should do their research before investing. Consumers should think carefully about how long they intend to hold the NRAS property, ensure they understand the income and capital potential of an NRAS property and satisfy themselves that it fits with their investment purpose.
“Those who recommend any form of investment through an SMSF must be authorised to do so under an Australian financial services licence and provide appropriate financial product advice that is in the best interests of investors.”
