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A WA-based firm has now received orders from the Federal Court of Australia to wind up, after it was found to be pushing SMSFs to its client base.
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Marching orders for firm as Fed Court brought in
13 March 2018
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The orders apply to Western Australia-based firm, Superfunded, after having making the application for the appointment of Deloitte as liquidator in February.
It also follows the corporate regulator obtaining interim injunctions in the Perth Federal Court late last year against the firm, its sole director Max Goldenberg and its sole shareholder Travis Goldenberg.
ASIC’s investigation to the matter is ongoing, and in the meantime commissioner John Price has issued a warning to the marketplace.
“This case serves as a reminder to consumers approached to set up SMSFs, to take care to ensure they are not being drawn into schemes that may involve illegal early access to superannuation," Mr Price said.
SMSF establishment has been a principal focus of both ASIC and the ATO when it comes to monitoring the SMSF sector.
In a bid to target unlicensed SMSF advice on establishment, as well as other matters, ASIC is currently reviewing the findings of the shadow shop investigation. Its data gathering process included contacting various SMSF professionals to collate information on the set-up process of hundreds of funds.
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The ATO also contacts SMSF trustees upon establishment of their SMSF to assess suitability and identify at-risk candidates.
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