Is your SMSF adviser reliable?
Lobby group Superannuation Australia says that only accountants and financial advisers should be able to advise clients about purchasing property using Self-Managed Super Funds (SMSF).
The group said restricting who could give advice was the only way to protect SMSF clients from misinformation.
Superannuation Australia is a subsidiary of Taxpayers Australia, a group that lobbies to change and simplify national tax laws.
Superannuation Australia spokesman Reece Agland said SMSF clients needed the security of knowing their advisers were professionally trained and reputable.
He said only accountants and financial advisers had the proper training required to advise SMSFs and that only practitioners with proper training should be allowed to advise SMSF clients.
He said accountants were subject to professional standards and had professional indemnity insurance.
However others have criticised accountants for not having the specific knowledge of SMSFs required to deliver the best advice.