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SMSF practitioners and auditors have been told to carefully review the legal documents associated with their clients' 50-50 unit trust structures, as some professionals are in danger of attracting the attention of the regulator through the provision of potentially negligent advice in this area.
Speaking at a seminar in Sydney, DBA Lawyers director Daniel Butler said that while practitioners or auditors may not be constructing the constitution and documents of a unit trust themselves, they need to be aware that by recommending a unit trust strategy and putting forward particular documents for a client to use, they are implicitly stating to the client that the documents are fit for purpose.
Read the full story at SMSF Adviser.