au iconAU



Professionals warned on traps of certain unit trusts

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.

Professionals warned on traps of certain unit trusts
smsfadviser logo

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.

Subscribe to Public Accountant

Receive the latest news, opinion and features directly to your inbox