SMSF clients can complicate wholesale designation

by

Ed.

From www.smsfadviser.com: Financial advisers and accountants face challenges in classifying SMSF clients as wholesale clients due to complexities in the rules surrounding income and assets eligibility tests.

The classification depends on whether the SMSF has a corporate or individual trustee structure, with significant implications for compliance and protections afforded to clients.

Legal uncertainties, particularly regarding SMSFs with less than $10 million in assets, highlight the need for caution before making classification decisions.

Filed under: Professional Practice, Superannuation

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