Monthly Archives: January 2016

Adviser or Broker?

ASX listed equities are statistically the most common asset in an SMSF and this is reflected in the hundreds of SMSF accounts I review each year. A common question I ask my clients is “do you have an adviser or a broker?”

I get mixed answers to this question. Some brokers call themselves advisers but only provide investment advice, occasionally investment research or IPO access and execute trades.  Some brokers act purely on an ‘execution only’ basis – they solely action share trades on behalf of trustees.

My point is that these traditional style brokers have their place, but they are very different to a financial adviser that provides broad advice across your overall financial life. This means that sometimes you can miss out on key strategic advice or truly getting the right advice that suits your needs because your ‘adviser’ is purely focussed on your investments – not you as a person!

In the day to day administration of our client’s super funds we sometimes have to ask trustees questions in relation to structure,


Collectibles – time to act

Collectibles and changes from 1 July 2016

Does your SMSF own artwork, jewellery, coins, vintage cars, wine collections or antiques to name a few of the major items deemed collectibles?  If these items were purchased before 1 July 2011 you might not be aware that significant changes are taking effect from 1 July 2016.

From 1 July 2016, any collectible owned by an SMSF must adhere to the new rules:

  • The collectibles are not to be stored at the SMSF trustees residence;
  • SMSF trustee or a related party is not permitted to lease or use any of the collectibles;
  • The collectible MUST be insured by its’ own separate policy;
  • Document and minute the storage decision by the trustees;
  • If the collectible is to be sold to an SMSF trustee or related party then a valuation by a qualified independent valuer must be sought to determine the market value.