About the SMSF - Why You Need a Product Disclosure Statement

There is now a requirement on trustees of Self Managed Superannuation Funds to provide a Product Disclosure Statement to the members.

There has been a lot of talk in the profession about whether professional advisors are also liable if there is no Product Disclosure Statement. The new obligation seems quite unfair because all the trustees are also the members of the SMSF. For accountants, advisors, lawyers and administrators to be also exposed for no Product Disclosure Statement is grossly unfair. The law should be changed to stop any exposure to these professionals.

Our superannuation team at Brett Davies Lawyers have provided a technical paper on these topics.

This paper looks at two issues. Do the trustees of a Self Managed Super Fund need to provide a Product Disclosure Statement to themselves? Secondly, does the PDS also protect the advisor, accountant, lawyer and other persons providing administration support to the SMSF?

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