Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
ASIC is concerned about speculative warning signs in the Australian share market
Many Australian have entered the Australian share market for the first time in recent months looking to make a quick buck. Significant amounts of retail money has been flowing into Australian companies at speculative valuations that have never reported a profit. Much of this buying has been encouraged by social media platforms resulting in some smaller stocks tripling or quadrupling in size. ASIC has become so concerned it contacted a number of stockbroking firms, expressing their concerns.
ASIC data shows that retail investors that held stocks for just one day, over the period 6 April 2020 to 12 June 2020 suffered combined net losses of $74million, while over the same period the Australian share market increased by 16%. Retail investors should seek the advice of qualified Financial Advisors, prior to investing their hard earned money into speculative investments they may have little experience with.
“There’s a better way to do it. Find it” – Thomas Edison.