The Bank of Queensland has reportedly defended the self-managed super fund (SMSF) sector, saying it has been incorrectly blamed for house price appreciation.
The Australian Financial Review reports comments from Bank of Queensland general manager of wealth management Tony Cahill, who pointed out that residential property has been declining as a percentage of SMSF assets for about three years.
“When you look at the ATO [Australian Taxation Office] statistics, commercial property dominates residential property,” Mr Cahill said of SMSF assets, according to the AFR.
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Bank GM points out in report SMSFs much more interested in commercial property.
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