Retirement
Financial adviser, business face court for alleged SMSF misappropriation
Retirement
Financial adviser, business face court for alleged SMSF misappropriation
A Queensland financial planning business is facing court for allegedly using SMSF client funds for private purposes.
Financial adviser, business face court for alleged SMSF misappropriation
A Queensland financial planning business is facing court for allegedly using SMSF client funds for private purposes.

According to the Australian Securities and Investments Commission (ASIC), Refocus Financial Group, former financial adviser Brett Andrew Gordon and his partner Heather Jane Swift, director of Consultia Super, allegedly used funds loaned by SMSFs for private use.
Between 28 June 2014 and 26 August 2017, ASIC alleged that Mr Gordon and Refocus, as authorised representatives of Solar Financial Advisory, encouraged clients set up SMSFs and make unsecured loans to a related company, Diverse Capital Management, to undertake a property development.
The regulator alleged that at least 10 clients loaned $1.4 million to Diverse based on Mr Gordon’s advice. However, those funds, which remain outstanding, were used as working capital for Refocus and for Mr Gordon’s personal use.
Ms Swift also allegedly received and used funds from Diverse for personal use.

Additionally, Mr Gordon is accused of providing continued financial services despite not being licensed.
ASIC, which has begun proceedings against the parties in the Supreme Court of Queensland, is seeking to appoint a liquidator for Refocus and Consultia. Diverse was placed into liquidation in May.
The regulatory also wants to stop Mr Gordon and Ms Swift from using their assets and prevent Mr Gordon from providing financial services.
The Supreme Court in Brisbane will hear the matter on 11 July, while ASIC’s investigation continues.

Self managed super fund
Industry leaders launch SMSF Innovation Council to drive digital transformation
A consortium of finance industry leaders has launched an SMSF Innovation Council to help Australia's $1.02 trillion self-managed superannuation fund industry navigate digital transformation. Read more

Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more

Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more

Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more

Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more

Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more

Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more

Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more

Self managed super fund
Industry leaders launch SMSF Innovation Council to drive digital transformation
A consortium of finance industry leaders has launched an SMSF Innovation Council to help Australia's $1.02 trillion self-managed superannuation fund industry navigate digital transformation. Read more

Self managed super fund
Superannuation guarantee to be paid on government paid parental leave, says ASFA
The Association of Superannuation Funds of Australia (ASFA) has hailed the government's decision to include Superannuation Guarantee payments with its Paid Parental Leave policy as a critical step ...Read more

Self managed super fund
SMSF experts advise against hasty reactions to potential super tax changes
As the Australian Government proposes a new tax measure on superannuation earnings for balances exceeding $3 million, experts from the self-managed super funds (SMSF) sector are urging members not to ...Read more

Self managed super fund
Federal government announces changes to superannuation contribution caps
The Federal Government has announced changes to the superannuation contribution caps, impacting self-managed super funds (SMSFs) and their members from 1 July 2024. Read more

Self managed super fund
SMSF Association calls for joint effort to tackle early super access
The SMSF Association is calling on a collaborative approach including the Government, the Australian Taxation Office (ATO), the Australian Securities and Investments Commission (ASIC), and the ...Read more

Self managed super fund
Rest Super members file class action over alleged insurance premium deductions
Shine Lawyers has initiated a class action lawsuit against Rest Superannuation (Rest), alleging the unlawful deduction of income protection insurance premiums from members' superannuation accounts. Read more

Self managed super fund
Debunking a superannuation tax myth: SMSF Association clarifies the impact on Aussie farms
In the ongoing debate about a proposed new tax targeting superannuation funds exceeding $3 million, the SMSF Association has stepped in to challenge claims from the Association of Superannuation Funds ...Read more

Self managed super fund
Is an SMSF right for you?
When it comes to planning for retirement, one of the most significant decisions Australians have to make is how to manage their superannuation. Read more