In the light of the recent news about ASIC conducting a detailed enquiry into CommInsure regarding irregularities of payments to several terminally ill customers and loose definitions of conditions of release around critical illness,
Negative gearing has been prevalent in Australia since 1936 when the Federal Government introduced it in its Income Tax Act. It has very easily been one of the most potent tax planning strategies for the rich and middle class income earners.
Though it has been under Superannuation Industry (Supervision) Act (SIS), imperative for Trustees to actually have an Investment Strategy, it has been noticed that many of the SMSFs do not actually have an investment strategy.