I feel like a lot of the people here do not know the strict regulations that Self-Managed Superannuation Funds have - and the fact that they are mandatorily audited each year.
There has been an increased focus by the ATO, and subsequently - auditors, of SMSFs in terms of
- Ensuring that their investment strategy is up to date and relevant - they need to consider a whole range of items to ensure that it is appropriate for their risk profile. - Determination of if a Company is an in-house asset, and that the value of the investments (if they are in house assets) cannot exceed more than 5% of the assets in the SMSF.
The fact that he is a director of a publicly listed ASX company will, alone, make the ATO have a closer eye on his affairs.
In my opinion - the reasons for his sale does make sense - particularly if his own 2021 Income Tax Returns may have been finalised (and audited by the Auditor) - bringing these issues to light to him.
AVZ Price at posting:
74.5¢ Sentiment: Hold Disclosure: Held
