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July saw the RBA deliver a further cut to the cash rate, US Fed Reserve lower interest rates for the first time in 11 years and Boris Johnson take office as the UK Prime Minister.
The month of June saw trade conflict between the US and China hold up as another temporary trade truce was formed. The RBA delivered its first move in its monetary policy since August 2016. Commodities continued to surge, with all major asset classes delivering positive returns for the final month of the financial year.
SMSFs are treated differently from other superannuation funds in a number of legislative and regulatory ways and in order to qualify for this different treatment, which is generally more concessional, an SMSF must meet a set of conditions above those that all superannuation funds are required to satisfy. These conditions can be found in section 17A of the SIS Act.
If your clients are considering becoming a Self-Managed Super Fund (SMSF) trustee, having an understanding of how managed accounts work, and the role they can play in an investment portfolio, may help you in providing better advice.