SMSF offshoring issues to worsen amid COVID-19

Discussion in 'Superannuation, SMSF & Personal Insurance' started by JohnPropChat, 20th Apr, 2020.

Join Australia's most dynamic and respected property investment community
  1. JohnPropChat

    JohnPropChat Well-Known Member

    Joined:
    10th Sep, 2015
    Posts:
    2,188
    Location:
    Middle Earth
    Terry_w likes this.
  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    15,067
    Location:
    Sydney
    Some major companies are being smashed as they cannot now perform the tasks needed onshore with the closoure of their offshore options eg Foxtel customer service is almost non-existent. Telstra too etc. And they committed to closing down their local offices and lost all the skills and knowledge. Serves them bloody right. The cheap option will cost them in multiples.

    And the same must be said of SMSF administration. Chasing costs down to the bottom will now smash them and the realities of complying to acceptable stanards has to be funded. The only way they priced it cheap was to pay third world people and cut costs.

    The TPB and ASIC have already put practices on notice about this and it shouldnt surprise a single trustee as they should already be 100% aware that their work is being completed offshore. If not its already a breach. But not all are honest so its time for the bottom feeders to face the consequences.

    I know a guy who knows offshoring very well, he knows the Phillipines well and described the situation of the outsource firm now needing to allow staff to remotely work. Three generations of family crammed into a small space with client documents on show etc Its a fraud waiting to happen. Imagine your bank statements or Commsec accounts and HIN etc are sitting on the kitchen table. Or the title info for your newly acquired property.
     
    cberg86 and JohnPropChat like this.