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  1. SMSFs met with ASIC caution

    Pty Ltd and Foscari Holdings Pty Ltd, which have each operated a land banking scheme in Victoria, ASIC said in a statement last week. The two land banking schemes are known as Hermitage Bendigo (formerly Acacia Banks) and Foscari. According to ASIC,...

  2. SMSFs ‘outperform big super funds by record margin’

    outperformed APRA funds in some financial years and this now includes 2021-22.” He said a disparity with data from the ATO last week that put the median SMSF return for 2021–22 at -1.8 per cent (against -1.0 per cent in the Adelaide study) came down to...

  3. SMSFs 'without a doubt' behind CPA's move to advice

    a key driver of CPA’s entry into financial advice, according to an SMSF consultant and former Macquarie Group director. Late last week, CPA Australia announced it was to establish a new wholly-owned subsidiary to provide independent financial advice to...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Super

  4. SMSFA says it is time for government to take Div 296 ‘off the table’

    with industry on a solution to the problem the government is trying to solve. This is all that we’ve been saying over the last few years.” Burgess said the SMSFA has been a “thorn in the side of the government” since the tax proposal was released and he...

  5. SMSFA laments ‘accountants out in cold' in QAR reforms

    under the scheme at the end of November. “Increasing licensing costs, ASIC adviser levies and now the compensation scheme of last resort will see this cohort continue to exit advice at a time when more licensed advisers are urgently needed. Put simply,...

  6. SMSF, investment property spruiker faces court order

    facilitate the purchase of investment properties in Australia without holding an AFSL. ASIC commenced legal proceedings late last year, alleging that Mr Gardner had recommended specific properties for development to clients; recommended specific...

    • Type: Article
    • Author: Reporter
    • Category: Super

  7. SMSF trustees look beyond planners

    around newer investment vehicles such as ETFs and listed investment companies. The planners surveyed indicated that in the last 12 months, 12 per cent of the SMSF funds they had advised on had been invested in ETFs, up from 11 per cent in 2018 and 10...

    • Type: Article
    • Author: Sarah Kendell
    • Category: Super

  8. SMSF trustees at risk following budget

    loans compliant by 30 June this year are at risk of being “badly caught out” by one of the government’s budget measures. In last week's budget, the government proposed introducing a $500,000 lifetime cap for non-concessional contributions to...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Super

  9. SMSF sector cautiously optimistic Div 296 battle has been won

    to MPs and senators about why this tax is unfair, unprecedented, and unnecessary.” Panagis said that with Parliament's last sitting day before the 25 March budget now concluded, time is running out for the government to pass the bill before the next...

  10. SMSF scam investigation sees call centre raided

    fraud in 2021 alone. In comments provided to the ABC, ASIC deputy chair Sarah Court said that ASIC had written to AMP last year alerting it to the potential misuse of Australian Securities Administration Limited’s name and Australian Financial Services...

  11. SMSF regulation ‘not all bleak’ for accountants

    “Hand in hand with the increase in the compliance burden has come the largest and most complex legislative changes in the last 10 years. Two super reform bills have come through; they introduced about 12 different measures, most of which begin in July...

  12. SMSF member limit increase bill introduced

    to support it, the measure is still very much “up in the air”, says a technical expert. In the lead-up to the federal budget last year, the government announced plans to increase the limit on the number of members allowed in an SMSF from four to six....

  13. SMSF loans set as election battleground

    cash refunds for excess dividend imputation credits has been a divisive election issue since it was announced in March last year, SMSF borrowing is another issue fuelling debate between Treasurer Josh Frydenberg and shadow treasurer Chris Bowen, more...

  14. SMSF industry welcomes halving of minimum pension for FY22-23

    chief executive Peter Burgess said. The move, which extends the temporary reduction until June 2023, was reported late last week by Nine News. The Morrison government first introduced a reduction in the minimum annual payment required for account-based...

  15. SMSF industry rallies support for specialist with cancer

    and tax agent Brooke Hepburn-Rogers, 41, was diagnosed with Stage IV Gliosarcoma, an incurable brain cancer, in October last year. The founder and managing director of Canberra-based Foxton Financial has undergone seven weeks of radiation and 10 weeks...

  16. SMSF firm forks out $7.2m to resolve ASIC court proceedings

    alleged failures to act in the best interest of clients when providing investment advice to SMSF clients back in September last year. This action relates to financial advice given to eight sample clients, who were advised to invest in the US Masters...

    • Type: Article
    • Author: Reporter
    • Category: Super

  17. SMSF crypto assets soar to over $1bn

    the asset class from SMSF investors with the company set to add cyrptocurrency to its investment platform later this year. Last month, Crypto Tax Calculator chief executive Shane Brunette warned SMSF investors on the importance of undertaking thorough...

  18. SMSF clients take a hit as more lenders exit

    loan to value expectations, as foreshadowed by specialist brokers like Thrive Investment Finance's owner Samantha Bright last year. Most recently, Ms Bright said off-the-plan purchases are becoming increasingly difficult to finance, with lenders either...

  19. SMSF audits set for change

    transactions have occurred, chief executive of Engage Super Audits Jo Heighway said at a SPAA state chapter event in Sydney last week. “That means effectively our advice is almost way too late to even be relevant to anybody. Real-time information is...

    • Type: Article
    • Author: Katarina Taurian
    • Category: Super

  20. SMSF auditors urged to proactively identify SAN misuse

    numbers had been identified as an ongoing area of concern with the ATO and the TPB, with 74 tax practitioners singled out last year over such misuse. Last month, a Perth-based tax agent saw his registration terminated after he was found to have lodged...

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