The SMSF Association has welcomed the introduction of an industry funding model for the Australian Securities and Investments Commission (ASIC), labelling the move a positive for the SMSF sector.

Amendments to the federal government’s treatment of limited recourse borrowing arrangements (LRBA) and transition-to-retirement income streams (TRIS) under the incoming superannuation changes passed through both houses of Parliament last week.

The Australian Securities and Investments Commission (ASIC) has eliminated an anomaly in the exempt services rules regarding tax advice that will now enable Australian financial services (AFS) licensees to comply.

The incoming superannuation rules will impact on a significant percentage of SMSFs, with baby boomers and older members of gen X to be hit hardest by the changes, the latest analysis from Class has revealed.

Treasury has released draft legislation indicating how SMSF assets being held under a limited recourse borrowing arrangement (LRBA) will be included against a member’s total superannuation balance.

A potential federal budget measure granting retirees an exemption to the $1.6 million transfer balance cap and $1.6 million total super balance rules for downsizing by selling the family home has been backed by the SMSF Association.

The impending implementation of the new super rules should be the catalyst for advisers to encourage SMSF members to switch from a transition-to-retirement (TTR) income stream to an account-based pension, a technical specialist has said.

Treasury’s last minute proposal to count assets under a limited recourse borrowing arrangement (LRBA) towards an individual’s super balance and transfer balance cap will leave financial advisers exposed to risk if legislated.

The federal government’s next exposure draft legislation, which will determine whether assets held under a limited recourse borrowing arrangement (LRBA) will be counted towards an individual’s total superannuation balance and transfer balance cap, is creating nervousness across the industry because it could result in more complex issues to work through.