News

Administration

AMP to sell SuperConcepts

AMP SuperConcepts

AMP has agreed to sell SuperConcepts to a private management group headed by a former CountPlus executive in a cash deal valued at $8 million.

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ASIC, Property, SMSF

Unlicensed SMSF property scheme wound up

unlicensed SMSF scheme

The Federal Court has ordered an unlicensed SMSF investment scheme to be wound up and a lifetime ban from managing corporations for one of its directors.

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Insurance, SMSF

Trustees urged to review disability cover

trustees disability insurance

Trustees choosing not to purchase permanent disability insurance due to cost-of-living pressures should be reminded they can purchase it via their SMSF so as to not lose their cover.

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Superannuation

SMSFs reject $3m soft cap

SMSF members $3 million tax

A recent sector survey has found nearly half of SMSF members believe the proposed $3 million soft cap is a bad policy initiative.

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Compliance, NALI/NALE, SMSF

NALE penalty appropriate, but needs clarity

NALE penalty level

The update to the NALE penalty in the 2023 federal budget is a reasonable approach, however, further clarification is needed on what defines a NALE compliance breach.

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Administration, Compliance, SMSF

Rollover objections cannot be ignored

SMSF rollover objections

SMSF trustees cannot ignore a member’s objection to a rollover and should seek legal advice even if the trust deed allows for the transfer.

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ASIC, Compliance, SMSF

ASIC takes action on SMSF advice

ASIC SMSF rollover

ASIC has penalised two individuals for acting against their clients’ best interests when persuading them to transfer their superannuation funds into SMSFs.

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AFCA, Compliance, financial advice, Investments, SMSF

Wholesale advice must be exclusive

wholesale investors advice

Practitioners must ensure they are not exposed to the compliance requirements for retail clients if they are purely servicing wholesale investors.

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Contributions

Leave contributions buffer to prevent breach

contributions buffer breach

SMSF members should be aware maximising contributions will create a breach if other monies have entered their fund but not properly recorded.

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ASIC, Auditing, SMSF

ASIC deregisters more auditors

SMSF auditors registration

ASIC has cancelled the registration of nearly 30 SMSF auditors for failing to lodge annual statements, pushing the number of cancellations past 400 for this year.

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