News

Most trustees unaware of QAR

June 8, 2023

Over half of SMSF trustees recently surveyed have indicated they have no awareness Michelle Levy’s Quality of Advice Review took place.

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Administration

AMP to sell SuperConcepts

June 8, 2023

Jason Spits

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

June 8, 2023

Jason Spits

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

June 8, 2023

Todd Wills

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

June 7, 2023

Darin Tyson-Chan

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

June 7, 2023

Todd Wills

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

June 7, 2023

Jason Spits

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

June 7, 2023

Todd Wills

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