News

Property, Trusts

Unit trust loans may fail sole purpose test

trust loans sole purpose

Using loans from a unit trust to allow SMSF trustees to purchase property which is then secured by a mortgage is likely to breach the sole purpose test.

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ETFs

ETFs to increase presence in portfolios

ETFs SMSF portfolios

SMSF are likely to increase their exposure to ETFs as new research shows they are the favoured vehicle for many investors.

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financial advice

Full disclosure of review response certain

full disclosure advice review

A full disclosure of the government’s response to the Quality of Advice Review will be provided before it acts upon any of the resulting recommendations.

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Business News

Wishing you a Merry Christmas

Merry Christmas

The team at selfmanagedsuper wishes all of our readers a very Merry Christmas and a happy, healthy and prosperous New Year.

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ASIC, financial advice

Greater clarity from INFO 274

INFO 274 SMSF advisers

ASIC Information Sheet 274, which provides guidance on the provision of SMSF advice, should give advisers more certainty when discussing fund set-ups.

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Investments

SMSFs account for 20 pct of ETF investments

SMSFs ETF investments

SMSFs account for around 20 per cent of ETF investments, with that number growing as the ETF market heads toward 2 million investors.

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Superannuation

Super only for one purpose

superannuation retirement purpose

The government has declared its commitment to have the superannuation system provide for people’s comfortable retirement only.

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Auditing

Pay heed to auditor requests

SMSF auditor information

SMSF trustees should provide auditors with information they need to meet audit standards which demand high levels of compliance.

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Tax

CGT concessions a specialised field

CGT concessions advice

SMSF members using small business CGT concessions should seek specialist advice when doing so, regardless of the practitioner involved.

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ATO, Compliance

Voluntarily disclose unfixable problems

SMSF voluntary disclosure

SMSF trustees should not hide unfixable problems with their fund, but via voluntary disclosure inform the ATO before it finds the problem.

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