News

Property

Agency agreement central for building work

SMSFs related-party builder

SMSFs can use a related-party builder for construction work, but must have clear arrangements around the purchase of materials and terms of the contract.

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ASIC

Adviser banned for early release advice

Adviser banned early release

ASIC has banned an adviser who recommended clients use an SMSF to gain illegal early access to their superannuation.

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Appointments

Class names four new general managers

class general managers

Class has announced the appointment of four new general managers for its range of products.

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ASIC, Property

ASIC stops property investment promotion

ASIC property investment

ASIC has placed a stop order on a property investment pitched at SMSFs over concerns its performance figures were misleading or deceptive.

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Contributions

Work-test-led strategies unique

contribution strategies

Contribution strategies for people aged between 67 and 75 are different and advisers need to consider several matters before recommending them.

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Documentation

Lease agreement absence potentially disastrous

lease agreement SMSFs

The absence of a lease agreement for SMSFs renting property to a related party could have a disastrous impact on the fund’s compliance with superannuation laws.

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SuperStream

Simple SuperStream errors avoidable

SuperStream compliance errors

SMSFs are breaching SuperStream compliance rules for simple avoidable reasons stemming from a lack of understanding of the rollover process.

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Technology

New compliance platform released

SuperCentral compliance platform

Advisers and accountants have been provided with a new digital compliance platform, giving them access to a range of wealth management documents.

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Administration, SuperStream

Flagging SuperStream breaches vital

SuperStream breaches

SMSFs should document why outgoing rollovers may not be compliant with SuperStream rules to mitigate the possibility of penalties.

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Investments

Trustee expertise must fit under rules

trustee investment expertise

Trustees can use their own expertise to formulate an investment strategy, but still have to provide reasons for any large positions they may hold.

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