News

ATO, Trusts

Class updates trust income reporting

Class Trust Tim Steele ATO MTAS Modernisation of Trust Administration Systems Trust Income Schedule SMSF Self-managed superannuation

Class has updated the trust income reporting capabilities in its software to bring it in line with new ATO standards that now apply.

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Estate Planning

State laws can compromise EPOAs

Enduring power of attorney EPOA SMSF Self-managed superannuation View Legal Matthew Burgess

Differences in the legislation of each Australian state can significantly impact the effectiveness of an EPOA an SMSF has in place.

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LRBA, Property

No LRBA changes for property upgrades

Limited recourse borrowing arrangements LRBA Self-managed superannuation SMSF capital improvements rental properties petition Jim Chalmers

The government will not change the existing rules on using limited recourse borrowing arrangements to allow for energy-efficient improvements on rental properties.

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ASIC, financial advice

Ex-adviser guilty of $6m fraud

ASIC Ben Jayaweera Growth Plus Financial Group SMSF fraud

A former Brisbane-based financial adviser has been convicted of defrauding investors out of nearly $6 million after convincing them to withdraw money from their SMSFs.

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ETFs, Investments

BlackRock to offer US Treasury ETF

BlackRock Australia US treasury ETF ULTB James Waterworth Tamara Stats

Months after offering an Australian government bond ETF, Blackrock will also release a similar vehicle focused on US government bonds.

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Business News

Vale Greg Bright

Financial services media Greg Bright

Financial services media entrepreneur, publisher and journalist Greg Bright has passed away aged 70, having shaped the trade press for several decades.

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SMSFA

New insurance partnership formed

SMSF Association BizCover Numerisk Partnership

The SMSF Association has joined with a broker and specialist insurance business to offer targeted cover to its members.

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Retirement, Tax

Set rules for CGT retirement exemption

Small business capital gains tax Retirement exemption CGT Contribution

Specific rules apply to individuals under age 55 who want to take advantage of the retirement exemption under the small business CGT concessions.

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Property, Tax

GST a must for high-yield properties

GST Goods and services tax Yield Commercial property Registration

SMSFs holding commercial property generating over $75,000 in rent must register for GST, while those not required to should carefully assess the benefits and costs of doing so.

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ASIC, Superannuation

Super sector in ASIC’s sights

ASIC superannuation Corporate plan SMSF Establishment advice

The superannuation sector’s handling of retirement outcomes will be an area of focus for ASIC, which has also committed to review SMSF establishment advice.

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