News

LRBA, Superannuation

LRBA guarantees may trap the unwary

SMSF guarantees LRBA

SMSF members with personal guarantees for an LRBA should be aware any COVID-19-driven payments may be considered as contributions unless properly recouped from the fund, according to a legal expert.

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Regulation

ATO sees TBC review as unlikely

Transfer balance cap review

The government is unlikely to review the transfer balance cap in the short term in response to the coronavirus’s effect on SMF asset values, the ATO has said.

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Administration, Compliance

Funds must justify rent relief for tenants

SMSF Rent relief

Trustees must provide commercial justification on behalf of their fund for any rent relief arrangements with tenants unable to pay rent because of the COVID-19 pandemic, an SMSF technical expert says.

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ASIC

ASIC permanently bans SMSF adviser

ASIC ban SMSF adviser

ASIC has permanently banned a former-Adelaide adviser from having any involvement in financial services and credit activities.

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Education, FASEA

One quarter of all advisers pass FASEA exam

FASEA exam

The latest FASEA exam results show a further 1800 advisers have passed, increasing the total number to more 25 per cent of all advisers.

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Investments

Downturn not deterring investors yet

downturn investors

Retail investors have chosen to ride out the recent market downturn, but remain less than optimistic about long-term growth and government debt.

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Business News

La Trobe assists with COVID-19 treatment

La Trobe Financial coronavirus

Epworth Hospital has received a $1 million donation from La Trobe Financial to enable the purchase of more ICU equipment to treat individuals infected with the coronavirus.

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ATO, Documentation

ATO to tailor lodgement deferral

SMSF return lodgement

The ATO has revealed its compliance approach to SMSFs requiring a time extension for their annual return lodgement obligations.

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Superannuation

Bankruptcy preferable to illegal early release

bankruptcy illegal early release

Trustees looking to raid their SMSFs to prop up a small business would be better off facing bankruptcy than the consequences of illegal early release, according to a legal expert.

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ASIC

SMSF property promoter jailed for 10 years

Charterhill SMSF property promoter

Charterhill Group director George Nowak has been sentenced to 10 years’ imprisonment for aggravated deception and dishonest dealings with documents.

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