News

ETFs, Investments

Global X to release bank credit ETF

ETF Bank credit Global X Marc Jocum Evan Metcalf

Global X will launch Australia’s first ETF that combines senior bonds, subordinated bonds and hybrid securities.

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Legislation, Regulation, SMSF

Residency rule change may be closer

Residency SMSF Self-managed superannuation Active member test Safe harbour

The proposed changes to the superannuation residency rules first put forward in 2021 may be closer to coming to fruition.

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Documentation, Regulation, SMSF, Trusts

New trust reporting requirements for SMSFs

MTAS Modernisation of Trust Administration Systems SMSF Self-managed superannuation Trusts Capital gains SMSF Association ATO

New ATO reporting rules for SMSFs receiving trust distributions are now in effect, impacting lodgements for the 2024 income year onwards.

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Investments, Property, Regulation, SMSF

Local law limits overseas property exposure

Direct property SMSF Self-managed superannuation Overseas property 13.22C entity In-house assets

While SMSFs can invest in property overseas, Australian laws may consider such an action a breach of trustee obligations and caution should be exercised.

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Insurance, SMSF, Tax

Tax restricts insurance advantages

Life insurance SMSF Self-managed superannuation

The advantages of holding life insurance inside super are offset by the limits as to who can receive benefits and the tax they may pay as a result of the payment.

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Legislation, SMSF, Tax

Div 296 tax most impactful change

Super balances Division 296 tax SMSF Self-managed superannuation Super balances Yigit Gunhan Investment trends

Practitioners have nominated the proposed Division 296 tax as the legislative change that will have the greatest impact on clients in the immediate term.

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NALI/NALE

NALE rules of limited significance

non-arm’s length expenditure non-arm’s length income NALI NALE materiality Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023 SMSF Alliance David Busoli

The newly implemented NALE rules should not overly concern advisers and trustees as their application will not be considered where reasonable efforts are made to avoid breaching them.

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AAT, Compliance, Investments, SMSF

Strategy must match investment actions

SMSF Investment strategy SIS Act Merchant v Commissioner of Taxation [2024] Administrative Appeals Tribunal DBA Lawyers Shaun Backhaus

SMSF trustees cannot only articulate an investment strategy, but must give effect to it each year to be compliant with their obligations under superannuation law.

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financial advice, Regulation

FAAA cautious about ASIC levy

adviser levy ASIC Cost Recovery Implementation Statement FAAA Financial Advice Association Australia Sarah Abood

The Financial Advice Association Australia has noted the latest proposed figure for the ASIC adviser levy is only an estimate and is still too high given the income the regulator generates from penalties each year.

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financial advice, Regulation

Adviser exam pass rate steady

ASIC Financial adviser exam

New data from ASIC has shown the pass rates for the financial adviser exam remained steady across the March and June sitting dates.

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