News

Business News

Class unveils TBAR console

Class has launched the Class TBAR Console to provide bulk event-based reporting in a bid to reduce complexity arising from the transfer balance account report (TBAR) regime.

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Practice Management

Adviser exodus to leave $900b in limbo

More than 14,000 advisers are expected to exit the financial advice industry over the next five years, representing $900 billion of net client wealth in transition.

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Business News

Imputation credit reform inevitable

Imputation credits for individuals and super funds will cease being a refundable tax offset and will return to being a non-refundable tax offset regardless of whether the Labor Party wins the next federal election, according to a lawyer.

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Regulation

Govt introduces NALI provisions bill

The federal government today introduced a bill into Parliament in relation to non-arm’s-length income (NALI) rules to prevent SMSFs from inflating super earnings through non-arm’s-length dealings.

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Regulation

Inclusion of LRBA debt for TSB amended

Australian Parliament House, Canberra, ACT.

The federal government has backed down on its proposal to count outstanding limited recourse borrowing arrangement (LRBA) loan balances against an SMSF member’s total super balance by making a key amendment to the measure.

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Investments

Imputation ban to change investing behaviours

The federal opposition’s policy to scrap excess imputation credit refunds, if implemented, would likely reduce the after-tax returns from Australian shares and, in turn, result in SMSFs changing their investment approach and behaviours.

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Commercial Property

SMSFs flee shares for commercial property

A volatile share market, low returns on cash and the combination of high prices and low yields for residential property have resulted in SMSFs turning to commercial real estate in droves, a new report has found.

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Superannuation

Advisers must consider super proceeds trust

SMSF advisers may have overlooked superannuation proceeds trusts previously, but they now need to be mindful of the structure due to the super reforms that came into effect from 1 July 2017, according to an industry lawyer.

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Accounting

Anecdotal evidence of poor CGT advice

Close-up of an index finger about to press a button.

A technical expert has expressed his concerns about the poor quality of advice some SMSF trustees have admitted to receiving with regard to the super reforms capital gains tax (CGT) relief provision.

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ETFs

SMSFs ahead of advisers on ETF use

A runner sprints over the finish line ahead of his competitors.

SMSFs have led the way in recognising the effectiveness of using exchange-traded funds (ETF) to diversify their portfolios and have embraced them more actively than advisers, an ETF executive said today.

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