News

Baumgartner Super rebrands as Assurify

February 3, 2025

Baumgartner Super Assurify David Baumgartner David Burrows Sajee Madarasinghe Self-managed superannuation SMSF SMSF audit

Baumgartner Super has undergone a rebrand and will now trade as Assurify, with several new developments to follow in coming months.

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financial advice, Financial Planning

CSLR levy to more than triple for advisers

Compensation Scheme of Last Resort CLSR ASIC financial advice David Berry

January 31, 2025

Jason Spits

The estimated Compensation Scheme of Last Resort levy for advisers is set to exceed $70 million, with practitioners likely to be hit twice to fund its operations.

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ATO, NALI/NALE

Draft LCR lacks NALE cost guidance

NALE non-arm’s length expenditure Law Companion Ruling 2021/2DC Chartered Accountants Australia and New Zealand CPA Australia Financial Advice Association Australia Institute of Financial Professionals Australia Institute of Public Accountants National Tax and Accountants’ Association SMSF Association ATO

January 30, 2025

Jason Spits

A group of industry bodies has called on the ATO to provide clearer guidance on how SMSFs can correctly price non-arm’s-length income and expenditure.

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Investments, Property

Gearing rules can be subjective

Bluestone Richard Chesworth Borrowing SMSF Self-managed superannuation property

January 30, 2025

Darin Tyson-Chan

Practitioners and trustees must be conscious of the subjective nature of the gearing rules when looking to borrow to perform work on an SMSF property.

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Appointments

Assistant Treasurer to quit politics

retirement resignation ASFA Stephen Jones FSC FAAA

January 30, 2025

Lara Caughey

Assistant Treasurer Stephen Jones has announced his resignation, prompting industry farewells praising the role he played for the sector in government.

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ATO, Education, SMSF

ATO unveils third education course

January 30, 2025

Jason Spits

The ATO has launched a course about running an SMSF, adding to previously released guidance on the creation and closing of a fund.

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SMSF, SMSFA, Superannuation, Tax

Govt’s Div 296 focus short-sighted

SMSF Self-managed superannuation Division 296 tax SMSF Association Peter Burgess unrealised capital gains early-stage funding

January 29, 2025

Jason Spits

The government’s focus on the impact of the Division 296 tax on a small number of superannuants is short-sighted and overlooks the investments those people make in business and companies.

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Contributions

TBC does not prohibit NCCs

January 29, 2025

Darin Tyson-Chan

A person can still make non-concessional contributions even if their total super balance exceeds the general transfer balance cap.

Super objective unlikely to affect advice

Objective of superannuation, Delivering Better, Financial Outcomes, Financial advice, BT, Bryan Ashenden

January 29, 2025

Jason Spits

The high-level nature of the objective of super is unlikely to impact advisers or even be reflected in the second round of the Delivering Better Financial Outcomes changes.

Retirees overpaying taxes

Retirement, Super Members Council, SMC, Misha Schubert, tax, retirement, research

January 29, 2025

Lara Caughey

Many pensioners are not moving from accumulation to retirement phase with their superannuation, resulting in them paying higher taxation on their savings.

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