News

Business News

Bulk pension commutation added to Class

Class has introduced additional features to help accountants and SMSF administrators manage the government’s new superannuation reforms, in particular, tackling bulk commutation of pension accounts.

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Superannuation

SMSFA still worried about LRBA treatment

The SMSF Association remains concerned about draft legislation governing the treatment of assets held under limited recourse borrowing arrangements (LRBA) in relation to an individual’s total super balance, despite the inclusion of small amendments called for by the industry body.

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ATO

Pension commutation ambiguity ends

SMSF trustees have been given the assurance they have been seeking to address any uncertainty in regard to the commuting of account-based pensions with the release of the ATO’s Practical Compliance Guideline (PCG) 2017/5, according to a sector technical expert.

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Strategy

Women likely to change SMSF investments

Following a divorce, over 40 per cent of women will actively change their SMSF’s investment strategy, according to a recent report.

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Strategy

Final call to boost super, SMSF

Time is running out for superannuants to ramp up their balances, as well as acquire new business premises via an SMSF, before the opportunity is gone for good, according to HLB Mann Judd.

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Investments

Fractional property access gets cheaper

The latest property on the BrickX platform will allow investors, including SMSFs, to gain residential property exposure for $57 a brick.

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Business News

NowInfinity moves to boost legal capability

Specialist SMSF document provider NowInfinity has formed a strategic partnership with law firm View Legal to enhance its platform services, with an estate planning solution the first to be developed.

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LICs

Monthly dividend LIC oversubscribed

Listed investment company (LIC) Plato Income Maximiser’s initial public offering (IPO) has closed oversubscribed at more than $320 million, representing the third largest LIC raising in Australia.

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Regulation

Exemption idea welcome, but requires caution

A potential federal budget measure granting retirees an exemption to the $1.6 million transfer balance cap and $1.6 million total super balance rules for downsizing by selling the family home has been backed by the SMSF Association.

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Accounting

Limit advice to 30 June issues

Financial advisers and licensed accountants have been instructed to keep advice to issues that must be resolved before 30 June as many are being overwhelmed by the impact of the incoming super changes on their clients.

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