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Policymakers urged to simplify ‘unnecessarily complex’ SMSF system

Transfer Balance Caps, Super Balance Thresholds and the rules overseeing the notice of intent to claim a tax deduction are all overly complex and could do with immediate simplification, according to SMSF Association CEO Peter Burgess.

Staff Writer | 5th Feb 2024 | More
$3 million super cap to cost SMSF members up to $80,000 in tax

The government’s plan to increase taxes on super balances above $3 million will have a costly impact on the SMSF sector, with thousands of members likely to face liquidity stress, according to new research from the University of Adelaide’s International Centre for Financial Services.

Lisa Uhlman | 26th Oct 2023 | More
Advice review outcome a boon for consumers, not just advisers: SMSF Association

A principled approach to advice regulation is clearly the way forward for advisers, Neil Sparks says. But what’s missing in the discussion is how beneficial the Quality of Advice Review output will also be for consumers.

Staff Writer | 7th Aug 2023 | More
  • SMSF trustees lack diversification, still underweight international shares

    With new data showing offshore share investments comprise just 2 percent of total self-managed superannuation fund assets in Australia, advisers are warning SMSFs against overreliance on domestic shares and cash and urging diversification.

    Nicki Bourlioufas | 10th Jul 2023 | More
    Art investment in SMSFs ‘not easily done’, but trustees backing their taste

    With almost $600 million worth of SMSF assets held in art – up 54 per cent since 2016 – the original alternative investment is seeing a significant resurgence in popularity.

    James Dunn | 19th Jun 2023 | More
    Sophisticated investor test draws scrutiny in financial services inquiry

    The test allows investors who can certify that they earn $250,000 a year or have more than $2.5 million in net assets to access higher-risk securities normally off-limits to individuals. But many say the test is confusing and outdated, and an independent statutory body has called for an update.

    Nicki Bourlioufas | 8th Jun 2023 | More
  • ‘Neither simple nor fair’: Super stakeholders push back over unrealised gains hurdle

    While the move to tax superannuation balances above $3 million at a higher rate would affect only a handful of people at first, if the threshold is not indexed to inflation, future generations may be turned off from investing in their super, industry leaders say.

    Nicki Bourlioufas | 29th May 2023 | More
    Budget delivers cost-of-living relief and surplus, but super tax provisions draw industry ire

    The federal government plans to use part of the $4.2 billion projected budget surplus to provide cost-of-living relief for Australian households and small businesses. It’s also moving forward with controversial plans to change tax concessions for the superannuation industry.

    Lisa Uhlman | 11th May 2023 | More
  • Liam Shorte’s route to advice via the desert kingdom

    The SMSF adviser took an unusual path to joining the profession, one that involved almost a decade playing rugby on the hot sand and gravel of Saudi Arabia.

    James Dunn | 6th Feb 2023 | More
    ‘Absolutely too complex’: SMSF body slams indexation rules amid cap increase

    The likely ‘double-bump’ transfer balance cap increase to $1.9 million will exacerbate what is already an “overly complex” indexation rule that advisers have to navigate and explain to clients, the SMSF Association’s Fabian Bussoletti says.

    Tahn Sharpe | 2nd Feb 2023 | More
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