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Buyback reform may have ‘unintended consequences’ for SMSFs: DNR Capital

The plan to align the tax treatment of off-market share buybacks with that of on-market buybacks puts smaller companies, self-funded retirees and retail investors at a disadvantage, according to portfolio manager Scott Kelly, who worries the proposed changes are “just the beginning”.

Staff Writer | 27th Sep 2023 | More
OTC derivatives under fire as ASIC probes retail product marketing

In a review of financial product issuers’ compliance with requirements meant to ensure complex and high-risk investments are kept out of the wrong hands, the regulator found room for improvement – and reminded issuers of its enforcement powers.

Lisa Uhlman | 13th Sep 2023 | More
  • Ditched business registry plan would’ve helped SMSFs, peak body says

    Following the Labor government’s decision to shelve a program meant to streamline and modernise Australia’s business registry system, the SMSF Association has argued for keeping “key aspects” of the scheme that would have meant material improvements for corporate trustees and the SMSF sector.

    Lisa Uhlman | 13th Sep 2023 | More
    Review author backs advice reform as ‘overwhelmingly good for consumers’

    While she acknowledged some in the industry may be resistant to expanding the scope of who can provide advice, the principal architect of the Quality of Advice Review urged support for its adoption, saying her recommendations are good for advisers and, most importantly, for consumers.

    Staff Writer | 28th Jul 2023 | More
  • $3M super cap to affect 1 in 3 SMSF advice clients: Investment Trends

    Approximately a third of SMSF holders under advice will be hurt by the new cap on discounted superannuation balances, the researcher says. A bump in the TBC cap will help some, but add to complexity for advisers.

    Tahn Sharpe | 16th Jun 2023 | More
    ASIC slams financial product issuers for bad marketing practices

    The regulator has issued 26 stop orders against 18 companies for failing to adequately target financial products to the appropriate market since the “design and distribution obligations” regime began, it said in an initial compliance review. And it warned that closer scrutiny is coming.

    Lisa Uhlman | 5th May 2023 | More
    With $550 million lost to scammers in FY22, big-four customers got less than 5% back

    Nearly 32,000 customers of Australia’s four major banks fell victim to scams in the 2022 financial year, bearing 96 per cent of the losses as reimbursement and compensation rates remain extremely low. ASIC is now pushing financial institutions to improve their approaches to scams and better support their customers.

    Lisa Uhlman | 26th Apr 2023 | More
    Downsizer, NALE rule changes top shifting regulatory backdrop for SMSFs

    Peter Burgess told the SMSF Association’s National Conference the industry group has pushed for some of the developments, while it continues to oppose others, such as a high-balance cap. The government now plans instead to double the tax rate for funds with very high balances.

    Lisa Uhlman | 1st Mar 2023 | More
    ‘Not a honeypot’: ATO flags increase in illegal early access to super via SMSFs

    The success and popularity of SMSFs has also given several hundred thousand people direct access to their retirement savings. More concerning, the ATO believes, is that fraudsters are starting to take notice.

    Tahn Sharpe | 1st Mar 2023 | More
  • Super tax breaks for mega-rich to cost $53 billion, as calls for reform grow

    Superannuation tax breaks will cost the government nearly $53 billion this year, nearly matching the cost of the entire age pension program, according to a new analysis that says major reform is needed. Meanwhile, the government has signalled a tightening of super legislation.

    Lisa Uhlman | 10th Feb 2023 | More
    Treasury floats NALI rule change to stop unfair penalties for SMSFs

    The federal government is seeking feedback on proposed changes to rules aimed at preventing non-arm’s-length transactions by superannuation funds, in a bid to address concern that SMSFs and smaller funds that breach the provisions could be disproportionately penalised.

    Lisa Uhlman | 27th Jan 2023 | More
    Death benefit litigation puts role of SMSF trustee in focus

    Litigation involving estate planning and superannuation is ramping up, with major impacts on self-managed super funds, and in particular trustee obligations. Cooper Grace Ward partner Hayley Mitchell discusses key case law SMSF trustees should be sure to know about.

    Lisa Uhlman | 20th Jan 2023 | More