In an article for the Sydney Morning Herald, Sally Pattern talks about the notification that the Australian Tax Office has sent to over 2,000 SMSFs, citing that they have engaged in the unethical strategy of dividend washing.
Author: Alan Preston Archives
AIST Warns Against Using Super Funds For Properties
Despite harsh housing affordability, the Australian Institute of Superannuation Trustees (AIST) is busy warning of potential dire consequences if first home buyers are allowed to use their superannuation for their deposit. Super must always be kept to gain an upper hand during retirement and any other use jeopardises your retirement nest egg, feels Tom Garcia, AIST CEO.
ASIC Appoints SMSF Taskforce
The collapse of Charterhill brings to the fore certain serious apprehensions one always had for the otherwise buoyant SMSF industry. One-size-fits-all approach cannot possibly work for this sector. Any company, and I include Charterhill, that proposes the same mantra of “go for a combination of Limited Recourse borrowing, properties and SMSF” without analysing the hierarchy of investors is bound to collapse. The writing was always on the wall and it was only a matter of time.
ATO Reports More Than 300 SMSF auditors to ASIC
The Australian Securities and Investments Commission (ASIC) has received details of more than 300 SMSF auditors from the ATO. The approved auditors are vital cogs in the ATO wheel and registration concerns may turn out to be a serious issue.
Triggers for the Australian Property Market
The Australian property market is not going into a bubble phase. The terms boom and bust represent a sum total of consumer confidence at any given moment, more than anything else. It will suffice to say that after years of shortfall, the property cycle turned towards the higher yards and over the last year or so, it has mellowed down. We are still doing reasonably well, and the plateau should come no sooner than 3-4 years from now.
A New ‘Storm’ in SMSF Kettle
Borrowing strategies used by SMSFs came in for some sharp criticism by the higher echelons of the Australian Securities and Investments Commission (ASIC). In an article for the website Money Management, Kate Cowling points out what disturbs Peter Kell, Deputy Chairman of the ASIC.
