Australia’s anti-money laundering financial regulator AUSTRAC has decided not to go ahead with the proposed changes to the anti-money laundering regulations, satisfied that sufficient provisions to deal with the threat are already in place. In an article for the website SMSF Adviser, Katarina Taurian sheds light on the issue.
Super News
Change in Taper Rate Worrisome
In an article for the website Money Management, Jasmine Goh talks about the changes worked out via the Federal Budget and how it may cause a loss of entire part pension for 90,000 fund members even as it partially erodes the part pension of close to 250,000 fund members.
ASIC Initiates Civil Action Against Craig Gore
An article on the SMSF Adviser talks about ASIC’s civil action against Active Super and the corporate regulator’s pursuit of a contravention declaration, added to a banning order against a Gold Coast businessman. If ASIC has its way, Craig Gore and a few others will be restrained from offering any financial services for a period ranging from 7 years up to a lifetime. The indictment on Mr. Gore is fraudulent involvement in $4 million raised from investors in the ‘self-managed’.
The ground ASIC lays can be read out simply. Mr. Gore has offered financial services without holding an AFSL license and this amounts to unlicensed conduct and passage of misleading information.
You can read the original article here.
Change in Tapering Rate to Hit SMSF Trustees Hard
In an article for the website Super Review, Jassmyn Goh talks about how part pension changes effected through the Federal Budget will affect thousands of SMSF trustees and members. Close to 90,000 fund members are set to lose their part pension fully whereas an estimated 250,000 will face an erosion of the part pension. The scope of the Federal budget change is quite evident in the changed mood of the SMSF trustees and members across Australia.
SMSF Accounting Firms Opting For a Lot of Mergers
In an article for the website SMSF Adviser, Miranda Brownlee talks about the growing number of mergers between SMSF accounting firms. At least partially, the declining numbers of service providers can be put down to this trend.
Developing properties via SMSF
More and more property owners are waking up to the immense possibilities that the SMSF-enabled property purchases bring to the table. Investment in such properties can pave the road for long-term capital growth. But you can work out a smart short-term gain, too, if you change your stance from ‘investing’ to ‘developing’ or ‘improving’ the property.
