SolePurposeTest | Superannuation & SMSFs

When is the 2019 Australian Federal Budget? What time is the Budget speech? Why is it in April?

March 22, 2019March 22, 2019

When is the 2019 Australian Federal Budget? The 2019/20 Australian Federal Budget will be released on Tuesday 2 April 2019. What time is the Budget speech? Treasurer Josh Frydenberg will start his Budget speech just after 7:30 pm (AEDT), or: 7:00 pm in South Australia 6:30 pm in Queensland 6:00… Read More »

No changes to SMSFs borrowing with LRBAs, says Treasurer

March 22, 2019March 22, 2019

The Government will not be making any changes to SMSF Limited Recourse Borrowing Arrangements (LRBAs), after receiving a report from the Council of Financial Regulators and the ATO, despite a ban being the preferred option of regulators. The Financial System Inquiry, started by the Coalition Government, recommended returning to a… Read More »

SMSF Connect a major step in trustee education and knowledge: SMSFA

March 22, 2019March 22, 2019

The SMSF Association says it has taken a “major step” in terms of offering SMSF trustee education and knowledge services by launching its SMSF Connect website. SMSF Connect has its roots in the SMSF Association’s Trustee Knowledge Centre. SMSF Association CEO John Maroney said: “SMSF Connect delivers on our vision… Read More »

Share market rallies help super funds maintain strong start to 2019

March 22, 2019March 21, 2019

Superannuation funds have maintained the strong start to investment returns in 2019, according to Chant West, largely driven by rallying share markets. The ‘median growth fund’ – with 61% to 80% invested in growth assets – gained 2.7% in February, following from a 2.5% increase in January. This leaves the… Read More »

More women than men to be impacted by Labor’s franking credit change

March 21, 2019March 20, 2019

The Government claims that more women than men will be impacted by Labor’s policy to stop most refunds of franking credits. Pointing to previously unreleased data from the ATO, the Government says that more women than men receive refunds of franking credits across all age brackets. “Labor’s retiree tax will… Read More »

Number of SMSFs established reaches new low at end of 2018

March 20, 2019March 19, 2019

The number of SMSFs being started has continued to shrink in the December 2018 quarter, with only 4,296 funds started according to the latest ATO statistics. 4,296 is the lowest number of new SMSFs started in any quarter since at least March 2008. The December 2017 quarter had 6,249 SMSFs… Read More »

Increasing SMSF member cap could help funds use franking credits

March 19, 2019March 18, 2019

The SMSF Association says the proposal to increase the SMSF member cap from four to six could allow SMSFs to use more franking credits under Labor’s change, and help fund enter into purchases of large assets. In last year’s Budget the Government announced a proposal to increase the maximum number… Read More »

10 years jail for dishonest conduct with SMSF investors’ money

March 19, 2019March 18, 2019

A former financial adviser has been sentenced to 10 years jail for dishonest conduct with investor funds, in relation to SMSFs. ASIC noted that the District Court of New South Wales had sentenced Gabriel Nakhl to 10 years imprisonment, after he convicted on eight charges in June. The charges had… Read More »

Women not confident they will have enough for a comfortable retirement

March 18, 2019March 18, 2019

Women, and particularly young women, are not confident they will have enough money in their retirement, a survey has found. Only 30% of women have a high degree of confidence they will have enough saved for a comfortable retirement, compared to 39% of men, the latest Qantas Super CSDA Retirement… Read More »

Final franking credits inquiry public hearing to be held in Canberra

March 15, 2019March 14, 2019

The final public hearing of the Parliamentary inquiry into the implications of removing refundable franking credits will be held in Canberra. The last public hearing of the inquiry will be held on Tuesday 26 March 2019, a week before the next sitting of Parliament – likely the last before the… Read More »