smsfs

Although it’s been a long time coming, for those stuck in legacy products it’s been worth the wait. Finally, they will have the opportunity to convert or exit these outdated products and secure more control over their retirement income.

Labor’s proposal to tax earnings on super balances above $3 million gave the Greens the perfect opportunity to accuse SMSFs of being property centric. Pity the facts don’t support their argument.

From their inception, SMSFs have always attracted more than their fair share of criticism. Now it’s an ageing membership that’s being used to restrict their numbers.

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.

Investors thinking of switching super funds should carefully consider the costs involved, make sure they do their paperwork and keep their various retirement accounts straight, says Heffron Consulting’s Meg Heffron. To avoid “nasty surprises”, it all comes down to careful planning.

The non-bank sector is comparatively small but is growing in scale and impact. For many borrowers, it’s becoming a better option than the traditional banks, writes Thinktank general manager Peter Vala.

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.

The ATO’s review of income tax returns show nine in 10 rental property owners are getting their return wrong. Property expense claims, as well as SMSF returns and crypto transactions, are all on the radar this year.

More cranes signal greater construction activity and point to a sound economic outlook. Property lender Thinktank examines the current skyline and what it means for the market.

The Treasurer’s plan to limit concessional tax treatment within super at $3 million comes without a lot of the details required for effective retirement planning. Making bold changes now could be costly, says Wattle Partners principal Drew Meredith.