NEWS

SMSFs pose a risk for financial abuse according to Super Consumers Australia The SCA is urging the government to tighten regulations and controls around SMSFs and prioritise a review of financial abuse within the sector, as recommended by the 2024 Parliamentary Joint Committee on financial abuse. Lily Jiang, Super Consumers Australia’s director of advocacy (campaigns), said the SMSF system was designed for self-management but it’s become a backdoor for financial abuse.  “When

An estate plan is more than putting documents in place such as a will or death benefit nominations and reversionary pensions, a technical specialist said. Anthony Cullen, SMSF technical specialist for Accurium, said in a recent webinar  that an estate plan is not documents but an individual thinking about what assets they have, where they are held, who are their beneficiaries and how they want to get those assets to them. “There’s a slight differentiation there between having

An investment property bought using a limited recourse borrowing arrangement must be held in a separate holding trust if it is to be sold, a leading legal specialist said. Michael Hallinan, special counsel for SUPERCentral, said SMSFs commonly buy an investment property using LRBAs, which can create a complication particularly when selling later on as the property must be held in a separate holding trust by a separate holding trustee until the loan is repaid in full. “That ho