Can a financial manager be involved in client’s SMSF?

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We recently had to consider a scenario where a Financial Manager considered establishing an SMSF on behalf of a heavily disabled client (“Individual”) and act as the sole director of the corporate trustee. A Financial Manager (as defined in the relevant Guardianship Act) is a person appointed by the Civil and Administrative Tribunal (“Tribunal”) to […]

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Can an SMSF invest in bitcoins?

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Following on from last month’s article on whether bitcoin was property, we now turn to whether a self-managed super fund can invest in bitcoin. Since their creation in 2009, there has been an increase in interest to invest in virtual currencies such as bitcoin, due to the potential for mainstream usage as a form of digital currency. […]

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Make sure you get your SMSF finance in place, before time runs out

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The next federal election is due to be held in late 2018 or early 2019 and if Labor wins this election it has plans to introduce legislation to stop SMSF lending. This is a significant change and places uncertainty around SMSF lending until the next election. In view of the proposed legislation and the likelihood […]

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What is in an SMSF name change? Quite a lot actually…

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Townsends Lawyers often receives enquiries from clients who wish to change the name of their SMSF, due to a number of reasons, and are now wondering how to make sure their SMSF documentation reflects this change. Here is a checklist for SMSF trustees to use in making the name change on their Fund: 1. Deed […]

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Accountants had a duty to keep the BDBN safe and duty to bring to attention of SMSF trustee that they held the BDBN – Court case

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A significant decision has been handed down by the South Australian Court of Appeal. The critical issue was whether a binding death benefit nomination (BDBN) was valid. If valid, then the death benefit was payable to the estate of the deceased member. If invalid, then the trustee would decide the allocation of the benefit.  The […]

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SMSFs with more members shun higher risk investment

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The greater the number of members in an SMSF, the more risk averse they become, according to a new research report – Gender and group bias in SMSF allocation –from SuperConcepts and the University of Adelaide’s International Centre for Financial Services. SMSF funds with more members tend to shun riskier equity markets and invest more […]

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Lower investment returns stretch SMSF investment goals

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A weaker investment outlook that indicates returns will be lower for longer means SMSF retirees need more savings to achieve their retirement goals. The amount needed for a 65-year-old SMSF couple to afford a comfortable retirement (as defined by ASFA[1]) has increased by 17% from $702,000 to $824,000. However, 66% of SMSF trustees can remain […]

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Estate planning benefits can make a low-balance SMSF worthwhile

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As estate planning and SMSF specialists, would we advise a client to set up a self-managed super fund (SMSF) in order to achieve a better estate planning outcome? Even if their account balance was less than $200K? “It’s so important to have that certainty of being able to know that you’ve put in place an […]

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Changes to succession laws in Queensland to affect blended families

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Walt Disney did stepmothers no favours when he created “Maleficent”, the wicked stepmother in “Snow White”. Thanks to her it is now a given that stepmothers are out to do the husband’s children considerable harm and need to be guarded against. But this is not necessarily true at all. Many step-parents care deeply for their […]

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SMSFs and crowdfunding: a match made in heaven or hell?

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Self-managed superannuation funds (SMSF) will shortly be able to invest in potentially high-growth unlisted companies, as a new era of crowd-sourced equity funding begins. The Federal Government’s Corporations Amendment (Crowd-sourced Funding) Act 2017 takes effect on September 29, 2017. The Act, passed by Parliament in March, provides a legislative framework for crowd-sourced equity funding in […]

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