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AFSL – What are my obligations to report breaches to ASIC?
As an Australian Financial Services (‘AFS’) licensee, you are required under s.912D of the Corporations Act 2001 (‘the Act’) to give ASIC written notification of a breach (or likely breach). This correspondence is expected to occur within 10...
Accessing super on compassionate grounds
Access to superannuation prior to retirement may be allowed in circumstances where an individual is considered to be in severe financial hardship or there are strong compassionate grounds for early release. In order to access superannuation through...
Impact of events after the reporting period
The Australian Accounting Standards Board made Accounting Standard AASB 110 Events after the Reporting Period to outline the treatment for events that occur after reporting period. These events can be described as those events, favourable or...
Can a SMSF loan money to a SMSF member’s cousin or their former spouse?
In order for a SMSF to enter into an investment with any parties without contravening the Superannuation Law, it is imperative that the SMSF trustee determines whether the investment transaction is entered into with a related party of the SMSF....
Can your SMSF become a host and rent residential property on websites such as Airbnb?
There is nothing under the Superannuation law that prevents an SMSF from providing host services such as Airbnb. However, an SMSF trustee needs to watch out for some pitfalls when using a property owned by an SMSF as an Airbnb. 1. Investment...
Transition to retirement income streams (TRIS) from 1 July 2017
With the introduction of the transfer balance cap (currently $1.6 million in 2017/2018), superannuation funds are only able to claim income tax exemptions on assets that are supporting income streams in the retirement phase. Since 1 July 2017,...
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