The ATO has extended the time period SMSF trustees have to comply with the new safe harbour guidelines governing non-bank limited recourse borrowing arrangements (LRBA).

SMSFs with multiple pensions must use extra caution when it comes to which pension to roll back and the order under the proposed $1.6 million transfer balance cap requirements.

Superannuation tax changes should not be applied retrospectively, however, both major parties had broken that convention, which would result in hardship and unfairness for trustees, according to the SMSF Owners’ Alliance (SMSFOA).

Ascentiv Group has provided the Australian Securities and Investments Commission (ASIC) with an enforceable undertaking (EU) in light of concerns over the appropriateness of advice provided to clients about the establishment and use of SMSFs.

The federal government’s intention to implement the Financial System Inquiry (FSI) recommendation to have the purpose of superannuation enshrined in law has been met with a mixed reaction from the SMSF sector.

SMSF advisers and trustees need to be aware the ATO’s practical compliance guideline (PCG) issued last month regarding limited recourse borrowing arrangements (LRBA) does not cover all assets or all aspects of these types of gearing strategies, according to some sector experts.