SMSF Alert: October 2013
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- Indepth analysis of ASX listed shares
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- Super Advice and Q&A with Ask Alan
This month's key developments
- ASIC highlights concerns with SMSF investing in affordable housing
- Excess contributions tax automatically billed to those who used ‘reserving strategy’
The past month has been quiet on the legislation and regulation front, but the media hype on property continues and ASIC and the Tax Office continue to feed that beast. We also highlight shortcomings in the Tax Office system affecting those who’ve used a ‘reserving strategy’ to stagger concessional contributions over two financial years.
SMSFs investing in affordable housing
ASIC has issued a warning to consumers about recent advertising that promotes the use of self-managed superannuation funds (SMSFs) to invest in residential properties through the National Rental Affordability Scheme (NRAS).
NRAS is run by the Australian Government in partnership with the states and territories to promote investment in affordable rental housing. The scheme offers direct payments and tax offsets for building and leasing housing to low and moderate income earners at a rate that is at least 20% below the market value.
It is aimed at larger property investments (usually 100 or more houses), but individual investors can access the scheme through an ‘approved participant’. The Department of Social Services Longevity is a critical issue for self-funded retirees and this report encourages law changes to facilitate the development of new products to tackle it (including ‘deferred annuities’).
Note: Liam Shorte is an SMSF Specialist Advisor™ with Verante Financial Planning and author of The SMSF Coach.
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