SMSF Alert: October 2013

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...

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.

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).

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