SMSFs looking to ride the crypto wave smsfadviser.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from smsfadviser.com Daily Mail and Mail on Sunday newspapers.
Senate Economics Legislation Committee Inquiry Into The âYour Future, Your Superâ Bill: Opening Statement - Opening Statement By ASIC Chair James Shipton At The Senate Economics Legislation Committee Inquiry Into The Treasury Laws Amendment (Your Your Future, Your Super) Bill 2021, 7 April 2021, Parliament House, Canberra
Senate Economics Legislation Committee Inquiry Into The âYour Future, Your Superâ Bill: Opening Statement - Opening Statement By ASIC Chair James Shipton At The Senate Economics Legislation Committee Inquiry Into The Treasury Laws Amendment (Your Your Future, Your Super) Bill 2021, 7 April 2021, Parliament House, Canberra Date
07/04/2021
Good afternoon. I would like to thank the Committee for the opportunity to appear today, together with our APRA colleagues.
“This includes that trustees are responsible for determining an appropriate level of diversification for each investment strategy,” the submission said.
“The notion that excluding assets from a trustee’s investment universe will improve outcomes is flawed. Further, that such a decision would be made by Parliament via regulation, to apply to all trustees regardless of their investment strategy or members’ investment choices, is not in members’ interests.
“The legislation also does not provide for any transitional provisions to ensure members’ existing investments aren’t adversely impacted as a result of the implementation of the provisions.”
AustralianSuper noted the potential impacts of this provision were quite broad and examples included:
Will new Govt super rules promote inappropriate hawking? moneymanagement.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneymanagement.com.au Daily Mail and Mail on Sunday newspapers.
Mortgage Business
Firstmac issues warning on SMSF loans offsets By Malavika Santhebennur 16 March 2021
The lender said it has shelved plans to offer an offset with its residential SMSF lending product after receiving advice that such products may “fall foul” of superannuation laws.
Firstmac has warned self-managed superannuation fund (SMSF) trustees to “urgently” review any residential property loans in their funds that have an offset attached, stating that it has received advice that such products issued by non-bank lenders may fall foul of super laws.
According to managing director Kim Cannon, Firstmac had been considering offering an offset with its new residential SMSF lending product, which it launched in February this year.