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Australia's corporate watchdog has issued a warning to the self-managed superannuation market, saying the industry often fell short of the mark with its risk advice to consumers.
Commissioner Peter Kell from the Australian Securities and Investments Commission said in a speech yesterday the organisation will release a report in the next few weeks detailing its findings into problematic advice.
The SMSF industry has been under the spotlight recently, with the government eyeing off the large number of funds with assets of more than $1 million as a potential <a rel="nofollow" href="https://www.google.com.au/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;ved=0CDEQFjAA&amp;url=http%3A%2F%2Fwww.smartcompany.com.au%2Fsuperannuation%2F052307-government-warned-to-back-off-on-proposed-changes-to-smsfs&amp;ei=WgVmUaSOCKiRigfmqoH4Ag&amp;usg=AFQjCNGKfd8UlCY1gWo3zlgRWeCKkgkllg&amp;sig2=sIu8s6HOE5MfJ2spzJp75w&amp;bvm=bv.45107431,d.dGI" target="_blank">source of revenue</a> in the May budget.
Kell said in some cases investors were given advice which was not tailored to their specific situation, or recommendations for insurance were "absent or inadequate".
"Notably, we also found that investors were not warned about the very real risk of not having access to a statutory compensation scheme in the event of theft of fraud," he said at the CPA Australia SMSF Conference yesterday.
"Going forward, this will be an area of focus for us. We expect to see advice providers warning investors about this risk."
Kell said SMSF providers always need to provide advice regarding the roles and responsibilities of being a trustee in an SMSF, the time, cost and resources required to run one and the risks associated with the SMSF structure.
DBA Lawyers partner and SMSF expert Bryce Figot said this morning that while the majority of the SMSF industry is fine – a point which Peter Kell himself emphasised – there are "pockets of bad advice".
"There are plenty of people out there who claim to be experts, and are not experts. It's hard for the average consumer to know what they're getting is the real thing, or the accuracy of the advice."
Figot says he hears stories nearly every day from clients who have received poor, or incomplete, advice. Thankfully, he says, they are sophisticated enough to seek a second opinion.
"While the industry is getting better, there are still people who are not on top of the rules."
"So the benchmark is improving, but there are gaps in knowledge there."
Kell also said yesterday if there are widespread losses in the SMSF system, it is likely investor confidence will be eroded – an outcome everyone wants to avoid.
In the next 12 months, ASIC will continue to focus on unlicensed advice and misleading SMSF advertising.
"In the past year, we have seen an increase in the number of advertisements pushing property purchases through SMSFs," he said.
"We do not want to see SMSFs become the vehicle of choice for property spruikers. Where we see examples of unlicensed SMSF advice, we will be taking regulatory action."
This story originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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SMSF industry needs to improve the risk advice it offers to consumers: ASIC

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Data released by the Australian Tax Office shows more taxpayers are avoiding the pitfalls of excess superannuation contributions, with fewer falling victim to paying more than the legal caps allow in any one year.
The statistics, released last week, show the number of excess contributions tax assessments issued by the ATO fell from 50,049 in 2009-10, to just 35,999 in 2010-11. There are so far no statistics released for the 2011-12 year.
The issue of excess contributions has come under scrutiny in recent years. The <a target="_blank" href="tags/superannuation">superannuation</a> industry has continued to argue being forced to pay a 47.5% tax on excess contributions, when made accidentally, is unfair.
However, Graeme Colley, technical director for the Self-Managed Superannuation Fund Professionals’ Association of Australia, says the decline may not continue.
He points out in the 2012-13 financial year, the concessional contributions cap was reduced to $25,000. This change, he says, could have caught out people who were unaware of the change.
“I do think it will have improved, and that there could be a decrease, but there is a possibility that it may increase as well.”
The controversy over excess contributions has been a sore point in the superannuation industry for some time. Experts have long been critical of the excess contributions tax of 47.5% to be paid on earnings made over the contributions limit.
Cases heard before the ATO have shown many of these excess contributions to be accidents, although they still attract the higher tax. In one particular case, a company director contributed an extra $90,000 and <a target="_blank" href="https://www.smartcompany.com.au/tax/053833-the-red-mist-has-descended-something-has-to-give">was charged an effective tax rate</a> of 93% on the excess.
This is why Colley says the industry was relieved to see the government introduce new initiatives for excess contributions in the recent wave of superannuation reforms. Now, taxpayers <a target="_blank" href="https://www.smartcompany.com.au/superannuation/054951-government-announces-superannuation-changes-everything-you-need-to-know">will be able to withdraw excess funds</a> and escape paying the tax.
The contributions cap will also be raised to $35,000.
Colley says he believes the extra noise around excess contributions has resulted in fewer cases, even though the release of the 2012-13 figures could still yet reveal more have fallen victim.
“If there is a rise, there are other factors, such as the government’s announcement, which will dampen that effect.”
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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ATO reports a drop in the number of taxpayers caught contributing extra superannuation

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Both the Reserve Bank and the government have hinted at a crackdown on the self-managed superannuation sector, with both entities saying they are concerned about the number of property investments being made in the industry.
<a href="https://www.smartcompany.com.au/superannuation/055187-asic-issues-warning-on-property-advisors-dabbling-in-smsfs">Corporate regulator ASIC has been worried</a> about the same thing for months – but the industry says there’s no reason to panic.
SMSF Professionals’ Association of Australia (SPAA) chief executive Andrea Slattery said the “problem” is slightly overblown.
“The numbers show investments in property within SMSFs break down to about 80% in commercial and 20% in residential,” she says.
“From the SPAA’s point of view we think the position has been overstated that SMSFs may be supporting growth there … those numbers are so small to have any ability to influence prices.”
In its latest Financial Stability Review, the RBA said legislative changes have meant SMSFs can borrow money to invest in property – which has led to an increase in this type of activity being spruiked by advisors.
“The sector therefore represents a vehicle for potentially speculative demand for property that did not exist in the past.”
The risk, it said, is that these investments could influence property prices.
“One risk of the increase in property investment by SMSFs is that at least some of it is a new source of demand that could potentially exacerbate property price cycles,” it said.
The warning is timely – it comes as property investors and analysts across the country are speculating about the prospects of a property bubble, given relaxed lending standards and historically low interest rates.
SMSFs have been permitted to borrow money to invest in property for the last six years.
Meanwhile, Assistant Treasurer Arthur Sinodinos has told the Australian Financial Review the new government wants to keep track of SMSFs to ensure they don’t have advantages over other funds.
“In the super space we need to make sure it’s a level playing field and that you get appropriate competition between the different funds, the industry funds, the self-managed super funds, and that’s the starting point,” he said.
SMSFs have become increasingly popular since the global financial crisis, as they’ve grown a reputation for being safer investments. SMSFs are widely used by business owners.
But Andrea Slattery says there isn’t much to worry about, emphasising the government is simply conducting a review it pledged before the election.
“The SPAA is not worried the government is concerned about a level playing field … they are interested in reviewing the financial services system in general.”
However, there has been some concern over property investments. The Australian Securities and Investments Commission has consistently said over the past year it will continue cracking down on dodgy SMSF advisors who promise returns in property.
Slattery says she is also concerned – but that the overall ratio of property investments doesn’t warrant panic.
“It’s important for people to be cautionary, but it’s only a small number of SMSFs which are taking out loans for property.
“We’ve been concerned about spruikers … but we note there has also been little take-up of all the hype around the spruikers, and so we encourage consumers to seek professional advice on any matters.”
 
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This article originally appeared on <a href="https://www.smartcompany.com.au">SmartCompany</a>.
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Reserve Bank, government crackdown on self-managed super funds

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The auctions market has ended the financial year on a solid note, with first-home buyers rushing to take advantage of federal and state-based grants before they are downgraded.
But one expert says the next financial year may not differ so much from the last, in that investors and buyers should expect a slow, drawn-out recovery rather than any short, frantic bursts of improvement.
"We're not expecting any major recovery for the Melbourne market," SQM Research managing director Louis Christopher said.
As for the rest of the country, Christopher's opinion was unwavering – most capital cities will perform over the next 12 months as they have in the past year, assuming interest rates and the dollar remain relatively stable.
"We're still expecting any recovery to be modest and moderate," he says.
According to the Real Estate Industry of Victoria, Melbourne recorded a clearance rate of 73%, compared to 69% last weekend and 55% during this weekend last year.
"The slight increase in the clearance rate this week may be due to the first-home owners grant for established dwellings coming to an end on the 30th, June 2013," chief executive Enzo Raimondo said in a statement.
Various changes are being made to state-based first home owners' grants, including in Victoria and Queensland.
Such changes mean the first home owners' market is likely to taper off over the next few months, Christopher says.
"Melbourne is likely to track Sydney's changes in that regard, meaning there was a drop off in first-home buying over the few months after those changes came into effect.
"There was also a slow and gradual build up after that period."
As for the rest of the year, Christopher says there isn't much reason to expect anything other than what we've seen in 2012-13. Melbourne is tipped to record 2-5% capital growth during this calendar year, while Sydney "is the market we're most bullish about".
"We're seeing fairly strong pricing action now," he says, with more expected in the next few months.
Canberra, however, is expected to remain under pressure, while Christopher says Brisbane is simply "treading water".
"There is no major recovery with lots of stock in the market...and that's likely to continue in the remaining half of the year."
This article first appeared on<a target="_blank" href="https://www.smartcompany.com.au/property/056271-auctions-strong-as-first-time-buyers-spend-big-for-last-minute-grants"> Smart Company</a>.
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Victorian first home buyer's market set to taper off: SQM

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The self-managed superannuation industry has welcomed the government's decision to abandon amendments that would have introduced new regulations on off-market transfers between related parties.
The decision to abandon the amendment comes as the government passed its superannuation reforms – including the passage of the long-awaited loss-carry back scheme for small businesses, first announced last year.
Small business and tax industry officials have been worried the government won't be able to pass many of its scheduled reforms by the time Parliament ends its current session, which is the last before the September election.
Andrea Slattery, chief executive of the Self-Managed Superannuation Fund Professionals Association of Australia, said the organisation was "very pleased" by the move to abandon the regulation of off-market transfers.
"We've always had the feeling this was something that if people understood what it was, then there wouldn't be such an interest in actually introducing the legislation," she says.
"We're very pleased this piece of legislation has been removed," she says, although adds the government should still examine what would be best practice in this area.
Dan Butler, principal at DBA Lawyers says the removal of the amendment is a positive given <a href="https://www.smartcompany.com.au/superannuation/050719-relief-for-diy-super-funds-off-market-transfers-ban-delayed-by-a-year-2">there were still unknowns</a> about how the transactions would work.
"It's probably been pulled for matters of expediency, the government wants to put other matters forward too and they just haven't been able to work out an amendment that could work here."
"There were a lot of unknown issues in this. For example, with regard to real estate transfers, did you need two independent valuers, or just one? That was still unknown."
The original amendment would have banned off-market transfers between self-managed super funds and related parties.
However, analysts quickly raised problems with the amendment. The new law would mean transactions would have to be conducted on-market, such as through the Australian Securities Exchange, but the law currently restricts those types of arrangements.
Butler says dropping the amendment provides much more certainty to the industry.
"We were sitting in the dark as to how these things would work," he says, but also comments the government needs to "get its act into gear", citing a history of proposing tax changes without fully explaining them.
In the past month tax experts have warned the government still has over 100 proposed changes which haven't been legislated yet. With only a handful of sitting days left until the election, it is unlikely anything except the most important amendments will be passed.
"The government has been very poor for legislative agenda," he says. "It's quite remarkable."
Meanwhile, the government has also finally passed the loss carry-back regime, which was announced last year but until now has not been legislated.
The scheme allows businesses to claim losses of up to $1 million against tax they had already paid during the previous two years. Two new amendments have also removed the possibility a business could claim the loss carry-back during the same year it comes into existence.
The loss carry-back scheme is part of a package of tax amendments which has now been sent to the Senate for approval.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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SMSF industry welcomes abandoning of proposed off-market transfer amendment smsf superannuation

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If there’s one thing entrepreneurs hate, it’s a run-in with the tax man.
And while the nation’s keeper of the coffers may play nice most of the time, make no mistake – the ATO can be ruthless in clawing back money.
With a budget coming up short, the government is looking to some new places to find some cash – like self-managed superannuation funds.
It’s no wonder – about half of all funds have more than $1 million dollars. It’s a gold mine.
As a result, it’s a good idea to keep an eye on your fund and its tax activities. After all, with the government looking for extra cash, you can expect the ATO to ramp up its scrutiny – and you don’t want to be in the firing line.
While there are no new laws specifically targeting SMSFs (yet), now isn’t a good time to draw the attention of the ATO.
A tax disaster could have a big impact on your retirement plans – now is the time to be vigilant.
At the recent Self-Managed Superannuation Professionals’ Association annual conference in Melbourne, Small Myers Hughes partner David Hughes outlined a number of methods to avoid tax disaster.
“It’s important to look at recent ATO activity,” he said at the conference.
“There is a fairly interesting and significant involvement in the ATO of hands-on regulation of the self-managed super sector.
“In 2011-12 there were a larger number of excess contribution cases…raising approximately $175 million in assessments.”
Pay attention – here are five key things you need to know to avoid disaster if you find yourself in trouble with the ATO.
<div class="article-tools">
<h3>1. The way you present evidence is just as important as the evidence itself</h3>
It’s clear the ATO is a pretty mean machine. During the 2011-12 year, the taxpayer only won one ruling.
But there is some relief. Hughes says if you run into trouble with the ATO, the way you present yourself can help your case.
“This seems to be a common thread in these decisions, in that how you present your evidence can very much dictate the outcome of a case,” he says.
“You can have cases that are similar but one will win, and the other will lose, and I would suggest it’s the evidence that is presented and how it’s accepted that is key to how that case is determined.”
Don’t believe it? Check out some rulings.
The Dowling AATA49 case this year contains a comment from the tribunal member hearing the case that two specific witnesses were in fact “witnesses of truth” – a phrase Hughes says is important to note.
Another case, which involved a fund making a loan to a related company which represented more than 5% of the market value of the assets, also came with some commentary.
Hughes says in the ruling – which was positive – the fund in question had “no history of non-compliance”.
“…and there is evidence, which has not been contradicted, that the Fund was made compliant in June 2010”.
Hughes says both these phrases are significant, as they indicate the tribunal took into account the method by which evidence was presented.
“Evidence, evidence, evidence,” he says. “How you present your evidence to the court is critical.”
“I’ve seen so many cases that could have been won with better presentation.”
<h3>2. Get some answers</h3>
Similar to the last tip, the ATO doesn’t particularly like it when you haven’t got an excuse for something – small slip-up or not, the tax man wants to see an answer.
A good example: In the Dowling case, a Dymocks executive moved $91,000 to her superannuation account. But due to some mix-ups with the payroll officer, the money didn’t go into her account until July.
There were plenty of problems with the case. But one involved the fact someone had logged into Dowling’s superannuation account between when she had moved the money, and when it was finally cleared – and no one could explain why. Not even Dowling.
The ATO didn’t like this, and Hughes suggests it may have contributed to the outcome of the case.
“How you explain a particular piece of evidence that may be bad for you is critical to the impression the tribunal forms,” he says.
“If the evidence had played differently, she might have had a different outcome.”
 
 
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3. The court doesn’t care about your excuses
It shouldn’t need repeating, and this goes for every type of ATO case and not just self-managed super funds, but the tax man just doesn’t care about your excuses.
The ATO will allow some things like excessive contribution to fall by the wayside if you can explain you fall into “special circumstances”.
But those instances are far and few between. Look at some of the excuses people have used to try and get out of excess contribution taxes:
<ul>
<li>“I made a mistake” – Rinaldo [AATA 839]</li>
<li>“I told the bank to make the transfer, it’s not my fault” – Colless [AATA 441]</li>
<li>“Because I changed jobs” – Naude [AATA 130]</li>
<li>“I didn’t know my employer had already contributed” – Paget [AATA 334]</li>
</ul>
There is one particularly sad case, [Tran AATA 123], in which someone put $450,000 in their superannuation fund.
The ATO replied by saying the person should have obtained financial advice. “I’d prefer not to be in court, I’d rather be giving you financial advice up front. If you’re a financial planner you should know what you’re talking about. Quite often these cases come about because people are ignorant,” Hughes says.
<h3>4. You have to actually make an effort</h3>
If you’ve made a mistake but then haven’t tried to correct that mistake, the ATO is going to become very annoyed.
In the Bornstein AATA 424 case, a taxpayer spent a substantial amount of time overseas during the 2006-07 financial years.
He was the employee and sole director of a company, and made regulator contributions into his super account.
He emailed his accountant while overseas, but received no response.
After checking the ATO website, he saw that he was able to pay himself within 28 days into the new year under the superannuation guarantee.
However, that rule related to a completely different set of circumstances, and his contributions resulted in a tax charge.
But the case didn’t end there. Because the person in question was able to show the ATO he had tried to contact his accountant, and had relied on instructions provided by the ATO website, he was able to get off the hook.
“While I would not ordinarily accept a mere misunderstanding of one’s obligations is enough to constitute special circumstances, there was what might be described as a ‘perfect storm’ of events, miscommunications and misunderstandings that combined to leave the taxpayer in an unusual and unfortunate position,” the judgment read.
Hughes says this is a significant case – the fact Bornstein actually went out of his way to find instructions and didn’t just do whatever he wanted is a key point.
“If he hadn’t checked the website, he may not have won,” says Hughes.
<h3>5. Ignorance is no excuse!</h3>
Here’s an interesting one. In a 2008 case, a lawyer operating an SMSF fund used superannuation money to prop up his law firm, which is using the super fund as a type of “last resort”.
Obviously, the ATO doesn’t like this very much and moved to find the fund non-compliant.
However, the case is interesting because a trustee said she had no idea what was going on.
Therefore, the trustee argued, there should be some leniency.
But Hughes says the ATO was “particularly scathing” of that approach.
“Directors must make their own enquiries and independent assessment of that information or advice,” it said in the ruling.
“As acknowledged by the Commissioner, the ATO does have a role in educating taxpayers and trustees of self-managed superannuation funds about taxation and superannuation laws, but does not have an obligation, as submitted by the applicant, to ensure trustees understand and comply with the law.”
“In my view, the primary responsibility for this obligation resides with trustees and if the trustee is a corporate trustee, those who manage them.”
The message is clear: ignorance is no excuse.
This article originally appeared on <a rel="nofollow" href="https://www.smartcompany.com.au/index.php" target="_blank">SmartCompany</a>.
 
 
 
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Be prepared or risk SMSF tax trouble

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One of the most successful construction firms in the country has collapsed, in yet another sign this aspect of the economy continues to do it tough.
The 20-year-old Walton Construction business, whose clients include a $100 million refurbishment of the Melbourne David Jones store, has been placed in administration.
Founder and chief executive Craig Walton was contacted on Friday, but no response was available prior to publication.
The company was also contacted, but all offices appeared to be unstaffed.
The business was founded in 1993 by Craig Walton, and has since expanded across the country with offices in Brisbane, Sydney and Melbourne. Major works have been undertaken in most capital cities, along with Newcastle, Wollongong and the Gold Coast.
The company has had a successful run, with revenue in the hundreds of millions and an employee count of more than 300 at its top.
However, Walton has now said up to 30 jobs may go due to the administration.
“It is also the saddest day because of the impact on our employees and their families who have been so loyal and outstandingly professional over the whole journey,” he has <a target="_blank" href="https://www.smh.com.au/business/walton-construction-goes-into-adminstration-20131003-2uwxw" rel="nofollow">told Fairfax</a>.
Walton also said wages and superannuation are up to date, and other entitlements will be paid.
“Six months ago we were looking at a disaster scenario. Today is not good, but most of our people have a good future,” he said.
Some of the company’s projects have been sold to competitors. The list of current work on the Walton website shows various projects, including an apartment building worth $13 million in Melbourne, a $2.9 million project for the Defence Force and a $25 million hospital upgrade.
The construction industry has been one of the most affected by the slowdown in the economy. The latest results from the Australian Industry Group-Housing Industry Association Performance of Construction Index showed the industry slowed during August.
Even though interest rates are at a record low, businesses are still experiencing the slowdown – business owners say they’ve been forced to reduce their margins or even take losses to generate work.
The industry has been affected by a wave of smaller collapses, but also larger businesses: last year <a target="_blank" href="https://www.smartcompany.com.au/buy-or-sell-a-business/056163-fallout-from-reed-construction-folding-continues-with-collapse-of-air-conditioning-company">Reed Constructions collapsed</a> with debts of $182 million, affecting hundreds of businesses working as subcontractors.

<hr>
This article first appeared on <a target="_blank" href="https://www.SmartCompany.com.au">SmartCompany</a>.
 
 
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Major construction business behind David Jones refurbishment collapses into administration

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The Asia-Pacific region is booming and will have the world’s largest number of millionaires within the next year – and property investment is at the heart of the Australian surge.
These are the findings of the latest Asia-Pacific Wealth Report, conducted by the Royal Bank of Canada and Capgemini – and it places Australia among the top growth areas for the rich.
The report shows the number of millionaires grew by 15% during 2011-12, and the overall number of millionaires in the Asia-Pacific grew at three times the rate of the rest of the world.
Lower global volatility and “strong actions” by both the European Central Bank and the US Federal Reserve helped keep the region strong.
“Combined with positive developments in the region, lower global risk and the effect of reducing volatility in Asia-Pacific during the second half of the year,” it said.
“As a result, Asia-Pacific’s equity markets surged starting mid-year, making up for the moribund first half.”
We’re also a positive bunch, the report claims. Australia had the closest average to the rest of the world in terms of trust of all elements of wealth management.
High net worth individuals (HNWI) here had more confidence than the rest of the world in industry infrastructure, at 45% compared to 40%. As a result, confidence in the ability to generate wealth in the next 12 months was higher than the rest of the world – at 81.9%.
“This positive outlook could be partly a function of Australia’s positive GDP growth rate in 2012 of 3.6%, which was the highest of industrialised Asia and greater than the global GDP growth rate of 2.2%,” the report said.
So where is this growth coming from?
Mostly, real estate. The report shows 40.6% of Australian wealth is tied up in property, which is far more than the next highest figure of 26.5% in India.
Millionaires in the Asia-Pacific are also big art lovers, and in particular, Australians love a good painting. Local wealthy individuals have an allocation of art worth 20.8%, higher than any other nation.
Australia’s wealthy are also more likely to focus on growing their wealth rather than simply preserving it, the report says.
“HNWIs in the country consider their needs to be more straightforward, encompassing the management of cash, credit and growing investments (48.3%), and this sentiment was particularly strong in the higher age and wealth band,” the report says.

<hr>
This article was originally published on <a target="_blank" href="https://www.smartcompany.com.au">SmartCompany</a>.
 
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Asia-Pacific millionaires will take over the world’s rich by 2014, and Australians are among them

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The government has confirmed it will continue with its plans to re-establish the controversial Australian Building and Construction Commission, in yet another sign the Coalition is moving to rapidly implement several key election policies.
The Coalition had previously said it would restore the ABCC, with a report prepared by Liberal MPs showing it <a href="https://www.smartcompany.com.au/construction-and-engineering/057293-coalition-could-resurrect-building-and-construction-commission-within-100-days-but-experts-aren-t-too-keen">could be done within 100 days</a>.
A spokesperson for Employment Minister Eric Abetz said this morning the plan is a priority, and the Coalition is committed to writing legislation in the first sitting week.
“This is a priority,” he said.
The industrial relations industry is mixed regarding the reintroduction of the ABCC. While some say it would be better to leave the industry’s authority to Fair Work, others believe the construction industry is so large it demands a body of its own.
Industrial relations lawyer Peter Vitale said this morning while it’s unhelpful to have so much “chopping and changing”, the reintroduction of a dedicated body could have benefits.
“The reality is that governments of both colours have recognised the need for a separate arm of government to deal with the building and construction industry,” he says.
“That being the case, it seems to me the most effective way to address an industry that requires that much attention is to have its own body.”
The government is considering several options contained within a report compiled by several Liberal MPs. Some include dividing up responsibilities between the ABCC and Fair Work, while others would include hiring police or ex-police.
The original ABCC attracted controversy for some decisions, and was ultimately disbanded by the Gillard government in 2012.
The new ABCC would be given several million dollars in order to reverse cuts made under the Labor government, Fairfax reports, while other changes include the possibility of reinstating powers of the old ABCC – such as requiring witnesses to give testimony.
The reintroduction of the ABCC sits alongside other Coalition workplace relations promises, including a pledge to change bargaining rules and allow more movement in flexibility agreements.

<hr>
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au">SmartCompany</a>.
 
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Coalition moving ahead with plans to reinstate Australian Building and Construction Commission in first sitting

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The three-storey residences, designed by award-winning architecture practice <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a>, have been tailored for families and multi-generational living, featuring private internal lifts, flexible lower-level spaces, generous open-plan living and entertaining areas, media rooms, and landscaped outdoor spaces with custom outdoor kitchens.&nbsp;

Inside, engineered oak flooring, bespoke dining joinery with integrated wine fridges and backlit bars, sculptural porcelain bathrooms, Parisi freestanding baths and Astra Walker tapware create interiors that balance functionality with refined finishes.

Each townhome has been designed to combine generous internal spaces with sustainability initiatives such as EV charging infrastructure, while <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>'s landscaped communal areas, centred around a restored creek line and native planting, encourage residents to connect with nature and spend more time outdoors.

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Rothelowman's Gary Tsui said the architecture was conceived to respond carefully to its Upper North Shore setting.

"Our vision was to create elegant, uplifting homes that draw on and positively contribute to the local character through meticulously considered design and an interaction with the surroundings."

The communal landscape has been designed as more than an open space between homes. Arcadia's Ben Newell and Kate Phillips said the adjoining reserve provided an opportunity to create a distinctive natural retreat for residents.

"Just as waterways carve their way through Ku-ring-gai's landscape, a raised boardwalk weaves through the reserve, connecting the homes to this tranquil oasis."

[smartcode_project:default project_id=7354 project_image_fid=374892]

Located just 300 metres from <a href="https://www.apartments.com.au/developments/gordon-nsw-2072">Gordon</a> Village and Gordon railway station, Lume offers convenient access to Sydney's CBD while placing residents close to some of the North Shore's leading schools, including Ravenswood, Pymble Ladies' College and Knox Grammar. Lane Cove National Park, Gordon Golf Club and a range of cafés and restaurants further reinforce the family-focused lifestyle on offer, with the BMW iX3 50 complementing everything from local trips around Gordon to weekend drives and city commutes.

Construction is underway with completion expected in mid-2027.

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Joel Robinson

Boutique Gordon townhomes now come with a BMW iX3 50

Two apartments have sold for more than $10 million at EADE Byron Bay, setting some of the highest apartment prices ever achieved in the coastal town and underlining the growing appetite for luxury beachfront apartments in Australia's most popular coastal locations.

The $210 million project by Vitale Property Group has now secured more than $70 million in sales, led by residences that changed hands for $12.75 million and $11.75 million.

The record-breaking transactions reinforce the shift occurring in Byron Bay's premium property market, where affluent downsizers and lifestyle buyers are increasingly opting for high-end apartments over large beachfront homes.

<a href="https://www.apartments.com.au/new-apartments/eade-byron-bay-29-shirley-street-byron-bay-nsw-2481">EADE Byron Bay</a> occupies a rare 6,000 sqm absolute beachfront site on the corner of Shirley and Milton Streets overlooking Main Beach and The Wreck surf break, just 350 metres from Byron Bay's town centre.

The 25-residence development is the first beachfront apartment project approved in Byron Bay in more than a decade and is currently under construction, with completion expected in May 2027.

[smartcode_project:default project_id=145590 project_image_fid=359521]

The project has attracted a mix of local Byron Shire residents downsizing from larger homes, alongside interstate buyers from Sydney, Melbourne and Brisbane seeking a permanent coastal lifestyle without compromising on space.

Designed by <a href="https://www.apartments.com.au/architects/hayball">Hayball</a> and with interiors by <a href="https://www.apartments.com.au/interior-designers/alexander-co">Alexander &amp; Co</a>, EADE comprises&nbsp;10 garden apartments ranging from 284 sqm to 622 sqm, nine with private pools, five full-floor apartments and 10 rooftop residences with private plunge pools, expansive outdoor entertaining areas and uninterrupted ocean views.

[smartcode_project:default project_id=145590 project_image_fid=359527]

<a href="https://www.apartments.com.au/developers/vitale-property-group">Vitale Property Group</a> Managing Partner Chris Vitale said the project's combination of scale, location and limited future supply was driving buyer demand.

"There isn't another beachfront holding in Byron Bay of this size and position that could be developed again," Vitale said.

"Buyers are responding to the scarcity and the irreplaceability of a site of this calibre and to floorplans they can't find elsewhere in the market.

"We are seeing buyers place significant value on quality, space, design, resort-style amenities and the rarity of the location. The sales achieved to date demonstrate that discerning purchasers recognise the long-term significance of what is being created at EADE Byron Bay.

"Many are coming from larger homes in the Byron region, or from Sydney, Melbourne and Brisbane, and are after the space, security and convenience, without the upkeep of a house."

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[smartcode_project:default project_id=145590 project_image_fid=359523]

The Byron Bay project follows Vitale Property Group's delivery of the Mondrian Hotel and Private Residences at Burleigh Heads, with EADE continuing the developer's focus on luxury coastal developments.

Residents will have access to a resort-style swimming pool, gymnasium, sauna, cold plunge pool, concierge services and dedicated workspaces, while the project is targeting an 8-Star Green Star rating.

EADE Byron Bay is being exclusively marketed by Projx Australia in conjunction with WHITEFOX Projects.

WHITEFOX National Projects Director Phillip Rand said demand had been driven predominantly by owner-occupiers.

"We are seeing buyers at EADE place significant value on quality, space, design, resort-style amenities and the rarity of this location," Rand says.

"The sales achieved to date demonstrate that purchasers at this level recognise the long-term significance of what is being created at EADE Byron Bay."

Residences at EADE Byron Bay are currently priced between $4.75 million and $15.95 million.

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Vitale breaks Byron Bay records with EADE sales flurry 

When buying an apartment, most people compare the big-ticket items first. Floorplans. Kitchens. Balcony size. Natural light. The view.

But there's one everyday consideration that often doesn't come up until after moving in: how parcels are delivered.

As online shopping has become part of everyday life, parcel deliveries have shifted from an occasional event to a regular occurrence. Australians spent a record $82.6 billion shopping online in 2025, with almost one in every four retail dollars now spent digitally.

For apartment residents, that can present a challenge.

If nobody is home to accept a delivery, parcels may be redirected to a nearby Post Office, left in a building lobby or common area, or require building management to step in. In higher-density buildings, where dozens or even hundreds of residents may receive deliveries each day, parcel management has become an increasingly important part of everyday living.

That can create a range of frustrations. A missed delivery often means making time to collect a parcel elsewhere, while packages left unattended in foyers or mail areas can create clutter and increase the risk of theft. What seems like a minor inconvenience can quickly become a recurring issue for residents who shop online regularly.

It's one of those details that rarely features in a display suite but can have a noticeable impact once residents move in.

As a result, buyers are beginning to look beyond traditional apartment features and consider how a building supports day-to-day convenience, including whether there are secure options for receiving deliveries.

Australia Post's Parcel Lockers provide one solution.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/CkF2oKmlACg?si=C50sDaoUUn2nuLmq" title="YouTube video player" width="560"></iframe>

Rather than having a parcel delivered directly to an apartment, eligible deliveries can be sent to a nominated Parcel Locker. Once the parcel arrives, residents receive a notification through the AusPost app or SMS and can collect it using a QR code or one-time PIN at a time that suits them.

The Parcel Locker network now includes more than 1,500 locations nationwide, with installations at Post Offices, shopping centres, transport hubs and an increasing number of residential developments. By providing a secure collection point, Parcel Lockers help reduce missed deliveries and avoid parcels being left unattended in common areas.

For developers, parcel infrastructure is becoming another way to improve the resident experience. Rather than relying on concierge staff or leaving parcels in communal spaces, secure collection points help streamline deliveries while preserving the presentation and functionality of shared areas.

For buyers, it's a reminder that the best apartment features aren't always the most obvious.

A generous floorplan or quality finishes might help narrow the shortlist, but the conveniences that simplify everyday life, whether that's EV charging, secure bike storage or reliable parcel delivery, often become the features residents appreciate most once they're living there.

The apartment feature many buyers don't think about, until their first missed delivery

<a href="https://www.apartments.com.au/developers/hg-developments">HG Developments</a> is doubling down on Maud Street in Newstead, filing plans for a new apartment tower just a few doors down from its under-construction Aire Newstead development.

Recently submitted to Brisbane City Council, the proposal is for an 18-storey building designed by bureau^proberts, which has drawn heavily on Brisbane's subtropical design principles while referencing the suburb's industrial heritage.

A total of 64 apartments are planned for the amalgamated 1,518 sqm site at <a href="https://www.apartments.com.au/new-apartments/17-21-maud-street-newstead-qld-4006">17–21 Maud Street</a>, a short walk from the Brisbane River and Newstead Riverwalk.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="a400c7fd-bd15-48f8-a63b-10ede92efe00" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20bldg.png?VersionId=.0vPmjpbC7CNP7kqGWa6L7rGIwsNExaw" />

"The building is defined by a series of vaulted motifs that reinterpret the arches, colonnades and layered facades evident throughout Newstead's historic built fabric," the Urban Design Report states.

"Combined with recessed glazing and generous balconies, these elements create a layered building envelope that provides shade, weather protection and opportunities for natural ventilation whilst establishing a distinctive architectural identity."

The proposal comprises 64 two, three and four-bedroom apartments across 18 residential levels, positioning it alongside a growing number of taller residential projects transforming Newstead's northern precinct. The tower incorporates extensive subtropical landscaping, with cascading planter boxes, deep planting at street level and a landscaped rooftop recreation area.

<img alt="First look: HG Developments plans 18-storey subtropical apartment tower for Newstead" data-entity-type="file" data-entity-uuid="1d8140f4-8b98-45cd-b1b8-1efe8c8e266b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Maud%20st%20podium.png?VersionId=VAZtbCoD44YCJ57N99fQCAKeSJx7ldZs" />

Bureau Proberts has prioritised passive environmental design throughout the project, with generous balconies, recessed glazing and operable façades helping reduce solar heat gain while maximising natural ventilation. River views become available from the upper levels, while the building has been orientated to capture prevailing breezes from both the Brisbane River and the west.

The architects say landscape is intended to be integral to the building rather than an applied element.

"Vertical greenery, cascading planter boxes and elevated gardens are woven throughout the architecture, softening the built form and strengthening the connection between residents and the subtropical environment."

"Through the integration of landscape, high-quality materials and passive design principles, the development delivers a refined residential address that celebrates Newstead's heritage character while contributing positively to Brisbane's evolving subtropical identity."

Newstead has remained one of Brisbane's most active apartment markets in recent years, with a number of developers continuing to back the inner-city suburb.

HG Developments is currently delivering the 40-apartment Aire Newstead at 25 Maud Street. Fortis recently launched the 65-apartment <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> on Kyabra Street, while builder-developer BPG and Don O'Rorke's Consolidated Properties are both expected to launch their respective Newstead projects before the end of the year.

HG Developments doubles down in Newstead with second Maud Street apartment development

Walk past a new apartment development promoting its sustainability credentials and it's easy to picture rooftop gardens, mature trees, landscaped courtyards and residents surrounded by nature.

But in many cases, that's not actually what those sustainability ratings guarantee.

Australia's leading environmental rating tools have played a significant role in improving the energy efficiency and environmental performance of buildings. Yet despite their focus on reducing emissions, many don't require developers to include trees, biodiversity or meaningful green space.

In other words, a building can achieve one of the country's highest sustainability ratings while containing little more than concrete, glass and hard landscaping.

That disconnect has led to the emergence of a new movement across Australia's property industry: nature-based cities.

The concept goes beyond designing buildings that consume less energy. Instead, it encourages developers to treat nature as essential infrastructure, integrating biodiversity, tree canopy, living landscapes and green spaces into projects from the earliest stages of planning.

Research has consistently linked access to nature with better physical and mental health, cooler neighbourhoods, improved biodiversity, stronger climate resilience and more connected communities. As Australia's cities continue to become denser, advocates say those outcomes should be considered just as important as energy efficiency.

Nature Based Cities (NBC) was established in 2022 to help accelerate that shift.

Founded by Hamton Executive Chairman Paul Hameister OAM, the not-for-profit was created after research highlighted a significant gap in Australia's sustainability framework. While existing environmental rating tools rewarded energy performance and emissions reductions, they placed little emphasis on the inclusion of living landscapes.

"We've always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren't there," Hameister says.

"In Australia, you can have a five-green-star rated building that's concrete and glass with not a blade of grass.

"The focus is on reducing emissions, which is laudable, but there hasn't been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities."

Since its launch, NBC has developed independent design guidelines and accreditation frameworks that encourage developers to prioritise ecology, biodiversity, tree canopy, walkability and living landscapes alongside traditional sustainability measures. The organisation first focused on medium and high-density residential developments before recently expanding into precinct-scale communities and masterplanned neighbourhoods.

Jan Talacko, founder of sustainability consultancy Ark Resources and a member of the Nature Based Cities Advisory Council, says the initiative addresses an area that has largely been overlooked by the property industry.

"Throughout my 25 years of working collaboratively with all stakeholders in the property sector, I've always favoured a pragmatic approach to sustainable design which encourages initiatives that not only meet environmental expectations but also improve amenity," Talacko says.

"Whilst we are making steady progress in relation to energy and carbon emissions from buildings, there has been much less emphasis on encouraging biodiversity and tackling the urban heat island effect.

"The Nature Based Cities initiative responds to a gap in the suite of tools currently used by the property development sector, which don't provide sufficient incentive, or recognition, for the integration of landscaping and greenery."

For apartment buyers, the shift is also changing the questions worth asking.

Rather than assuming a sustainable building will naturally include abundant green space, buyers are increasingly being encouraged to look beyond environmental ratings and ask what nature is actually being delivered. How much tree canopy will the development create? Has biodiversity been considered? Are landscaped spaces designed for people as well as appearance?

As Australia's cities continue to grow upwards and outwards, the next generation of sustainability may not simply be measured by lower emissions, but by how successfully developments bring nature back into everyday urban life.

Patrick Stafford

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