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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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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.”
 
 
<hr class="system-pagebreak">
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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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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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

ASX-listed developer Cedar Woods is progressing its plans for its Southbank arts precinct site.&nbsp;

The developer has filed plans, which are now with the&nbsp;Department of Transport and Planning, for a new 20-level tower at&nbsp;<a href="https://www.apartments.com.au/new-apartments/141-151-sturt-street-southbank-vic-3006">141–151 Sturt Street</a>, a 2,718 sqm block opposite the Habitat Filter sculpture.

The proposal seeks to demolish the two-level&nbsp;commercial building, including a small supermarket and medical tenancies, and create a new building with 180 apartments and a focus on an&nbsp;active public realm and arts integration.

&nbsp;

<img alt="Southbank site" data-entity-type="file" data-entity-uuid="76a72db6-91ef-43ae-827d-a9cfa72893d2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Site.png?VersionId=DZgtB4K6BswVh0QtCs3iLjXaLp0CbcEb" />

&nbsp;

There will be a full mix of apartment configurations, including 28 studio apartments, 16 one-bedroom, 104 two-bedroom, and 32 three-bedroom units.

Retail, creative arts, and residential amenity functions are integrated across the lower levels. A food and drink tenancy is planned to front Dodds Street, while a retail tenancy fronting Sturt Street will be accessed via an elevated walkway. The first floor includes a substantial 734 sqm creative arts space, envisioned to support Melbourne’s growing cultural and digital industries.

Architecture firm <a href="https://www.apartments.com.au/architects/rothelowman">Rothelowman</a> has put together the plans. In their&nbsp;Urban Design Report they highlighted the project’s ambition to embed itself within Southbank’s evolving cultural fabric.

A central feature of the design is a through-block link connecting Sturt and Dodds Streets, landscaped with native plantings and embedded with universal access ramps.

“The ramp has been thoughtfully integrated as the primary access point, ensuring universal accessibility for all users,” the report noted, with the link offering “a direct response to the urban planning scheme of creating more green spaces within our communities”.

<img alt="Southbank podium" data-entity-type="file" data-entity-uuid="4d24b1b2-d69c-4a11-a11d-ec6df432221c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/podium.png?VersionId=geWoJyZDmPSLODZ_.PNJ0LvpOmyyCdpo" />

The building’s podium form responds to the mandatory height limits along Dodds Street and maintains a fine-grain interface to adjoining developments. Above the podium, the tower is articulated with recessed balconies and a focus on views toward the CBD and surrounding arts institutions. A communal rooftop recreation deck and indoor lounge are positioned on level four, adjoining seven apartments and providing over 900 sqm of resident amenity space.

Vehicle access and loading will be provided via Dodds Street, with 155 resident car spaces located across two basement levels and the first three above-ground floors. Bicycle storage is more generous, with 226 spaces distributed across resident, staff and visitor needs.

Rothelowman describes the architecture as “humanist,” with ground-level interfaces designed to encourage social interaction and provide a dignified entry for both residents and passers-by. “All street interfaces are crafted to invite and nurture human connections,” the design report states. “The façade transitions to a human scale, providing an approachable and engaging streetscape”.

Cedar Woods, while well-known for its large communities it develops outside of Australia's capital cities, they have recently developed in Melbourne's inner-ring before. They are approaching completion at <a href="https://www.apartments.com.au/new-townhouses/88-leveson-north-melbourne-88-leveson-street-north-melbourne-vic-3051">88 Leveson</a>, just 15 townhouses in the heart of North Melbourne.

Joel Robinson

Cedar Woods progresses with new apartment plans in Southbank arts precinct

Brisbane developers Core Property Partners and Vector Property Australia has teamed up for Brisbane's newest apartment development.

The duo identified <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as their preferred suburb, on the fringe of the Gabba Precinct, where they've just revealed BANKSII, 72 apartments opposite Raymond Park.

[smartcode_project:default project_id=136432 project_image_fid=5481]

The one-, two-, and three-bedroom apartments will sit in a glass-wrapped building that will also feature a rooftop with an&nbsp;infinity-edge pool, a BBQ area and alfresco dining spaces, sun lounges, and a sauna, as well as a resident-only gym and a ground-floor cafe.

Rhett Williams, Director of Vector Property Australia, said the project will lift the quality of the East Brisbane community and set a new benchmark.

"In Brisbane’s current property landscape, <a href="https://www.apartments.com.au/new-apartments/banksii-east-brisbane-169-wellington-road-east-brisbane-qld-4169">BANKSII</a> stands out through its emphasis on lifestyle-oriented living, connectivity and sophisticated design," Williams says.

[smartcode_project:default project_id=136432 project_image_fid=5479]

The 10-level building has been designed by MAS Architecture. Their designs were inspired by the native Banksia flower, with the architecture and interiors reflecting the organic symmetry of its namesake flora. MAS has interpreted this throughout the building’s curved form, façade detailing and interior palette.&nbsp;

The building’s flowing geometry and natural tones are complemented by large balconies and floor-to-ceiling glazing, maximising cross-breezes, daylight and views over the city, parklands and river.

“Having a strong narrative for a building helps us architecturally,” MAS noted. "We can choose colours that come off that species of flowers. The trunk and the trees and the flower elements all are now visible in our joinery on the inside and in our architectural finishes on the outside."

[smartcode_project:default project_id=136432 project_image_fid=5485]

Apartments will feature timber floors, soft porcelain tiles, brushed bronze fittings, and stone benchtops with warm veining.&nbsp;

Kitchens feature premium SMEG appliances and generous storage, while bathrooms have been designed as calming retreats with curved cabinetry and twin sinks in the master ensuites.

The building will feature a suite of rooftop and wellness amenities. Residents will have access to an infinity-edge pool, BBQ and alfresco dining areas, sun lounges and a rooftop sauna.&nbsp;

A residents-only gym will be located on the podium level, while a ground-floor café and landscaped laneway will further activate the site and improve neighbourhood connectivity.

[smartcode_project:default project_id=136432 project_image_fid=5488]

BANKSII will rise from a prime Wellington Road site, with the building oriented to overlook the adjacent Raymond Park and take in extensive city views. It is also on the doorstep of key&nbsp;lifestyle infrastructure, including the future Kangaroo Point Green Bridge, The Gabba stadium, and the planned Brisbane Live arena.&nbsp;

Public transport options, including ferry, bus and rail - including the future Cross River Rail Woolloongabba station - are all nearby, supporting a car-optional lifestyle just minutes from the CBD.

Williams said the team spent over a year searching for the ideal site before securing this location.

"We were attracted to <a href="https://www.apartments.com.au/developments/east-brisbane-qld-4169">East Brisbane</a> as it is a vibrant and growing community that offers a perfect balance of urban convenience and natural beauty with the parklands and river on our doorstep.”

The project is part of the broader Woolloongabba Games precinct, which is undergoing significant investment in the lead-up to the 2032 Brisbane Olympics. This urban renewal, coupled with infrastructure upgrades, is expected to enhance long-term liveability and capital growth in the area.

Given the wide max of configurations, BANKSII is expected to suit everyone from first home buyers and investors to families and downsizers.

[smartcode_project_cta:default project_id=136432]

BANKSII sales launch in booming East Brisbane apartment market

The Minns Labor Government will deliver Sydney’s first new heavy rail station in more than a decade – enabling up to 10,000 new homes by rezoning land around Woollahra and Edgecliff stations, right next to the CBD, to tackle the housing crisis and rebalance growth across the city.

Recent reports by the NSW Productivity Commission have warned that Sydney is losing twice as many young people as it is gaining, while also finding that Woollahra is the most feasible Local Government Area (LGA) in New South Wales to build new housing.

Despite this, housing approvals in Woollahra consistently lag well behind other LGAs, and the population has declined by 11 per cent over the past 50 years while Greater Sydney as a whole has grown by 74 per cent.

The new station that will be an eight-minute trip from Sydney CBD, will be located on the Eastern Suburbs train line in Woollahra, where a station build was started in the 1970s but never completed.

To enable the delivery of new homes the NSW Government will lead a rezoning of Woollahra and Edgecliff stations similar to other state led rezonings to allow additional homes to be built around the stations.

Affordable housing will also make up a proportion of development on the site with the final amount of affordable housing required, to be determined as part of the rezoning process.

The area surrounding the new station is within walking distance of major green and recreational space including Cooper, Trumper, Rushcutters Bay and Centennial Parks.

The Eastern Suburbs train line between Bondi Junction and Sydney CBD also has the lowest passenger usage rates during the AM peak of any line on the Sydney network, with only 43 per cent of operating capacity during the AM peak currently being utilised by passengers.

Sydney Water and Infrastructure NSW have confirmed there is capacity in the water and wastewater systems to accommodate the proposed 10,000 dwellings without major upgrades.

The rezoning is expected to take around two years and will further support the Government’s housing targets that rebalance the delivery of new homes around existing infrastructure.

&nbsp;

&nbsp;

Next stop Woollahra train station - delivering up to 10,000 new homes in the heart of Sydney

<section data-element_type="section" data-id="b086848">
Fresh off completing its mixed-use Malvern project Malvern Collective, Kokoda Property Group has acquired a prime site on Richmond's Bridge Road.

They are planning a mid-rise residential development with&nbsp;integrated wellness amenities and a vibrant ground-floor retail and dining offering.

The site, at&nbsp;487–495 Bridge Road, spans&nbsp;1,650 sqm with 50 metres of dual frontage across Bridge Road and Palmer Street. It is currently leased to Adairs, and has a large retail building and 20 onsite car parks.
</section>

<section data-element_type="section" data-id="534a164">
Kokoda Property Group’s acquisition forms part of a broader phase of growth in Melbourne, building on momentum from the completion of Malvern Collective and the recent purchase of a Burnley Street site for the developer’s first commercial project.&nbsp;

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating.

“Melbourne is regaining momentum,"&nbsp;Stevens said.

"After a cautious period post-COVID, we’re seeing buyer sentiment stabilise and capital leaning back into well-located, quality projects. Victoria now benefits from deep builder capacity and competitive delivery pricing, creating a rare opportunity to bring design-led inner-city developments to market without compromising on craftsmanship.

“Richmond ticks all the boxes for us – connectivity, culture and everyday amenity – making Bridge Road the perfect address for an amenity-rich, multi-use development."

<img alt="Kokoda" data-entity-type="file" data-entity-uuid="9a8de51d-8092-480a-8b7e-e081816692c2" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-08-29%20at%208.54.27%E2%80%AFAM.png?VersionId=VRHpV5.6beOu2cieKHWrw3ErMPuVOAuj" />

Envisioned as an “urban lantern” the building will bring a distinctive new presence to Bridge Road with a sculptural retail frontage, designed to honour the street’s heritage character while contributing to its renewal.

Stevens said the acquisition reflects the developer’s commitment to design-led addresses in Melbourne’s inner city.

“Drawing on Richmond’s rich heritage and dynamic character, we’ve envisioned a contemporary building that respects the past while elevating the way people live today. With dual frontages, curated ground-floor spaces, and a focus on wellness, this project will contribute to the neighbourhood’s evolution, appealing to both downsizers and a new generation of professionals.”

Kokoda Property will now progress concept design ahead of a future planning process.
</section>

Mark Stevens, Kokoda Property Group’s Founder and Managing Director, said that the company’s Bridge Road site acquisition signals confidence in a city that is re-accelerating

First look: Kokoda secures Richmond site for new apartment development

Gold Coast developer Drew Group is fast approaching sell-out at its Main Beach apartment development, Lagoon Main Beach.

In the last nine months, Drew Group and sales partner Pezet Matheson have secured 31 sales totalling over $75 million, as the two-tower development advances towards completion under the expert eye of Hutchinson Builders.

“Today's buyers are more discerning than ever," Drew Group Managing Director Jon Drew says.

"It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

[smartcode_project:default project_id=108747 project_image_fid=193023]

Just over 50 per cent of recent&nbsp;sales have been to local buyers, reflecting the deep trust and connection within the Gold Coast community that Drew Group has developed over the years.

Demand has been particularly robust at the top end, with two of the three exclusive penthouses already sold, alongside five sub-penthouses. Only seven apartments remain in Lagoon's Signature Series — one&nbsp;penthouse and six sub-penthouses.

[smartcode_project:default project_id=108747 project_image_fid=284864]

Drew Group has also removed the much-maligned sunset clause from all contracts at Lagoon. The sunset clause — although rarely invoked, yet on occasion known to have been — allows developers to take back contracts on apartments should the building not be completed within the timeframe specified in the contract.

Pezet Matheson Co-Director Jayde Pezet says the fact Lagoon is&nbsp;within a year of completion, and has no sunset clause in contracts, provides certainty to buyers.

"This is paramount in the current market," Pezet says.

Drew Group has committed to providing the highest level of security inclusions — none more impressive than the Ubiquity Access Control System, a cutting-edge facial recognition technology that is one of the most state-of-the-art keyless entry systems on the market.

[smartcode_project:default project_id=108747 project_image_fid=190743]

One of the biggest drawcards to Lagoon has been the size of the apartments.

"It is unlikely that any future new development in Main Beach will be able to offer such spacious living at this price point," Drew says.

"Today's buyers are more discerning than ever, carefully evaluating amenities like gyms, spas, workspaces, and beach lockers, along with quality finishes. It's essential to provide something truly unique that sets a development apart, and we believe Lagoon has achieved just that."

Lagoon is set to complete construction in mid-2026.

[smartcode_project_cta:default project_id=108747]

Patrick Stafford

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