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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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Several subsidiaries within a large architectural design and consulting group have been placed in administration as part of a corporate restructure, with redundancies expected as part of a response to what the company says are "challenging business conditions".
The move comes as the construction and building industries continue to struggle alongside a sluggish market. Businesses associated with building and fit-outs, such as this <a href="https://www.smartcompany.com.au/buy-or-sell-a-business/055452-high-end-blinds-manufacturer-turning-over-4-5-million-collapses-into-administration">high-end blinds manufacturer</a> placed in administration recently, are under pressure.
HBO+EMTB, an architectural services firm with 23 offices across Australia, New Zealand and Asia, has completed several high-profile projects including the High Court of Australia, the National Gallery and the Sydney Entertainment Centre.
"The restructuring is in response to challenging business conditions and is designed to consolidate an unwieldy and complicated corporate structure," the company said in a statement.
"The Australian business, which has grown to more than 30 companies over several decades, will be streamlined to four operating units structured along functional lines, namely, architecture, interiors, urban and landscape design and consulting."
The business was contacted this morning, but no reply was available prior to publication. Administrator FTI Consulting was also contacted, but declined to comment and referred to the company's own statement.
The restructure will see all current offices remain open, although 8% of the current workforce will be affected. Full redundancy benefits will be offered to staff affected by the changes.
"The domestic restructure will involve the appointment of voluntary administrators to some companies within the group however the main business and brand will continue to operate as normal," it said.
Chief executive Kevin Fitzgerald said the restructure was necessary to help the company survive, pointing to poor conditions since the beginning of the global financial crisis in 2008.
"The federal government's stimulus package for the industry through the schools program was successful in insulating the building and design sector from the worst effects of the GFC. But as that initiative washed though some time ago the underlying domestic demand has been weak for an extended period. The business needs to change."
"I am confident this restructuring will secure the future for the company and allow us to continue delivering high quality services to clients," he said.
The company offers several architecture and building services, including interior design, landscape design, planning and consultancy work.
HBO+EMTB was founded in 1994 in New Zealand and eventually expanded into Australia. The business focuses on a modern design, which enabled it to win major projects such as the High Court and Sydney Entertainment Centre buildings.
HBO+EMTB also services design in commercial and residential real estate. Property experts note these areas have been under significant pressure.
"We have a situation now where the industry is going sideways," Housing Industry Association economist Harley Dale said this morning.
"I don't find it surprising some business elements are feeling pressure."
With regard to commercial construction, Dale says he's hearing similar tales.
"I'm hearing it's very patchy, and signs of a broad-based recovery aren't really there unless they're tapped into resources-related money or investment. Commercial has had a difficult year."
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Subsidiaries of HBO+EMTB architectural firm put into administration

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The construction and property services industries are facing a severe skills shortage over the next three years, and more 457 visas will be needed to fill the workplace gap if nothing is done, a new report has warned.
The warning from the Construction and Property Services Industry Skills Council (CPSISC) comes as the group expects an uptick in residential construction over the next three years, which will fuel a large demand for construction work and ancillary services.
The property industry has been on the back foot during the few years, <a href="https://www.smartcompany.com.au/construction-and-engineering/053080-construction-business-collapses-after-legal-brawl-with-aldi-supermarket-chain">which has impacted on services business.</a> Recent auction results have indicated a recovery.
The research released today by the CPSISC, and modelled by the Centre for International Economics, predicts the industry faces an increase of 45,000 jobs over the next three years.
The industry is expected to see employment increase by 1.5% every year until 2016 – but the CPSISC says this can be improved, as the industry isn’t ready to meet that demand.
The report says while these 45,000 additional jobs are welcome, they “do not directly replace the gap caused by recent shortfalls in apprenticeship flows and aged attrition trends occurring over the next decade”.
The CPSISC says the government needs to encourage incentives in order to grow that number even more, including workplace development programs.
The benefits are laid out in the report, which claims a 1% productivity increase to the construction industry would add $2.36 billion a year to the national GDP.
Given property services are tied closely to the construction industry, such a boost would have a positive, widespread effect on the economy.
Nick Proud, the CPSISC director of policy, said the industry is in a state of change and requires more support.
“Apprentice numbers are down, so you have a huge group that isn’t being trained at the front end,” he says. “We’re also seeing the tail end of some of the work cycles of our tradies.
“That’s another issue, in terms of keeping them in the system for longer.”
Proud says if there are not enough apprentices being trained, the economy will have to depend on 457 visas to complete construction, “and we don’t want to go down that path”.
“At the end of the day, there are a lot of industries such as manufacturing that are starting to come off the boil. We need to be thinking of policies that will facilitate more work there.”
“There isn’t a shortage today. But there may be in the future… and it means we need to invest in workplace development.”
The CPSISC wants the federal government to cut costs for compliance and scrap industry specific taxes. But Proud says given the predicted shortage, the council fears there may be backlash.
“Because these shortages aren’t there now, this could lead to policy settings where the government says, “we should just see what happens”.
“But we shouldn’t just see what happens. We need to invest in workplace development now.”
The report argues for more workplace development industry programs, along with improvements to productivity.
“Workforce development investment today and continued investment across future terms of state and federal governments, as well as by employers, is really the line drawn under the report, ensuring that bottlenecks in activity do not threaten forecasted upswings,” Proud said.
Demand is set to be highest among construction managers, carpenters and joiners, painting trades workers and plasterers. Surveyors, engineering professionals, civil engineering draftspersons and bricklayers are also expected to be in high demand.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Skills shortage looms for construction industry 

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The property market has <a href="https://www.smartcompany.com.au/property/055623-sydney-weekend-clearance-rate-at-three-year-high">continued its strong year</a> with another weekend of high auction clearance rates, and the lower Australian dollar could make it even stronger.
Experts say the plummeting currency could actually start encouraging more foreign investors to spend their money in Australia.
“This goes both ways,” says SQM Research managing director Louis Christopher. “You see existing property investors being hurt by the lower dollar because it means they’re getting less of their local currency coming back.
“That being said, when we see a falling dollar, housing becomes cheaper for those who are considering entering the local market and it means they’re getting a better price.”
The dollar has continued its fall, opening this morning above US96 cents. New reports indicate the dollar could hit as low as US85 cents within the next year, according to Fairfax. Many economists have expected this fall to eventuate as the American economy improves.
But as Christopher explains, the lower dollar attracts property investment to certain areas.
“The falling dollar is good for the local economy, and therefore it becomes good for the local housing market,” he says. “We’ll see more international tourism, and less domestic tourists who head overseas.”
Meanwhile, the property market has continued its streak of solid auctions results.
The Real Estate Institute of Victoria (REIV) reported Melbourne recorded a clearance rate of 71% over the weekend, compared to the same result last weekend and 60% the same time last year.
“Strong clearance rates continue to be recorded in the inner east, south eastern and Bayside suburbs this year as competition among bidders increases in some of Melbourne's million-dollar suburbs,” REIV chief executive Enzo Raimondo said in a statement.
There were 665 auctions reported, with 473 sold.
In Sydney, the city recorded a clearance rate of 76.5%, based on 286 reported auctions and 237 sales. The figure compared to 54% recorded during the same time last year.
Both results continue the strong series of clearance rates recorded during 2013, alongside positive sales price data from RP Data and the Australian Bureau of Statistics.
Christopher says he believes the market is in a state of “modest recovery”.
“Overall, the market is in a recovery. In some cases it’s a little quicker than modest, but house price growth has been difficult to measure because the reporting bodies have been varied.
“However, our opinion is that we’re still on the recovery path.”
Christopher says while the Melbourne and Sydney markets have remained positive, Canberra is struggling.
“The market is hurting there, and Darwin… while fairly strong, we think is sensitive to a downturn.”
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Drop in Aussie dollar may boost property market 

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The number of companies operating in Australia at a loss <a target="_blank" href="https://www.smartcompany.com.au/tax/049437-number-of-smes-trading-at-a-loss-rises-ato-statistics-show-2">has decreased</a>, according to the latest figures from the Australian Taxation Office.
But those positive figures, which cover the 2010-11 financial year, also coincide with a rise in insolvency statistics from the same time. That trend has continued, with insolvency numbers recorded by ASIC now at record highs.
The ATO figures have also revealed a trove of data regarding corporate tax receipts. The number of non-taxable companies – those companies not making a profit – decreased from 61.2% to 59.3% during the year, while total income rose 8.2% to $2.44 trillion.
The number of companies trading at a loss decreased from 35.1%, or 273,690 businesses, to 34.1%, or 269,215 businesses.
Although the number may seem small, a change of 4475 businesses is significant enough for tax and accounting analysts to take note.
However, while the results indicate a better year for companies, the coinciding insolvency statistics show the year kicked off a string of corporate collapses.
The figures from 2010-11 show the number of companies entering some form of external administration rose from 9281 in the previous year to 9829.
That trend has continued. The figures from 2011-12 show 10,757 companies entered external administration, while 2013 is set to near that with as many as 7013 appointments recorded by February.
The figures appear to be at odds – despite the number of companies turning a profit increasing, along with fewer companies operating a loss, more apparently entered administration than the year before.
But Dissolve liquidator Cliff Sanderson says the figures aren't contradictory, especially as they tend to lag from when the pain first started.
Sanderson says for businesses in the 2010-11 year, they may have started feeling financial trouble as early as 2007 or 2008, when the global financial crisis first started.
"Insolvency numbers show a lag from when companies get into financial difficulty," he says. "There was a bad year in 2008, so there was clearly a delay there."
"The figures are driven by small companies, and when an economy hits significant amounts of trouble, the first cards to fall are usually the smaller businesses."
Micro-businesses, which the ATO states have incomes between $1 and $2 million, make up the vast majority of businesses. The number of micro businesses increased from 257,994 in 2009-10 to 274,022 in 2010-11 – representing 77.4% of all companies.
Sanderson says given the number of insolvency appointments still being recorded, the trend could continue.
"When a company gets into trouble, the last thing they want to do is put the business in liquidation. They fight until the bitter end, and that can take years."
The ATO statistics have revealed a treasure trove of information.
They show the mining industry had the highest proportion of non-taxable companies to total companies at 72.2%, while the number of companies which lodged returns actually increased by 1.2% to 788,983.
The statistics also <a target="_blank" href="https://www.propertyobserver.com.au/tax/landlords-tax-deductions-rise-to-%24386-billion-or-%2423000-per-tax-return-ato-figures/2013050160918" rel="nofollow">showed Australia has a total of 1.76 million landlords</a>, with each claiming an average $19,000.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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ATO stats show fewer businesses are trading at a loss

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Western Australia has once again been named as the country's leading state when it comes to economic activity, and is likely to stay there for a while, according to the latest CommSec State of the States report.

The report has pinned the country's two leading mining economies, Western Australia and the Northern Territory, ahead of the rest of the states and territories by a wide margin.
While the rest of the states have their own strengths and weaknesses, CommSec chief economist Craig James said it isn't likely any will catch up to the resources-rich states within at least a year.
"The gap is very large between WA and the main states," he says. "The Northern Territory has the greatest potential, when you look at how close the two are together and how they share the spoils."
"It could be this year is when NT takes the top spot, but it's unlikely any other state or territory would in the next year."
The quarterly State of the States report measures each state on eight separate economic factors, and averages out performance among each.
And while WA and the NT are performing well, the report specifies both Tasmania and South Australia are underperforming, with both states suffering multiple economic weaknesses.
"Tasmania lags all other economies on seven of the eight indicators and is second weakest on the other indicator. A joint effort is required from the federal and state governments to lift the performance of the economy," the report stated.
In the report, James said the states and territories are splitting into three groups – the mining economies, the underperforming economies, and the middle economies.
For those at the bottom of the rung – Tasmania and South Australia – James said government intervention will "probably be necessary".
Without concerted action to boost economic activity, the risk is that a widening gap emerges between the strongest and weakest regions, entrenching problems over the medium and longer term.
Western Australia led the country in terms of retail trade, population growth and equipment investment as the resources boom continues, with the state also coming in second on economic growth, construction work and housing finance. It ranked third in unemployment and fifth in dwelling starts.
The Northern Territory topped four categories: economic growth, unemployment, dwelling starts and construction work. However, it has begun to lag in population growth.
Towards the east coast, the ACT was ranked as the third best performing economy, with strengths in dwelling starts. However, CommSec noted the gap between the ACT and New South Wales, Victoria and Queensland are smaller than the gap between the WA and NT.
"NSW is second strongest on unemployment, and third strongest on population growth," it said.
"Victoria is strongest on housing finance and dwelling starts. And Queensland has high rankings on equipment investment, construction work done and retail spending."
Across all states, real wages were positive. The ACT recorded the strongest growth at 2.6 percentage points, followed by Tasmania at 2.3 and Western Australia at 2.2.
Home prices increased in all states except in Hobart, down by 1.2%. The strongest growth was in Darwin, up by 7.3% and in Perth, up by 5.8%.
This article originally appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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WA top state for economic activity as Tassie lags: CommSec

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The mortgage brokerage industry has issued a warning, saying brokers should be proactive in confirming customer information or risk facing the wrath of the industry regulator.
The warning comes after the Australian Securities and Investments Commission banned a mortgage broker for five years after he delivered loan applications with false or misleading information.
Sydney-based Arthur Sperling of Statewide Financial Services was banned and his credit licence revoked after it was found he said some applicants had worked full-time, but in reality they had either not worked at the companies listed in the application, or only worked on a casual or part-time basis.
The incident raises questions about how serious ASIC is about policing this type of information.
Phil Naylor, the chief executive of the Mortgage and Finance Association of Australia, said this morning now ASIC has jurisdiction over this area, the market has been watching closely to see how hard it is on brokers who break the rules.
"Over the past couple of years ASIC has been pretty active in ensuring people who do transgress are dealt with harshly," he says.
"We have our own disciplinary practices, and we've been expelling members for all sorts of things. This case in particular is breaking brokerage 101 rules, this is very clearly wrong."
An ASIC spokesperson told SmartCompany that for small businesses engaging in credit activities "the National Credit Act requires credit licensees to meet responsible lending conduct obligations".
The spokesperson said Sperling was the sole director of Tiana Holdings, which traded as Statewide Financial Services. He failed to "verify information submitted in loan applications".
The action "blatantly disregards the fundamental principles of engaging in credit activities," ASIC commissioner Peter Kell said in a statement.
"Those who do not adhere to their obligations will be removed from the industry," he said.
ASIC said the 10 home loan applications at the centre of the case covered loans totalling more than $4 million.
Naylor says brokers have an obligation to "make sure they are not responsible for any fraud, and certainly not inadvertent fraud".
"Sometimes a broker may be in a situation where accountants or someone else may pass on a client and detail their employment, but the broker still has to make sure all that information is verified."
ASIC has been increasing its warnings – <a target="_blank" 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%2Ffinancial-services-and-insurance%2F055047-asic-warns-smsf-industry-to-shape-up-over-advice&amp;ei=1PdtUfPSEuqfiAf4zYDYAg&amp;usg=AFQjCNFm39CSfo4xB59IJelHOWjILDqZVQ&amp;sig2=ezb3SEF5VlDGbGUVBzyIHw&amp;bvm=bv.45218183,d.dGI" rel="nofollow">last week it said SMSF advisors</a> would be targeted for giving faulty or misleading advice.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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ASIC issues industry warning with broker ban

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The property market has delivered another week of positive results, especially in Melbourne where auction clearance rates lifted higher once again to 70%.

Victoria was also given some interesting news when the Real Estate Industry of Victoria released price data for the first quarter of the year, saying the state showed its biggest first quarter improvement in more than 10 years.
The median house price in Melbourne rose 5.1% to $561,500 during the quarter, according to the REIV. The index, which was seasonally adjusted, showed annual growth of 4.65%.
There were fears last year the property market in Melbourne <a href="https://www.smartcompany.com.au/property/050604-melbourne-property-prices-will-fall-as-housing-supply-glut-continues-experts-warn" target="_blank">would remain flat</a>.
REIV chief executive Enzo Raimondo said in a statement the higher prices reflected factors such as population growth, consumer confidence and lower interest rates.
However, some have questioned whether the result reflects an accurate picture of the Melbourne market
SQM Research managing director Louis Christopher says the numbers use a seasonally adjusted approach, which could overstate the price increase. He says other price comparison services tend to shun the seasonally adjusted approach.
"I think if it wasn't for the seasonally adjusted approach, they would have recorded a negative result for the quarter," he says.
REIV spokesman Robert Larocca said the seasonally adjusted measure was used as it gives a "better expression of the market's direction".
He points to the REIV website, where other data has been posted online. "We provide all three versions of the data, and think the seasonally adjusted gives an accurate view," he says.
Nevertheless, Christopher says he agrees a recovery is occurring in Melbourne.
"I think there's a tentative recovery happening," he says. "I'm convinced when the ABS comes out with their own house price data Melbourne won't show the type of recovery seen in the REIV data, but a recovery is taking place."
The REIV figures also show the city recorded a clearance rate of 70% this week, based on 511 auctions, with Raimondo saying the results were a "further indication of the healthy state of the market".
Australian Property Monitors recorded a 73% rate for Sydney, compared to 67% last week and 54% during the same weekend last year.
This article originally appeared on <a target="_blank" href="https://www.smartcompany.com.au/">SmartCompany</a>.
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Higher prices in Melbourne as strong auctions performance continues

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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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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

Buyers considering a residence at boutique Gordon townhouse development <a href="https://www.apartments.com.au/new-townhouses/lume-gordon-43-47-dumaresq-street-gordon-nsw-2072">Lume</a>&nbsp;now have another reason to bring forward their decision.

For a limited time, purchasers of a residence at Lume will receive a BMW iX3 50 electric SUV, valued at more than $120,000, as part of their purchase. The offer is designed to add value for buyers while complementing the lifestyle envisioned for the architecturally designed Upper North Shore development.

Scott Timmins, Development Manager at <a href="https://www.apartments.com.au/developers/winim">WINIM</a>, said the partnership was created to provide buyers with a compelling reason to act.

"In today's market, buyers need a compelling reason to act now, and the BMW partnership was designed to create that catalyst. We wanted to add genuine value for our future purchasers. Choosing the all-electric BMW iX3 50 also reflects the values behind LUME, forward-thinking design, innovation and a more sustainable way of living. It's a premium incentive that complements the lifestyle our buyers aspire to and rewards those who commit early."

[smartcode_project:default project_id=7354 project_image_fid=374893]

Delivered by WINIM in partnership with Burtonwood Investment Partners, Lume comprises 14 architecturally designed two, three and four-bedroom townhomes created for families seeking the space of a freestanding house with the ease of modern, low-maintenance living.

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."

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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.

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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.

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<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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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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