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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

An entity directed by HSN's Rafi Assouline and Rebel Property's Allen Linz has filed plans for an impressive new precinct in Woolloomooloo.

The major mixed-use development would transform a prominent William Street site into a new residential village anchored by affordable housing and a large public park.

The proposal, submitted as a State Significant Development Application, covers 164-172 and 174-194 William Street, a 6,398 sqm site between Forbes Street and Dowling Street on the southern edge of Woolloomooloo.

Designed by fjcstudio in collaboration with Bangawarra, Studio Bright and Tribe Studio Architects, the scheme would deliver 227 apartments across four residential buildings ranging in height up to 18 storeys, alongside retail space, public domain improvements and a new publicly accessible park.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="0eb59b7c-914a-4a5c-b849-3a56749f5e93" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.18.51%E2%80%AFAM.png?VersionId=mxM6EEqeoLjrCiTlCzTKTvzpKuh6kSkH" />

It's another design scheme for Rebel, who took <a href="https://www.apartments.com.au/news/nsw/first-look-rebel-property-group-takes-woolloomooloo-precinct-to-nsw-government">concept plans to the NSW Gov late last year</a>.

The latest plans will be a mix of 167 build-to-sell apartments and 60 affordable apartments, with the affordable housing component representing 15 per cent of the project's gross floor area. The apartment mix includes 12 one-bedroom, 53 two-bedroom, 89 three-bedroom apartments and 13 penthouses, while the affordable housing component would comprise 42 one-bedroom and 18 two-bedroom apartments.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="3b3d4553-8a8c-4af5-aa8c-519ffb1e28c6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.12%E2%80%AFAM.png?VersionId=_Yb6ibN7eDnOtQjCNDK2eviORa4qzgv." />

Rebel Property is seeking to take advantage of the NSW Government's infill affordable housing bonus provisions under the Housing SEPP, which provide additional floor space and height in exchange for the delivery of affordable housing for a minimum of 15 years. The planning pathway allows a 30 per cent increase in floor space ratio and building height where 15 per cent of the development is dedicated to affordable housing.

&nbsp;

At the centre of the development is a 1,356 sqm sunlit public park designed to become a new community gathering space at the gateway to Woolloomooloo. The park would be complemented by a network of pedestrian laneways connecting William Street with the surrounding streets, improving permeability through what is currently a largely impermeable block.

<img alt="Rebel" data-entity-type="file" data-entity-uuid="257af931-a393-4007-8c6d-7219796df58d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-06-12%20at%2011.20.51%E2%80%AFAM.png?VersionId=KAHy94GrhaReFsWTGDKfy39EDJ8gEEv4" />

The design team says the public domain has been heavily influenced by the site's topography and Aboriginal cultural heritage, drawing on the escarpments, gullies and landscape characteristics that historically defined the area before urbanisation. The landscape design has been developed in partnership with First Nations consultancy Bangawarra.

The project would be delivered across four separate buildings. The William Street East and William Street West buildings, designed by fjcstudio, would contain the majority of the apartments. Melbourne-based Studio Bright has designed the Forbes Street building, while Tribe Studio Architects is responsible for the Dowling Street building.

Rebel had secured approval for the concept plans late last year.

Joel Robinson

First look: HSN, Rebel, advances Woolloomooloo precinct plans

A locally heritage-listed furniture showroom on Water Street is set to become the centrepiece of a new mixed-use residential development as local developer&nbsp;<a href="https://www.apartments.com.au/developers/keylin-group">Keylin</a> seeks approval for <a href="https://www.apartments.com.au/new-apartments/lotus-on-water-street-290-water-street-fortitude-valley-qld-4006">Lotus on Water Street</a>, a 15-storey project on the Fortitude Valley side of Spring Hill.

The proposal spans 290 Water Street and 137-141 Warry Street, combining several properties into a 2,869 sqm site that sits between Fortitude Valley, Spring Hill and the rapidly evolving Victoria Park precinct. Keylin's plans would deliver 132 apartments alongside new retail, hospitality and commercial space, while retaining and repurposing the historic Brunswick Home Furnishers Showroom that fronts Water Street.

Designed by <a href="https://www.apartments.com.au/architects/jackson-teece">Jackson Teece</a>, Lotus on Water Street comprises a 12-storey residential tower rising above a three-storey podium and communal rooftop terrace. The development includes 76 apartments classified as multiple dwellings and a further 56 units proposed as short-term accommodation, designed to be flexibly used as either accommodation or permanent residences. The apartment mix comprises six one-bedroom, 54 two-bedroom and 16 three-bedroom homes.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="9822bb79-6c49-49c9-95ba-319e8c8d81c3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20front.png?VersionId=ioW8zbN4UVebbLetTFuv92t.HkdgfR5e" />

Residents would have access to an extensive rooftop recreation level spanning more than 1,200 sqm of communal open space. Plans include a pool, gym, sauna, infrared sauna, yoga area, library, private dining room, barbecue facilities and landscaped entertainment spaces, making the rooftop the project's largest shared amenity offering.

At street level, the proposal focuses on the adaptive reuse of the heritage buildings along Water Street, where 518 sqm of retail and commercial space is planned across shop, office and food and drink outlet uses. A permeable residential lobby would be positioned between the retained heritage buildings, creating a pedestrian connection between the historic streetscape and the new tower behind.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="269cf3e0-7d13-48bf-a318-05a00deb5c10" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20podium.png?VersionId=DLXmTCLsp6GOcLpQ0h.0z7wKCw59EhN_" />

The heritage retention strategy is central to the scheme. The development application notes that the Brunswick Home Furnishers Showroom and adjoining heritage buildings will remain, with only non-significant structures on the site earmarked for removal under a previously issued Heritage Exemption Certificate. Levels one and two of the new podium are recessed behind the heritage façades to maintain their prominence within the streetscape.

Jackson Teece has drawn inspiration from the site's manufacturing history when designing the podium. The planning documents state that the façade incorporates perforated metal screening that references the woven and rattan furniture historically produced on the site. Cascading and climbing plants are integrated throughout the podium to soften the building's presentation and screen parking levels behind. The landscape strategy also informs the project's name, Lotus on Water Street, drawing on the historic Spring Hollow waterholes that once ran through Spring Hill and the blue water lilies associated with Meeanjin, Brisbane's traditional name.

The proposal also incorporates the neighbouring property at 141 Warry Street, currently occupied by a healthcare service. The existing building would remain, with nine dedicated parking spaces allocated within the new development to support its ongoing operation. In total, Lotus on Water Street proposes 117 car spaces, including 110 resident spaces and seven visitor bays, alongside 100 bicycle spaces.

<img alt="First look: Keylin unveils heritage-led Lotus on Water Street tower in Fortitude Valley" data-entity-type="file" data-entity-uuid="70cf07bc-4fd8-4e70-92dd-be8b21c4e4f0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/fortitude%20valley%20site.png?VersionId=txlxrJImM0Sm_vTzHVKh5DDUkyL_CiiA" />

The site sits within the Spring Hill East Precinct of the Spring Hill Neighbourhood Plan and is positioned around 650 metres from both Fortitude Valley Station and Exhibition Station. It is also within walking distance of the King Street precinct, Royal Brisbane and Women's Hospital, Herston Quarter and Victoria Park, which is earmarked to become a major venue precinct ahead of the Brisbane 2032 Olympic and Paralympic Games.

Planning documents describe the location as a key gateway between Spring Hill and Fortitude Valley and highlight the area's increasing importance as new transport infrastructure and Olympic-related investment reshape Brisbane's inner north. The development team argues the project will contribute additional housing supply while activating a section of Water Street that has historically received less investment than other parts of the Valley.

Keylin has become increasingly active across Brisbane and southeast Queensland, assembling sites in strategic inner-city locations. They are currently selling and delivering <a href="https://www.apartments.com.au/new-apartments/oria-spring-hill-447-gregory-terrace-spring-hill-qld-4000">Oria Spring Hill</a>, just over 140 apartments due for completion in 2027.

Keylin plans heritage-led Lotus on Water Street apartment development in Fortitude Valley

Roseville is poised for a wave of new apartment development following the NSW Government's rezoning of land around Roseville Station under its Transport Oriented Development program.

The new planning controls have unlocked significant development potential within walking distance of the station, with a number of sites expected to be amalgamated and redeveloped in the coming years as developers seek to take advantage of the increased density allowances.

One of the more restrained developments in the precinct, and set among the first to be delivered having commenced well before the recent changes, is Hyecorp's Juliet. The boutique apartment project is already well under construction and remains on track to welcome residents by the end of the year, offering a markedly different proposition to many of the larger-scale developments now likely to emerge across the suburb.

[smartcode_project:default project_id=7395 project_image_fid=278194]

<a href="https://www.apartments.com.au/new-apartments/juliet-roseville-64-pacific-highway-roseville-nsw-2069">Juliet</a> will comprise just&nbsp;34 one-, two-, and three-bedroom apartments opposite Roseville Station. For Hyecorp, which has delivered projects across Sydney's Lower North Shore for more than three decades, Roseville presented a rare opportunity to address a growing gap in the market.

"<a href="https://www.apartments.com.au/developments/roseville-nsw-2069">Roseville</a> has long been one of the North Shore's most tightly held and desirable suburbs, offering a unique combination of village charm, established greenery, excellent transport connections, and proximity to some of Sydney's best schools and lifestyle amenities," Hyecorp said.

"We recognised a growing demand from local homeowners seeking to downsize without leaving the community they have built their lives around. The location presented a rare opportunity to create homes that cater specifically to that buyer profile."

[smartcode_project:default project_id=7395 project_image_fid=278196]

The six-level development has been designed by <a href="https://www.apartments.com.au/architects/pbd-architects">PBD Architects</a> as a collection of residences that feel more like homes than apartments. The brief centred generous floorplans, abundant natural light, quality finishes, and strong connections to outdoor space.

PBD Architects drew inspiration from Roseville's established garden suburb character, creating a building that sits comfortably within its surroundings rather than dominating them. The architecture incorporates natural materials, soft forms, layered landscaping, expansive balconies, and generous setbacks to strengthen the connection between residents and the suburb's leafy environment.

"The focus was on designing spacious, house-like residences for discerning owner-occupiers and downsizers who wanted to remain on the North Shore without compromising on comfort, privacy, or design," PBD said.&nbsp;

"Every apartment was to feel considered, timeless, and highly functional."

[smartcode_project:default project_id=7395 project_image_fid=278195]

Inside, residences feature engineered timber flooring, stone kitchen benchtops and splashbacks, integrated Fisher &amp; Paykel appliances, ducted air conditioning, and large outdoor entertaining areas designed to take advantage of district and treetop views.

Residents will also have access to a rooftop barbecue and lounge area, alongside practical amenities including parcel lockers, EV charging capability, bicycle storage, a dog wash bay, and a basement car wash facility.

The majority of purchasers so far have been local owner-occupiers from Roseville, Lindfield, Chatswood, Killara, and the broader Upper North Shore, many of whom are transitioning from larger family homes.

"Buyers are looking for spacious, house-like apartments that allow them to downsize without feeling like they are sacrificing comfort or functionality," Hyecorp noted.

"They value large kitchens, generous living areas, ample storage, quality finishes, secure parking, lift access, and low-maintenance living."

[smartcode_project:default project_id=7395 project_image_fid=278204]

Juliet sits directly opposite Roseville Train Station and within walking distance of Roseville Village, while Chatswood's retail and dining precinct is only minutes away. The development is also surrounded by some of Sydney's most established schools, including Roseville College, Ravenswood, Pymble Ladies' College, and Knox Grammar, as well as nearby parklands and golf courses.

Juliet is currently more than 75 per cent sold ahead of its anticipated completion in late 2026.

[smartcode_project_cta:default project_id=7395]

Juliet to sit quietly amid Roseville apartment boom

Sherpa Property Group has unveiled the third instalment of its Flourish series, securing full approval for the two-tower, $500 million Flourish Soleira development in Palm Beach.

<a href="https://www.apartments.com.au/new-apartments/flourish-soleira-1150-1154-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> will rise from a prominent site in the commercial heart of Palm Beach, the long-time home of Cash Converters and a range of local retailers.

The project will introduce a new retail and dining precinct at ground level, beneath 286 apartments.

[smartcode_project:default project_id=150017 project_image_fid=370959]

“We’re very committed to not only providing affordable residential offerings that are much needed in Palm Beach, but also delivering a vibrant new commercial heart that complements the extraordinary growth of the southern Gold Coast,” Sherpa Property Group founder Christie Leet said.

The development will sit under Sherpa's Flourish brand, which is aimed at providing a pathway into the beachside suburb for locals, first-home buyers and downsizers. In a move designed to assist first-home buyers entering the market, Sherpa has reserved all one and two-bedroom, one-bathroom apartments exclusively for eligible first-home buyers.

[smartcode_project:default project_id=150017 project_image_fid=370964]

“Our vision through Flourish is to create a vibrant retail and lifestyle focal point within the Palm Beach centre zone, delivering thriving communities underpinned by lifestyle-rich locations,” Leet said.

“So far, Flourish has been an incredible success, and we hope to carry this momentum as we progress the next two Flourish projects in Palm Beach.”

[smartcode_project:default project_id=150017 project_image_fid=371430]

Located across 1150-1164 Gold Coast Highway and 3 Sixth Avenue, the development will comprise two towers. The northern tower will deliver 154 apartments, while the southern tower will add a further 132 residences, helping address ongoing demand for new apartments in the tightly held coastal suburb.

Flourish Soleira will also feature the most extensive rooftop amenity offering ever delivered in Palm Beach.

The two towers will be connected by a skybridge, with residents gaining access to a rooftop recreation deck featuring a full-width swimming pool, hot and cold plunge pools, wellness spaces, a gymnasium, private dining facilities, massage treatment rooms, barbecue areas, a basketball court, golf simulator, indoor and outdoor dining spaces, sun lounges and extensive landscaping.

LPS Group is expected to start construction later this year.

Sherpa is already well advanced on construction of its debut Flourish project, Flourish Amargo, located just around the corner from Soleira. Meanwhile, Flourish Oasis, positioned opposite Amargo, recently commenced construction and has nearly sold out its collection of 47 apartments.

[smartcode_project_cta:default project_id=150017]

Sherpa unveils $500m mixed-use Palm Beach precinct, Flourish Soleira

Are mortgage holders set to get a reprieve from the RBA in 2026?

Big Four bank NAB believes so. They are now expecting the next move from the RBA to be a cut, rather than a hike, which they had pencilled in for August. They are unsure of the timing of the cut however, they note in their latest&nbsp;NAB Economics RBA Watch.

NAB Chief Economist, Dr Sally Auld, said recent data suggests the economy has lost momentum and the outlook for rates has shifted, noting that the broader economic backdrop has changed since earlier in the year.

“The next move in the cash rate is likely to be down, but the timing is uncertain," Dr Auld said.

"In February, growth was above trend, the economy was operating above capacity and there was uncertainty over the restrictiveness of rates. None of these conditions exist today,” she outlined.

Dr Auld said recent data pointed to softer momentum across the economy while acknowledging that at the same time, uncertainty remains a key feature of the outlook.

“Both Q1 GDP data and the NAB business survey suggest momentum in the economy has slowed, meaning that growth has likely peaked for the cycle. That said, we are cognisant there is still considerable uncertainty around the outlook, both with respect to activity and inflation.”

Dr Auld said inflation risks and labour market outcomes would be important to watch.

“On the prices side, we are still forecasting above target core inflation through to mid-2027. Margins will compress and weaker labour market outcomes are a risk.”

She said tighter financial conditions are expected to weigh on housing and activity.

“Tighter financial conditions will be reflected in a slowing in house price growth and housing credit growth. In summary, we have greater conviction that the next move in rates is down, but less conviction on the timing.”

Patrick Stafford

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