Malaysian developer <a href="https://www.apartments.com.au/developers/s-p-setia">SP Setia</a> is the latest to jump into St Leonards booming Transport Oriented Development precinct.

The developer, which has previously delivered Sapphire by the Gardens apartment development in Melbourne, identified the Atchison Street site in 2023. It filed a Scoping Report around 12 months ago, and now has revealed the designs for the new&nbsp;40-storey mixed-use tower.

The State Significant Development Application covers <a href="https://next-portal.urban.com.au/projects/14650/summary">20-22 Atchison Street</a>, a 1,374 sqm site positioned between St Leonards Station and the new Crows Nest Metro station.

Designed by <a href="https://www.apartments.com.au/architects/cox-architecture">COX Architecture</a>, the project would deliver 181 apartments, above a four-storey commercial podium, five basement levels, and new public domain works along Mitchell Street. The apartment mix comprises 35 one-bedroom apartments, 39 one-bedroom-plus-study apartments, 85 two-bedroom apartments, and 22 three-bedroom residences.

The proposal has been lodged as a shop-top housing development under the NSW Government’s TOD planning pathway, which allows increased density around key transport infrastructure. The site sits within the recently rezoned Crows Nest Accelerated TOD Precinct.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b799673d-48e2-46b0-801a-0e33a9330100" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20site.png?VersionId=dPh0UfwfaHpbFL1R7H1cbZNbIW0CHbCC" />

SP Setia acquired the Atchison Street site as part of its continued expansion into the Australian apartment market. In comments made to City &amp; Country (The Edge Malaysia) in 2023, SP Setia President and CEO Datuk Choong Kai Wai described the acquisition as “a strategic move” aligned with the group’s post-pandemic market recovery strategy.

“Our target for this exceptional development is local and overseas buyers, including first-home buyers, downsizers and investors,” Choong said.

The tower has been designed as a slender vertical form rising from a mixed-use podium, with COX Architecture positioning the development as a response to the evolving St Leonards and Crows Nest skyline.

“The purpose of the project is to facilitate the delivery of high-quality housing at a strategically located site and deliver a built tower outcome that is consistent with the desired future character of St Leonards and aligns with the TOD controls,” the design report stated.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="b1a85eee-76f7-436c-a6da-73ba827b9b13" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/atchinson%20entry.png?VersionId=dA9jHGPMcm.dDbwk4QfxqWiY5bfh3UVt" />

The podium would incorporate retail uses fronting Atchison Street, commercial tenancies, landscaped communal areas, and pedestrian improvements along Mitchell Street. Vehicle access and loading would be consolidated via Atchison Lane.

Residents would have access to more than 665 sqm of communal indoor and outdoor spaces, while the development proposes 96 parking spaces across five basement levels.

The proposal also includes a commitment for 10 per cent of residential floor space to be allocated toward affordable housing through a monetary contribution.

COX said the tower form responds directly to the emerging high-density character of the precinct while seeking to maximise solar access, cross ventilation, and outlook from apartments.

<img alt="First look: SP Setia targets St Leonards skyline with 40-storey TOD tower" data-entity-type="file" data-entity-uuid="2163f85c-f63b-4be3-aafa-f8763976cec5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Article%20Feature%20Image%20%28Grid%29_5.png?VersionId=WiAmtIKJ6.ZQ41EtYEQ1fol7AeorKBlL" />

“The building is orientated towards north,” the Apartment Design Guide compliance report noted, adding that the tower’s slim form was driven by the constrained inner-urban site dimensions.

The design also incorporates landscaped setbacks and communal open space at podium level, intended to soften the interface with surrounding streets and improve pedestrian amenity.

The project adds to a growing wave of redevelopment proposals reshaping St Leonards and Crows Nest following the opening of the Sydney Metro City line and the NSW Government’s push for higher-density housing around major transport nodes.

Last week Stockland filed plans just down the road. They want to build a <a href="https://www.apartments.com.au/new-apartments/601-pacific-highway-st-leonards-nsw-2065">52-storey tower on Pacific Highway</a>.

Read more:&nbsp;<a href="https://www.apartments.com.au/news/nsw/first-look-stockland-plans-52-storey-538-apartment-st-leonards-tower">First look: Stockland plans 52-storey, 538-apartment St Leonards tower&nbsp;</a>

Joel Robinson

First look: SP Setia targets St Leonards skyline with 40-storey TOD tower

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> has revealed plans for a new mixed-use tower at 10 Dangar Street, Wickham, advancing a proposal that would reshape the southern gateway to Newcastle’s city centre with one of the city’s tallest residential buildings.

The State Significant Development proposal, now on exhibition, seeks approval for a <a href="https://www.apartments.com.au/new-apartments/bowline-10-dangar-street-wickham-nsw-2293">43-storey tower</a> immediately adjacent to the Newcastle Interchange. The project would deliver around 200 apartments, including 42 affordable housing dwellings, alongside 99 co-living units, a 171-room hotel, retail space, and new public domain integrated through the site.

The scheme marks a significant escalation of plans previously approved for the site. Urban Property Group took over the prominent 2,904 sqm parcel, where excavation and demolition had already commenced under an earlier consent for a 14-storey mixed-use development.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="58a96dd9-407f-4d20-86b4-94e4bfeef74b" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20podium.png?VersionId=LGlf08pdFGAZDzvx_CXC4XakHNZRuEE0" />

Designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the tower has been conceived as a landmark transit-oriented development anchored to the Newcastle Interchange precinct. The proposal includes 245 build-to-sell apartments across a mix of one, two, and three-bedroom residences, as well as two penthouses. Fifteen apartments and one operational unit are earmarked for NDIS housing. The co-living component would add a further 99 units, while the podium would accommodate retail uses and hotel facilities.

SJB said the site presents “a valuable opportunity to anchor the precinct by setting the standard for design, active ground planes and character at the key southern gateway.”

The architecture responds directly to the site’s position beside major transport infrastructure and within one of Newcastle’s fastest-evolving urban renewal precincts. The tower form sits above a sculpted podium designed to frame new public spaces, including a through-site pedestrian link connecting Station Street to Hannell Street, landscaped plazas, and activated retail edges.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="a7bd6ff0-f7db-4ce8-a6dc-ea56e72c6149" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20lanne.png?VersionId=xzf39VADyhj7zBQY2I9fx9vI62u2tuSb" />

The design report describes the project as part of the broader transition of Wickham into “a vibrant, high-quality mixed-use urban precinct” that leverages proximity to the station, open space, and regional connectivity.

A detailed public art strategy has also been prepared for the development. The strategy positions the project as “a transit-oriented development of state significance at the gateway to Newcastle’s city centre” and outlines a series of integrated artworks responding to Newcastle’s industrial and transport heritage.

Creative Road’s curatorial framework for the project, titled Unveil, draws on “stratified surfaces, carved volumes, and light-filled apertures” while referencing Newcastle’s transformation from an industrial city into a contemporary education and technology hub.

<img alt="First look: Urban Property Group unveils Newcastle’s next supertower at Wickham interchange" data-entity-type="file" data-entity-uuid="77a882bb-14b1-4d28-99ff-9438e39508c0" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/wickham%20site.png?VersionId=cevgo_vN0eKPK78P8YcEu3mKPLkpFqE7" />

The proposal is being advanced through the NSW Housing Delivery Authority pathway after being declared State Significant Development in June 2025. The accompanying scoping report states the development aims to “maximise the site’s proximity to the Newcastle Interchange by delivering transit-oriented development” while increasing housing supply and affordable housing provision within the Newcastle LGA.

Urban Property Group’s plans align with the long-term strategic vision established under the Wickham Master Plan, which identified the interchange precinct as suitable for substantial uplift in height and density. The current proposal would significantly intensify that vision, positioning the tower among the tallest developments proposed for Newcastle.

The site sits immediately north of the Newcastle Interchange, bounded by Dangar Street, Hannell Street, and Charles Street. It is surrounded by a rapidly growing cluster of residential towers and mixed-use projects that have emerged following the completion of the light rail and transport interchange.

First look: Urban Property Group unveils Newcastle’s latest tower at Wickham interchange

Bottega House has completed settlement of a landmark riverfront site in Macquarie Street, St Lucia, representing its first major Brisbane development.&nbsp;

Positioned on the banks of the Brisbane River, the <a href="https://www.apartments.com.au/new-apartments/180-macquarie-street-st-lucia-qld-4067">premium site at 180 Macquarie Street</a> features uninterrupted river frontage in one of Brisbane’s most tightly held residential precincts.&nbsp;

The proposed development, currently under assessment with Brisbane City Council, has been designed by <a href="https://www.apartments.com.au/architects/plus-studio">Plus Studio</a> with interiors by <a href="https://www.apartments.com.au/interior-designers/mim-design">Mim Design</a> and will deliver a boutique collection of premium residences positioned specifically for owner occupiers and downsizers.&nbsp;

The residences are set to redefine luxury apartment living in the area, with a focus on architectural quality, refined finishes, landscape integration and elevated amenities including curated wellness facilities, resort-style pools and recreation spaces rarely seen in the local market.&nbsp;

Exclusive sales for the project will be led by Keenan &amp; Byrne, ahead of an anticipated launch later this year.&nbsp;

Bottega House Managing Director Nick Malloch said the project reflects the group’s ambition to deliver a highly curated residential offering within one of Brisbane’s most tightly held precincts.&nbsp;

“This is an incredibly rare riverfront opportunity and one we have approached with a long-term perspective,” Malloch said.&nbsp;

“Our vision from the outset was to create a boutique collection of residences that feel more like private homes than traditional apartments, with generous proportions, refined finishes and exceptional amenity throughout."

Malloch says there is a&nbsp;lack of premium owner-occupier stock of this quality in the market, particularly for downsizers wanting space, privacy and a true lifestyle offering without compromise.&nbsp;

"Demand is expected to be strong given the scarcity of premium riverfront opportunities of this nature within Brisbane’s inner-west."&nbsp;

Bottega House secures landmark riverfront site in St Lucia 

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The arrival of the first piling rig officially marks the commencement of construction at SIERA’s new beachside apartment development, Exhale, in Northcliffe.

<a href="https://www.apartments.com.au/new-apartments/exhale-surfers-paradise-8-enderley-avenue-surfers-paradise-qld-4217">Exhale</a>, a glass-encased tower featuring 54 large-scale apartments at 8 Enderley Avenue, is SIERA’s third Gold Coast development. It follows the recently completed PIPIS Bilinga beachfront project, which achieved suburb-record prices, and the soon-to-be-completed Chevron Island development, Tapestry.

[smartcode_project:default project_id=112661 project_image_fid=359603]

<a href="https://www.apartments.com.au/developers/siera">SIERA</a> Founder and Managing Director Brent Thompson said the arrival of the piling rig represented a significant milestone for the development, which is scheduled for completion in late 2028.

Over the next month, around 260 piles are expected to be installed as work progresses on the basement structure. The building is anticipated to rise above ground level early next year, before unveiling its sculptural glass curtain wall, developed in collaboration with specialist façade engineers.

“The façade was designed to maximise panoramic coastal views while creating a distinctive architectural identity,” Thompson said.

[smartcode_project:default project_id=112661 project_image_fid=355935]

Designed by BDA Architecture, Exhale will comprise just 54 two- and three-bedroom residences across 26 levels, a level of low-density living rarely delivered in this beachside pocket between Surfers Paradise and Broadbeach.

The project has been conceived as a resident-only building, with no short-stay accommodation permitted. SIERA says the model is intended to appeal to long-term owner-occupiers rather than transient holiday demand.

[smartcode_project:default project_id=112661 project_image_fid=361052]

Residences have been designed with large-format layouts and expansive glazing, with most apartments featuring more than 30 metres of glass frontage to maximise natural light and ocean views.

The amenity offering spans two levels and centres on wellness and lifestyle, including a heated magnesium pool, sauna, yoga and Pilates studio, gymnasium, private dining facilities, cinema lounge, and dedicated surfcraft storage.

[smartcode_project:default project_id=112661 project_image_fid=359607]

More than half of the apartments have already sold. SIERA has also opened a sales gallery for Exhale at its Chevron Island commercial premises, near its Tapestry tower and the site of its second Chevron Island apartment development, which is slated to launch in early 2027.
</section>
</section>

[smartcode_project_cta:default project_id=112661]

SIERA kicks off construction at Northcliffe tower Exhale

Local Little Bay residents, along with buyers from premium postcodes across Sydney’s affluent Eastern Suburbs, have dominated purchases in developer-builder Urban Property Group’s first Eastern Suburbs apartment development, <a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a>.

The $250 million coastal project, one of the first new developments in the area in several years, has proven particularly popular with downsizers, especially those from Coogee and Bondi. One Double Bay downsizer paid $4.7 million for a four-bedroom penthouse, setting a new local apartment price record in the process.

Buyers have been attracted to the combination of coastal tranquillity, premium design and amenity-rich neighbourhood living. The walkable village setting, along with proximity to three of Sydney’s leading golf courses, New South Wales Golf Club, St Michael’s Golf Club and The Coast Golf Club, has also been a key drawcard.

[smartcode_project:default project_id=112343 project_image_fid=352689]

Built across two low-rise buildings designed by <a href="https://www.apartments.com.au/architects/hill-thalis-architecture-urban-projects-pty-ltd">Hill Thalis</a> and set along a lush, landscaped green spine, designed by leading landscape architect <a href="https://www.apartments.com.au/landscape-architect/arcadia-landscape-architecture">Arcadia</a>, ESTE Little Bay offers a collection of one, two, three and four-bedroom residences with interiors by Richards Stanisich.

<a href="https://www.apartments.com.au/developers/urban-property-group">Urban Property Group</a> Sales Director, Tom McIvor said the response to ESTE has been "nothing short of extraordinary."

“Buyers have been quick to recognise ESTE as a rare opportunity to invest in a coastal sanctuary that offers both seclusion and connectivity to the heart of Sydney,” McIvor said.

[smartcode_project:default project_id=112343 project_image_fid=352687]

<a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Senior Director, <a href="https://www.apartments.com.au/project-marketer/srm-residential">Clayton Ross</a> said the local market has responded incredibly well, driven by ESTE’s exceptional location and the rarity it offers.

“We’ve seen strong interest from a variety of buyer groups, all of whom are drawn to the exclusivity and quality of the build and construction by the 4.5-star iCIRT-rated builder / developer, Urban Property Group. There’s truly nothing else like it along Sydney’s coastline.”

[smartcode_project:default project_id=112343 project_image_fid=352690]

The project also includes robust buyer protections, including Resilience Insurance’s Latent Defects Insurance, providing 10 years of structural cover, and an independent iCIRT-rating of the developer.

“The iCIRT-rating adds another layer of confidence,” Ross added. “Buyers see it as a safeguard for their investment and their lifestyle.” A highlight of ESTE’s offering is its exclusive wellness amenities, including a heated rooftop infinity pool and outdoor heated spa, a state-of-the-art Technogym fitness centre, and a sauna.

<a href="https://www.apartments.com.au/new-apartments/este-little-bay-jennifer-street-little-bay-nsw-2036">ESTE Little Bay</a> is topped out and is on track to complete towards the end of 2026, with residents moving in before Christmas.

[smartcode_project_cta:default project_id=112343]

Eastern Suburbs buyers snap up ESTE Little Bay apartments

Sydney’s property market is known for high prices, competitive bidding, and mounting pressure on first home buyers. But change is on the horizon.

From late 2025, eligible first home buyers in New South Wales will have access to a new federal government initiative aimed at addressing affordability: the Help to Buy Scheme.&nbsp;

<h2>What is the Help to Buy Scheme?</h2>

The program introduces a shared equity model intended to reduce the upfront cost of entering the property market, particularly in high-demand urban areas such as Sydney.

The scheme operates under a shared ownership structure in which the federal government takes an equity stake of up to 40 per cent for new homes, or 30 per cent for existing dwellings. This arrangement allows eligible buyers to significantly reduce their loan size and avoid the added cost of Lenders Mortgage Insurance (LMI).

Under this model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required. The government’s contribution is not a loan but a co-ownership stake in the property. As such, there is no interest or rent charged on its portion.

Because the government’s equity combined with the buyer’s deposit typically meets or exceeds the 20 per cent threshold, LMI does not apply. The remaining balance, generally between 60 and 70 per cent of the property’s value, is financed through a standard home loan with a participating lender.

The government's equity in the property remains in place until the buyer chooses to repay it voluntarily or until the property is sold. Buyers can buy back the government’s share over time, in increments of at least five per cent, depending on their financial situation.

There is no fixed repayment timeline, but the amount to be repaid will be based on the property's market value at the time of repayment, not the original purchase price.

<h2>How do you qualify for the&nbsp;Help to Buy Scheme?</h2>

To qualify for the Help to Buy Scheme, applicants must meet the following conditions:

<ul>
	<li>Be an Australian citizen at least 18 years of age.</li>
	<li>Be a first-home buyer who does not currently own property.</li>
	<li>Intend to live in the property as their primary residence.</li>
	<li>Earn less than $100,000 per year for individuals, or $160,000 for couples.</li>
	<li>Purchase a property within the regional price caps, currently $950,000 in Sydney, though this is expected to rise to approximately $1.3 million ahead of the program’s launch.</li>
</ul>

While the Help to Buy Scheme does not solve affordability challenges across the board, it does offer a more accessible pathway for a defined segment of the market, particularly younger buyers with moderate incomes who have been priced out of traditional lending routes.

The scheme is expected to commence in NSW in late 2025, as part of a national rollout.

Under the new model, purchasers can enter the property market with as little as a two per cent deposit, well below the traditional 10 to 20 per cent usually required

Help to Buy Scheme: What first home buyers in NSW need to know

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The Australian Tax Office has sent caution letters to the operators of 2,000 SMSFs about illegal ‘divided washing’ practices, as trustees are again being told to take heed of warnings or risk facing tough new penalties.
The advice follows a string of <a href="https://www.smartcompany.com.au/finance/investment/42864-smsf-trustees-warned-not-to-take-financial-advice-from-real-estate-agents">recent warnings about SMSF trustee obligations</a> and the introduction of <a href="https://www.smartcompany.com.au/finance/superannuation/42422-eight-things-you-need-to-know-to-get-your-smsf-ready-for-the-end-of-the-financial-year">weighty new penalties brought in</a> at the start of this month.
In a <a href="https://www.ato.gov.au/Media-centre/Speeches/Other/Update-from-the-ATO-on-recent-compliance-activity,-areas-of-concern-with-SMSFs-and-the-ATOs-future-priorities/">speech</a> given at the CPA Conference yesterday, ATO assistant commissioner Matt Bambrick revealed the tax office had sent around 2,000 self-amendment letters to SMSFs it identified as having potentially implemented a share trading strategy known as dividend washing.
The warning cautioned SMSF trustees that such a practice was a breach of tax rules.
Crowe Horwath tax director Tim Holloway told SmartCompany dividend washing, which is based on a specific tax ruling, is a strategy to gain double franking credits on shares.
“It occurs where you have any type of entity that owns shares in a company, which then sells those shares ex-dividend,” says Holloway.
“Which means, when the shares go to a new owner, the new owner does not have the entitlement to get the franking credits. Even though they’re selling the shares, the previous owner still has an entitlement to the franking credits.”
Holloway explains that when an entity then buys the same number of shares in the same company, on what is called “special market”, which trades on a different basis to the normal market, they are effectively buying shares that still have an entitlement to the franking credit and therefore doubling their credits, despite owning the exact same amount of shares.
“They have the credits attaching to the shares they sold, and they have managed to actually get credits because they bought on this special market,” says Holloway.
“The ATO holds the view that the only reason you’ve done this, is to get that benefit of the double franking credits, because if you didn’t get that benefit the transactions would not be commercial,” he says.
Holloway says while it is hard to tell how common the practice is, the fact the ATO sent out 2,000+ letters implies it has seen incidences of dividend washing, or what look to be dividend washing.
“Clearly they are a few of these incidences and the ATO are acting upon it,” says Holloway.
Holloway says the penalty the ATO might impose on an SMSF found to be dividend washing would depend on whether the actions were found to be done on purpose.
“If they feel that it’s deliberate, then you can get hit with pretty significant penalties,” says Holloway.
In his speech, Bambrick highlighted additional “emerging risks” for SMSFs to be aware of, including: the potential to contravene purposes tests by attending overseas SMSF conferences; dividend stripping, where a company distributes retained earnings to a member just as they retire; and illegal early release of super benefits.
Bambrick said the new penalty regimes allowed the ATO to impose penalties that were more in line with a breach than it previously could.
“The accuracy and independence of SMSF auditors has always been critical to our compliance monitoring but now we’ll be relying even more on these auditors to identify and rectify minor breaches,” said Bambrick.
“In dealing with non-compliance by SMSF trustees, we may take one or several courses of action, depending on the seriousness of the contravention and the circumstances involved.”
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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krobb-aCrRNnPq6D

ATO cracks down on dirty SMSFs, warning against ‘dividend washing’ 

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Trustees of self-managed super funds are being warned about the legal implications of accepting advice from real estate agents when investing their funds in property.
The warning comes as <a href="https://www.smartcompany.com.au/finance/superannuation/42422-eight-things-you-need-to-know-to-get-your-smsf-ready-for-the-end-of-the-financial-year" target="_blank">hefty new penalty regimes that punish trustees misusing their SMSFs</a> came into place at the start of July.
Australian Securities and Investments Commission commissioner, Greg Tanzer, raised the issue yesterday when he spoke at the annual CPA Australia Self-Managed Super Funds Conference.
“ASIC is aware that there has been a sharp rise in promoters recommending that investors either set up or use an existing SMSF to invest in property,” Tanzer said in his <a href="https://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/Regulators-perspective-on-the-regulation-of-SMSFs--speech.pdf/%24file/Regulators-perspective-on-the-regulation-of-SMSFs--speech.pdf" target="_blank">speech</a>. “These promoters may not be complying with the law.”
Tanzer said ASIC was concerned that, with the increased popularity of SMSFs and property investment, real estate agents and property advisers may not have realised they may be providing financial product advice and may need an Australian Financial Services (AFS) licence, or authorisation under an AFS licence.
“Specifically, we are concerned about advertisements claiming that consumers can use their superannuation to purchase a property using the NRAS and receive ‘$100,000 tax free’,” said Tanzer.
“These advertisements do not provide a balanced message about the features, benefits and risks of investing in NRAS property through an SMSF,” he said.
Graeme Colley, director of technical and professional standards at the SMSF Professionals’ Association of Australia, told SmartCompany a trustee cannot seek advice which is regarded as financial product advice from anyone without an Australian financial service licence or authorisation of one.
“If you seek advice, make sure it is from are a licenced financial planner,” says Colley.
Colley says it is likely that most real estate agents are unaware that what they are doing could be illegal. He says agents frequently give advice about investing in personal property, but should be aware that there are different laws concerning SMSFs.
“The same rules don’t apply as investing in personal property,” says Colley, who says even a ‘barbecue conversation’ regarding where money should be invested is considered financial advice.
Colley and the SMSF Professionals’ Association of Australia are calling for legislation to be put in place to give ASIC further control over the type of advice given and by whom.
He warns SMSF trustees to “get a second opinion” if advised to roll over their superannuation to set up a SMSF fund and invest in property.
Colley also warns anyone nearing retirement age about the potential danger of investing their SMSF in property. He says for those near retirement who invest in real estate – and who then find that they can’t get a tenant or need cash flow – contribution age rules may stop them from putting money back into the fund.
“The older you are the more careful you need to be,” he says.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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SMSF trustees warned not to take financial advice from real estate agents

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Property promoters recommending self-managed super funds (SMSFs) borrow and invest in property must be careful not to break the law, the Australian Securities and Investment Commission commissioner, Greg ­Tanzer has warned.
ASIC said it was investigating ­SMSF seminars for evidence of misleading and deceptive conduct.
ASIC was also warning of unlicensed ­financial services conduct following a rise in promoters urging investors set up or use an existing fund to invest in property.
“These promoters may not be ­complying with the law,” Greg Tanzer said in a speech to the annual CPA Australia Self-Managed Super Fund Conference entitled,The regulator’s perspective on the regulation of SMSFs.
He referred to ASIC’s SMSF task force which is examining "high-risk" SMSF issues making specific note of the Charterhill group collapse earlier this year.
"It operated as a ‘one-stop shop’, providing advice to clients on the establishment of SMSFs, rollover of existing superannuation funds into an SMSF, sourcing and purchase of investment properties, property management, insurance and taxation services. 
"This raised a number of questions about operators using this business model," Greg Tanzer advised.
He said the ASIC taskforce appointed a small project team to explore the trend of ‘one-stop shop’ operators offering a range of services to SMSFs. 
"The purpose of the project team is to investigate the (often complex) business model structures of these operators and the risks to investors that this trend poses. 
"So far the project team have identified that a feature of these business models is a ‘one size fits all’ approach where all investors who use their multiple services receive the same suite of products and services – that is, they end up with an SMSF, a property investment and a limited-recourse borrowing arrangement."
The project team is also exploring whether commissions are being paid within these business models and whether these commissions are consistent with the restrictions on payment of commissions for advice under the FOFA reforms. 
Under the Corporations Amendment (Streamlining of Future of Financial Advice) Bill 2014 introduced on 19 March 2014, some forms of commission that were originally banned under FOFA will be reintroduced. 
Tanzer added it was worth noting that where commissions are permitted, they must still be clearly disclosed to retail clients. 
The Association of Superannuation Funds of Australia supported moves to stop any risky borrowing by funds.
Recent figures from the Tax Office show funds with borrowings had tripled over the past four years.
The average loan size has doubled to $357,000 with commercial and residential property holdings now comprising more than 15% of total assets held by the $1.6 trillion self-managed super sector.
Property ranks as the third-largest allocation after cash and listed shares.
Greg Tanzer noted section 911A of the Corporations Act requires any person carrying on a financial services business in Australia to hold an AFS licence or be a representative of an AFS licensee.
A person provides a financial service if they provide financial product advice. 
Financial product advice is defined as a recommendation, a statement of opinion or a report of either of those things that is, or could reasonably be regarded as being, intended to influence a person’s decision in relation to a financial product. 
Providing financial product advice includes making a recommendation or a statement of opinion to a person to set up an SMSF or use an existing SMSF to purchase property through that SMSF. 
ASIC is concerned that, with the increased popularity of SMSFs and property investment, real estate agents and property advisers may not realise that they may be carrying on a business of providing financial product advice and may need an AFS licence, or authorisation under an AFS licence, when making recommendations or statements of opinion to a person to use an SMSF to invest in property. 
Where an AFS licence is required, unlicensed entities must immediately cease offering and providing financial services or advertising the provision of financial services until such time as an AFS licence is obtained or they become a representative of an AFS licence holder. 
A person convicted of carrying on an unlicensed financial services business may be subject to a fine of up to $34,000 or imprisonment for two years or both. If a company is convicted it may also be liable to penalties, including a fine of up to $170,000.
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Charterhill collapse prompts warning for SMSF property promoters: ASIC

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GUEST OBSERVATION
The fastest growing sector in the economy today is not mining, retailing or even education. It’s superannuation, which accounts for almost 30% more than the total savings held by the banking and mutual sector.
Self-managed superannuation is the fastest growing form of investment vehicle.
This has altered the landscape of both property and share investment. In the property market there are well-established regulations and safeguards. The stock market is a different story.
The proposed takeover of David Jones by the South African-based Woolworths and the deal made by Woolworths to buy Solomon Lew’s stake in David Jones, who happens to own an equally large share of Country Road (another takeover target of Woolworths), highlights the problem.
The board of the takeover target recommends to its shareholders what to do, but there is no formal requirement for shareholder approval. It’s assumed if the shareholders sell, that’s their approval. If they don’t sell, they don’t approve.
In the case of David Jones, a wealthy, assertive investor is getting a side deal not available to other investors.
Why should this happen?
In other countries, a formal takeover requires shareholder approval, thus discouraging side deals to occur where some walk away with large profits and others get what they can.
David Jones
The David Jones takeover provided an opportunity for some to simply profiteer, to the extent they could make more money linking this deal with others, thus cornering Woolworths to pay for deals it may not have planned.
If anything, the David Jones scenario raises questions as to whether a takeover of this nature is manipulative, unfair to ordinary shareholders and a distortion of the market mechanism.
The Australian Securities and Investments Commission (ASIC) has intervened, asking questions about the side deal protecting the interests of David Jones' shareholders by intervening in Woolworths' $2.2 billion takeover bid for David Jones.
As ASIC threatens to withhold its consent to the scheme of arrangement, a core part of the $2.2 billion takeover is arguing that a collateral benefit to one shareholder is not available to the other shareholders. The board is so keen to push the takeover that they are prepared to sell the takeover on the basis that the millions made on the side by Lew should not kill the deal.
Directors should of course be supporting the interest of the company as a whole and of all the shareholders. In the past the <a href="https://www.theguardian.com/business/2006/dec/14/australia.theairlineindustry">Allco Finance Group takeover of Qantas</a> had the same set of facts. A takeover favouring those few in particular linked to the board is a further reason for ASIC’s intervention.
ASIC is not about increasing share prices - it’s about access to a fair price. If one shareholder gets a huge side bonus which increases the prices, should those getting the crumbs be happy? Are their shares the same of those getting the bonus?
ASIC had failed in the Federal Court to force David Jones to secure an <a href="https://www.smh.com.au/business/retail/asic-steps-into-david-jones-country-road-battles-with-demand-for-independent-valuation-20140702-zstnq">independent valuation of the “collateral benefit”</a> that Woolworths was offering to one of its shareholders simply to buy his support for the David Jones scheme of arrangement. ASIC can always withhold a letter of consent for the scheme, on the grounds that all David Jones shareholders are not being treated equally.
In response, David Jones has provided shareholders with additional information to help show shareholders how this deal was done.
All this could be resolved if shareholders were given the complete, true facts in an accessible manner, and if takeover predators were forced to make the same offer to all and let shareholders decide.
Why the loophole exists
Law reform in the area of takeovers is well overdue and belongs to another age. Unlisted companies don’t require shareholder approval for takeovers on the presumption that shareholders don’t have enough information. The idea is public information and scrutiny aren’t as readily available as for listed companies.
This thought process belongs to a pre-internet era and is not very relevant today. The rule has been kept as it tends to favour larger investors who play the game of takeover and sales. Allowing other smaller shareholders more power would complicate the game, which explains why governments have kept their distance from changing these laws.
The world has moved on, and it’s only a matter of time before the predators and profiteers further manipulate the hordes of superannuation investors in the market to extract extraordinary profits.
It’s time for a closer look at shareholders' rights, together with the regulation of the market place, to discourage two-tier takeover offers - one for the well-connected and aggressive market operators and another for the other shareholders.
Michael Peters is lecturer at <a href="https://www.asb.unsw.edu.au/Pages/default.aspx" target="_blank" style="line-height: 1.3em;">Australian School of Business</a>.
This article was originally published on <a href="https://theconversation.com">The Conversation</a>.
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To protect SMSF investors the stock market needs the same safeguards property has

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George J Nowak, of the Charterhill Group, has filed for bankruptcy after the Federal Court in Adelaide froze his assets and those of his wife back in February.
At the time, the <a href="/news/federal-court-freezes-assets-of-charterhills-george-nowak">court had ordered the surrender of their passports, and restricted their travel outside of the country</a>, while ASIC investigated the collapse of the Charterhill Group.
The Charterhill Group specialized in assisting clients to invest in property with their SMSFs. This left nearly $6 million of super at risk.
Macks Advisory’s Peter Ivan Macks has been appointed as Nowak’s trustee, and he has advised that the bankruptcy came following an appointment of liquidators to companies within the Charterhill Group Lending Solutions International Pty Ltd and Nova Real Estate Pty Ltd.
Nowak, who lodged a statement of affairs with the trustee, listed 31 companies he was director and/or shareholder of.
The statement of affairs was signed and dated 30 June 2014, and lodged with the Debtor's Petition on the same day. The Debtor's Petition was accepted on 2 July 2014.
It is noted that unsecured creditors totals approximately $7 million. This includes a claim in his estate, brought by Nova Real Estate’s liquidators – of approximately $6 million.
Investigations are underway, but return to creditors at this stage is unlikely.
The following companies in the Charterhill Group were placed under external control in February:
•    Lending Solutions International Pty Ltd – liquidators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
•    Nova Real Estate Pty Ltd – external administrators appointed (Andrew Heard and Anthony Phillips of Heard Phillips)
•    EJ Property Developments Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners)
•    Financial Wellness Pty Ltd – receivers and managers appointed (Michael Basedow and Leigh Prior of Pitcher Partners).
YOU MAY ALSO WANT TO READ
Investor update: <a href="/news/investor-update-charterhill-issues-clients-apology-after-closure">Charterhill issues clients apology after closure</a>
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Charterhill's George Nowak files for bankruptcy following liquidation of companies

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As 1 July fast approaches, we take a look at how you can make the most of your self-managed super fund before the end of the financial year and how you can avoid being hit with a <a href="https://www.smartcompany.com.au/finance/superannuation/42288-self-managed-super-funds-top-tips-from-the-ato">penalty from the tax man</a>.
1. Be aware contribution caps are changing
On 1 July, the Australian Tax Office is changing the amount you’re allowed to contribute to your SMSF and the age you’re allowed to do it, for both concessional and non-concessional contributions.
Kathy Evans, principal of superannuation and SMSF at Crowe Horwath, said concessional contributions, or deductable contributions, are employer contributions that include those made under a salary sacrifice arrangement. For people who are self-employed, it includes personal contributions claimed as a tax deduction.
“At the moment with concessional contributions, anyone aged under 60 can currently put in up to $25,000 per annum, while those over 60 can put in $35,000,” says Evans.
She says the ATO is bringing the contribution age down to 50 for the next financial year (2014-15).
Evans says if you’re in that category, from 1 July your contributions cap will go up to $35,000. For those under 50, the cap goes up from $25,000 to $30,000.
Non-concessional contributions are personal contributions that you don't claim as an income tax deduction, and Evans says they will also go up from 1 July.
“Non-concessional and non-deductive contributions at the moment are capped at $150,000 per annum for everyone who’s eligible to make them,” says Evans. “That $150,000 is going up to $180,000 from 1 July.”
2. The superannuation guarantee rate is also going up 
Currently, employers must pay a minimum of 9.25% super guarantee to SMSFs. From 1 July, the rate will increase to 9.50%.
Brad Twentyman, director of superannuation at Pitcher Partners, said that rise has the potential to affect salary sacrifice contribution arrangements.
“You need to factor in that your employer will be obliged to contribute 9.5% instead of 9.25% and with an increased obligation on your employer to contribute, your voluntary component may reduce,” says Twentyman.
Graeme Colley, director of technical and professional standards at the SMSF Professionals’ Association of Australia, said: “If you want to maximise your contributions before 30 June, you need to talk to your accountant or professional adviser to make sure your salary sacrifice agreement with your employer allows the maximum to be salary sacrificed.”
Twentyman says it is also important for employers to note the change in superannuation guarantee, to protect themselves from any possible claims of compensations that may arise from over contributing.
“As an employer, if you’re aware that your employee might contribute above the contribution limits, it would be prudent to point out to the employee that they might want to seek some advice. If they think there’s a problem, employers should get on the front foot,” says Twentyman.
3. Watch out for the new penalty regime from 1 July
There has been a lot of talk about the new powers the ATO will have to penalise those who fall foul of its rules. The new penalty regime will be introduced from 1 July and will apply to breaches that remain outstanding as of 30 June.
“If you’re a trustee of a SMSF, you’ve always had obligations to run your fund the way it should be run or you run the risk of upsetting the ATO,” says Evans. “And they’ve also always had the ability to penalise you. But they haven’t had a regime that’s strong enough to stop some people doing the wrong thing.”
Of the 18,000 SMSF contraventions lodged with the ATO in the last financial year, approximately 50% could have incurred penalties based on the proposed new super laws.
“If you are aware there’s a breach within your SMSF and you’re in the position to fix that breach by 30 June, it’s a good idea to do so,” says Twentyman. “Because if you tick over into 1 July, you will be penalised and you’ll need to go to the ATO with cap in hand.”
These breaches include:
<ul>
<li>bank accounts going into overdraft;</li>
<li>failure to get accounts and returns prepared;</li>
<li>providing loans to family members from your SMSF;</li>
<li>investments being made into in-house assets which are not solely for the SMSF;</li>
<li>SMSF assets not being separated from personal assets;</li>
<li>taking money from the fund for living; and</li>
<li>incorrect borrowing structures being established for the purchase of assets by a SMSF.</li>
</ul>
“These penalties are mainly for the more serious breaches of investment restrictions, but they do also apply to the administrative functions a trustee is expected to complete,” says Evans.
The penalties for many of these breaches have gone up to $10,200 per trustee per transaction, so a SMSF with two trustees would be looking at a potential fine of $20,400. 
The penalty for lodging your SMSF accounts by 30 June has also increased.
“If you haven’t done your 2013-14 accounts by 30 June, there’s a possibility that the ATO will be imposing a penalty on trustees that could be up to $1700,” says Twentyman.
“At the moment the non-lodgement fee is a few hundred dollars, and in fact the ATO will probably be looking to impose that and then they’ll come along and impose this new penalty,” he says.
4. Don’t risk being declared a non-person
Non-lodging SMSFs will be declared a non-person for tax purposes if they’ve been slack with their lodgements.
“If you have a SMSF and you haven’t lodged a tax return for two or more years, they will classify your fund as a non-person,” says Evans.
“That means your fund won’t be able to receive contributions, rollovers or transfers,” she says. “In other words, if you’re in that situation and you’re well behind on your reporting, your fund will effectively stop being able to operate.”
The figure for concessional contributions for people over 60 has been corrected since publication from $30,000 to $35,000.
Story continues on page 2. Please click below.
<hr class="system-pagebreak">
5. Remember the ‘bring forward’ rule
With non-concessional contributions, if you are under 65, you can currently put $150,000 in a year to your SMSF, but the ATO also allows you to put in three years at once.
“So you can put in $450,000 in one fell swoop,” says Evans. “Then you just can’t do anything for the next two years.”
From 1 July, the bring forward rule becomes $540,000, or three times the new non-concessional contribution cap of $180,000.
Twentyman says Pitcher Partners are not big advocates of this strategy because in most incidences all it does is give a timing advantage.
“But if your marginal tax rate is going to be significantly less next year than this year, you may look at bringing forward a deduction, but from our experience not that many individuals fall within category,” he says.
6. Don’t exceed your minimum or maximum pension withdrawals
“If you’re on a pension in your super fund, make sure you withdraw your minimum pension that you’re required to take out each year,” says Evans. “In some cases, there’s also a maximum limit you can’t go over.”
Minimum and maximum pensions from SMSFs have to be paid by 30 June if you want to avoid paying tax on them.
“If you don’t pay by 30 June, the risk is the government will take away the tax exemption on the fund and that can be significant, there can be thousands of dollars at risk,” says Twentyman.
Colley says if you are eligible to draw amounts from superannuation, you may be able to defer receiving the amount until after you reach the age of 60, or until a later financial year when you may end up paying a lower rate of tax.
7. Get your trust entitlements paid by 30 June
“A lot of self-managed super funds have investments in trusts and those trusts owe the super funds money,” says Twentyman.
“Generally, it is a good idea for the trust to pay whatever it owes by 30 June because the tax office sometimes likes to view those as loans and that can cause compliance issues,” he says.
8. Employers beware of SuperStream by 2015
The ATO is putting in place a new system that aims to standardise the way employers pay super.
The new SuperStream standard will require all SMSFs to be paid electronically and is <a href="https://www.smartcompany.com.au/finance/superannuation/42145-smes-to-be-hit-by-super-delay" target="_blank">coming in gradually over the next few years</a>.
Evans says many employers still lodge their employee’s super by sending checks or banking it at the local bank.
Large and medium-sized employers, or those with 20 or more employees, must complete the implementation of SuperStream by no later than 30 June, 2015.
“If you’re a larger employer, you should have looked out for the SuperStream changes and made arrangements by May 31,” says Colley. Large employers were supposed to get new electronic service numbers to pay their employees electronically by the end of May.
Small employers, or those with 19 or fewer employees, have another year starting from 1 July, 2015 but must complete their implementation no later than 30 June, 2016. 
Small businesses may be eligible to use the Small Business Superannuation Clearing House, which is a free online service provided by the ATO that allows you to pay contributions to a single destination in one simple electronic transaction. 
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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Eight things you need to know to get your SMSF ready for the end of financial year

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Self-managed super funds have significantly outperformed their APRA-regulated rivals in six out of the past eight years, <a href="https://www.theaustralian.com.au/business/wealth/those-who-dare-to-diy-set-the-pace-on-super/story-e6frgac6-1226956597252">reports the Australian</a>.
A report from National Australia Bank shows that on average SMSFs had beaten APRA-regulated funds by 22.5% over the period, after paying all costs.
The numbers indicate a $500,000 investment in an SMSF at the start of the 2004-05 financial year would have returned $345,571 net by the end of the 2012 financial year, compared with the average APRA-regulated fund returning $190,100 net.
Recent figures from the Australian Taxation Office show SMSFs have grown by 26.5% to reach more than 1 million members.
The SMSF Professionals’ Association of Australia (SPAA) chief executive Andrea Slattery said recently: “The number of trustees and members exceeding 1 million is an important milestone for the SMSF industry, clearly demonstrating that there is a growing number of people wanting to take direct responsibility for their retirement savings”.
David Gall, executive general manager of banking and wealth solutions at NAB, told the Australian the results showed SMSFs were not a one-hit wonder.
This article first appeared on <a href="https://www.smartcompany.com.au/" target="_blank">SmartCompany</a>.
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SMSFs are a better bet than rival super funds: NAB

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The Australian Taxation Office has raised concerns that self-managed superannuation funds have been incorrectly reporting the details of limited recourse borrowing arrangements used to buy property.
The warning comes as the ATO prepares to take up new and more flexible powers to deal with SMSF trustees who fail to follow the rules.
From 1 July, the ATO will be able to impose a wider range of penalties on funds that breach superannuation law. Under the new penalty regime, trustees may be personally liable for penalties of up to $10,200 per breach. They may be forced to rectify the problem and complete an SMSF education course.
SMSF trustees are required to lodge accurate annual returns each year to the ATO detailing their fund’s assets, liabilities and income. Penalties can be applied to those that fail to lodge their annual returns on time, or incorrectly report the details of their fund.
The ATO said it had noticed some trustees had misreported details of limited recourse borrowing arrangements, which are used to borrow to buy property through an SMSF, in their funds’ annual returns for 2013.
To help trustees understand the requirements, the ATO has released a detailed guide describing how to complete each section of the annual return.
The ATO has recently released the 2014 version of the annual return for SMSFs. It has also clarified some of the rules that apply to the borrowing arrangements and assets they are used to acquire.
Strict conditions apply to borrowing money through limited recourse borrowing arrangements. There can be civil or criminal consequences for fund trustees that fail to follow the rules.
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ATO concerned that SMSFs are incorrectly reporting borrowing details relating to property purchases

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As the end of the financial year approaches, self-managed super fund (SMSF) trustees can employ a number of strategies to legally minimise their tax payments.
Graeme Colley of the SMSF Professionals’ Association of Australia says those strategies include after-tax and age-specific tax contribution.
“Making after-tax contributions to super, which could come from your personal savings, transferring personal investments or an inheritance, is one effective way to minimise tax,” says Colley.
While the maximum personal after-tax contribution for this financial year is $150,000, those aged 65 or over can contribute up to $450,000 over a three-year period.
“This allows you to make substantial contributions to super and build your retirement savings,” Colley says. But he warns SMSF trustees not to go over the after-tax contribution caps, with excess contributions attracting tax rates up to 46.5%.
The after-tax contribution cap will rise for the next financial year, says Colley.
“Remember, too, that from 1 July 2014, the after-tax contributions cap increases to $180,000. This means if you can trigger the bring-forward rule that a total of $540,000 can be contributed over the fixed three-year period.”
He explains that SMSF trustees who are aged 60 and over have a maximum tax deductible contribution cap of $35,000.
“These contributions include amounts you make as salary sacrifice, the Superannuation Guarantee or, if you qualify, personal deductible contributions. If you want to maximise your contributions before 30 June, make sure you talk to your accountant, tax agent or professional adviser so that your salary sacrifice agreement with your employer allows the maximum to be salary sacrificed,” says Colley.
Regulations apply to those aged 65 or over who still want to contribute to their SMSF.
“If you are 65 or older you will need to meet a work test to contribute to super in most cases. You will need to work for at least 40 hours during 30 consecutive days at any time during the financial year to make tax deductible and non-deductible contributions to super,” says Colley.
Once you reach 60 years old, all lump sums that you extract from your super fund is tax free, with some exceptions for government funds.
“However, before age 60 any lump sums that include a taxable component can be taxable. The taxable component includes the tax deductible contributions plus any income that has accumulated in your superannuation benefit. No tax is payable on taxable amounts of up to $180,000, in total, you receive before age 60. This amount is indexed annually,” says Colley.
He says that if trustees are eligible to draw from their superannuation, it may benefit them to wait until they are over 60 years old, or a later financial year.
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jrichardson-uRX5hFdKfN

Tax minimisation strategies for SMSF trustees: SPAA

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Investors should seek an independent second opinion when investing their super savings in property, according to the Real Estate Buyer’s Agents Association of Australia (REBAA).
The industry body’s president Jacque Parker urges investors to question advisors offering inflated property values and guaranteed rents.
“The real estate industry has always attracted its fair share of ‘shonky’ selling agents and it’s disappointing to hear advisors accepting kickbacks from developers under the guise of “financial advice” and taking advantage of innocent investors,” says Parker.
REBAA’s warning comes amid reported claims of advisors receiving higher than standard commission payments for recommending off the plan residential apartments as self-managed super fund investments.
Earlier this year, property commentator <a href="/expert-insights/investing/exclusive-how-to-spot-a-dodgy-operator-tips-from-the-experts">Neil Jenman told Property Observer</a> that "property spruikers are getting commissions ranging up to $50,000 per property".
Parker advocates engaging an accredited buyer’s agent for a second opinion on property investments. Buyer’s agents do not sell real estate but specialise in finding, evaluating and negotiating property purchases on the behalf of buyers.
 “The old saying ‘if it sounds too good to be true, then it probably is’ certainly applies here,” said Parker.
“If you are an investor who is considering investing your superannuation in property, then we would highly recommend you get an independent second opinion from a buyer’s agent.
“Independent buyer’s agents do not sell real estate or accept any kickbacks from other sources for doing so.
“If they do and they don’t disclose this to the buyer then they are contravening Section 47 of the Agents Act.”
Parker claims that using a buyer’s agent can save investors thousands of dollars.
 
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