<a href="https://www.apartments.com.au/developers/sunland-group">Sunland Group</a> has officially lodged plans for its first Gold Coast apartment project since the departure of the Abedian family from the company three years ago, unveiling a new high-rise proposal for a prominent Broadbeach corner site on Old Burleigh Road.

The application was submitted by an entity directed by Tom Jamieson, stepson of longtime Sunland leader Soheil Abedian, and Riaz Rezvanipour, brother-in-law of Sahba Abedian, Soheil’s son.

Sunland acquired the 1,283 sqm site on the corner of Old Burleigh Road and Armrick Avenue for $9.5 million late last year and is now seeking approval for a <a href="https://www.apartments.com.au/new-apartments/99-101-old-burleigh-road-broadbeach-qld-4218">42-storey tower with 81 apartments</a>.

<img alt="First look: Sunland Group returns to Broadbeach with new Old Burleigh Road tower plans" data-entity-type="file" data-entity-uuid="fea2946d-90ee-4cfc-babe-2a8ad5db2cb6" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers.png?VersionId=BV0fihJw31nDIQ8ozY_h3GbS8mxDyhnm" />

Designed by <a href="https://www.apartments.com.au/architects/contreras-earl-architecture">Contreras Earl Architecture</a>, the proposed tower at 99-101 Old Burleigh Road would deliver a predominantly larger-format apartment mix aimed at the owner-occupier market. Plans include 17 two-bedroom apartments, 55 three-bedroom apartments, and nine four-bedroom residences across 35 residential levels.

The development also incorporates three basement levels, four podium parking levels, two levels of communal recreation facilities, and rooftop plant and equipment. A total of 189 car spaces are proposed, significantly exceeding the 90 spaces required under the planning scheme.

The architecture adopts a sculpted, curvilinear form, with deep wraparound balconies and integrated landscaping intended to soften the tower’s vertical expression. The planning report states the building’s “slender footprint/form provides a complimentary yet varied built form within the local streetscape” and contributes to “a varied, yet ordered skyline.”

Contreras Earl noted in its Architectural Statement that from the early stages, the project addressed a fundamental challenge: how to accommodate the required residential yield while avoiding the conventional model of a tower sitting on a rigid, fully resolved parking podium.

“The most direct response would have been to consolidate parking into a singular, flat podium and extrude a repetitive tower above,” the statement said. “While efficient, this approach would result in a consolidated built form with limited engagement with the surrounding landscape and public realm.”

Instead, the conventional podium model was “deliberately rejected”. The architects described the base of the building as “a landscaped architectural condition where structure, planting and circulation are integrated”.

“Rather than presenting a continuous built mass, the base of the building is articulated through a series of concrete planter elements that organise the podium into a fragmented system,” the statement said. “This approach reduces the perceived bulk of the lower levels while establishing a more permeable interface with the streetscape and adjacent open space.”

<img alt="Sunland" data-entity-type="file" data-entity-uuid="923fad8d-c960-4527-8fbe-975cf1ddf88d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%2010.32.03%E2%80%AFAM.png?VersionId=pngwb0hYOIUpq9vDw6F2EsOiVuHF3DiX" />

&nbsp;

The site sits within the High Density Residential Zone and inside the City of Gold Coast’s unrestricted “HX” building height area, where the planning framework anticipates intensified residential development tied to the expanding light rail corridor. The planning report notes the area is undergoing “transition toward more intense development forms” given its proximity to Broadbeach, Surfers Paradise, and high-frequency public transport infrastructure.

Positioned directly opposite Broadbeach Park and within walking distance of Florida Gardens light rail station, the development would sit among a rapidly evolving stretch of Old Burleigh Road that has become one of the Gold Coast’s most active apartment development corridors.

The application joins a growing pipeline of luxury residential projects reshaping Broadbeach, including nearby developments by 5Point Projects, Polycell, and Graya.

The planning report argues the project contributes toward the Gold Coast’s long-term housing targets under the South East Queensland Regional Plan, which forecasts the need for more than 100,000 additional high-rise dwellings across the city by 2046.

<section data-scroll-anchor="false" data-testid="conversation-turn-4" data-turn="assistant" data-turn-id="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" data-turn-id-container="request-WEB:84a2af5e-d7cf-4ddf-922a-f4d44d6c6caa-1" dir="auto">
The Abedian family departed Sunland Group in late 2023, ending a four-decade association with the company, and subsequently established the private development firm Abedian &amp; Co. The group is currently delivering <a href="https://www.apartments.com.au/new-apartments/greenmount-residences-cnr-hill-street-and-marine-parade-coolangatta-qld-4225">Greenmount Residences</a> at Rainbow Bay and recently launched <a href="https://www.apartments.com.au/new-apartments/18-mary-avenue-14-18-mary-avenue-broadbeach-qld-4218">18 Mary Avenue</a> in Broadbeach.
</section>

Joel Robinson

First look: Sunland Group returns to Broadbeach new apartment market with new Old Burleigh Road tower plans

The Minns Labor Government has established the new Bays West Delivery Authority to lead the development&nbsp;of the Bays West Precinct and Blackwattle Bay Precinct.&nbsp;

The Authority is charged with creating Sydney’s newest precinct, a thriving, connected, sustainable hub with White Bay Power Station as its cultural heart. Its vision is to build on the area’s natural, cultural and industrial history to shape a vibrant new neighbourhood.

The precinct will deliver up to 8,500 well-located homes, including a minimum of 10 per cent affordable and essential worker homes. Combine new housing with public open space, opening public access to the waterfront for the first time in more than 100 years, while retaining important deep-water facilities to support Sydney’s working harbour.

Located just minutes from the Sydney CBD and connected to a world-class metro, ferry, walking and cycling links, the Bays West precinct will rebalance housing growth towards well-serviced inner-city locations and help tackle the state’s housing crisis.

The Bays West Delivery Authority,&nbsp;an agency of the Department of Planning, Housing and Infrastructure, will report to the NSW Minister for Lands and Property who already has oversight of major precinct renewal projects including at Blackwattle Bay and Barangaroo.

As part of the broader Bays West transformation, the Minns Government recently announced that a proposal from Lendlease to redevelop part of the Bays West Precinct has progressed to Stage 2 of the NSW Government’s unsolicited proposals process.

<img alt="Sydney" data-entity-type="file" data-entity-uuid="2ed71eb9-d8e8-4fa7-b9d1-de4531dcf2f3" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-25%20at%209.42.31%E2%80%AFAM.png?VersionId=IDryFIbped9SNDg72LEN_EecvhUsOPvp" />

The Minns Labor Government has also confirmed the Bays West precinct will have a new suburb name. This will be the first major suburb built in close proximity to Sydney’s CBD in decades and will encompass the area currently being referred to as Bays West, including Glebe Island and the White Bay Power Station. Served by a new Metro station just five minutes from the CBD, it will become one of the most populous suburbs in the Inner West and one of Sydney’s premier cultural destinations.

An early works program is taking shape, which&nbsp;includes the first stages of an international design competition.&nbsp;

The aim of the Bays West&nbsp;International&nbsp;Design Competition is to&nbsp;ensure design excellence is embedded in the project from the start. The competition will deliver an&nbsp;urban framework that defines the character, ambition and long-term identity of&nbsp;this&nbsp;former industrial precinct as it transitions to a vibrant, inclusive and sustainable residential&nbsp;neighbourhood.

The competition will be led by the Bays West Delivery Authority in partnership with Government Architect NSW.&nbsp;

It will launch with an invitation for a global Expressions of Interest, before moving to an invitation-only stage that will be assessed by a panel that&nbsp;will provide advice to Cabinet who will select a winner.

Premier of NSW, Chris Minns said the establishment of the new Authority is the first step in transforming the Bays West precinct into a vibrant, livable suburb minutes from the Sydney CBD and two stops from Hunter St Station on the Metro West line.

“The Authority will deliver well-located homes close to the heart of the city and integrate the new precinct with Blackwattle Bay and the new Sydney Fish Market.

“This is a generational opportunity to build a new suburb on the city’s edge and open the harbour foreshore to the public for the first time in a century.”&nbsp;

Minister for Lands and Property Steve Kamper said the new Bays West Delivery Authority established by the Minns Government will turbocharge the development of Sydney’s newest suburb.

“The Authority is working at a record pace to deliver an international design competition, planning pathways and a financial model so that this development benefits Sydney with well-designed homes in a central location, close to public transport, jobs, entertainment and essential services.

“If we want Sydney to stay liveable and affordable, we need to be bold about using underutilised government-owned land to deliver homes for the future while making sure essential working harbour functions can be accommodated.”

Bays West Delivery Authority established to "turbocharge" Sydney’s newest suburb

Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

Smsfs

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Property investments by SMSFs through limited recourse borrowing arrangements (LRBAs) could come under increased scrutiny of the tax office this year, says major accounting firm H&amp;R Block.
Last year, the ATO had expressed concern at LRBA loans that were not structured correctly, including incorrect registration of the ownership of property bought under an LRBA. It spoke of increasing its focus on the LRBA route.
Given the growth in the SMSF sector and the increasing popularity of strategies such as LRBAs, H&amp;R Block has tipped that property will remain a top priority for the ATO’s compliance work in the SMSF sector this year.
“I know the ATO always keeps a close eye on property investment and especially LRBAs,” H&amp;R Block's director of tax communications, Mark Chapman told SMSF Adviser.
This particularly applies to related party borrowings which may currently be structured on non-commercial terms, with a June 30 deadline to have these structures rectified, it said.
According to the ATO website, an asset purchased by an SMSF trustee through LRBA is held in a separate trust.
If the loan defaults, the lender's rights are limited to the asset held in the separate trust, but not to assets held in the SMSF.
In 2015, an ATO campaign saw 500 postcodes issued with warnings urging holiday home owners to ensure deductions were not made during periods a property was not available for let.
“With property rental a valuable source of extra income for millions of taxpayers, it can be expected that the ATO will follow up with some targeted reviews and audits this year,” Chapman was quoted as saying.
The “sharing economy” – “driven in part by the high levels of non-compliance amongst those driving for Uber or renting rooms through Airbnb,” would also be an area of scrutiny by the ATO, he said. 
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prateek24-ezbwHMbNAk

ATO to focus on LRBA route to property investment by SMSFs

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SMSF retirees need to save more to achieve their retirement goals due to a weaker investment outlook that indicates returns will remain lower for longer, according to new research.
According to a scenario from the report titled SMSFs Treading Water, a 65-year-old SMSF couple to afford a comfortable retirement (as defined by ASFA1) has increased by 17% from $702,000 to $824,000. 
However, 66% of SMSF trustees can remain confident (with an 80% probability) that they are well placed to live comfortably in retirement on $60,063 a year, according to the report by the SMSF Association and SMSF retirement experts Accurium.
At a higher spending level of $70,000 a year, 50% can be confident of achieving this goal, while 39% can be very confident of doing so. 
The median desired spending level in retirement for an SMSF couple is $78,800, up from $75,000 a year earlier, says the report. However, 24% of SMSF couples aim to spend over $100,000 a year in retirement. 
At an aspirational level of $100,000 a year spending, 28% can be confident and just 20% very confident. 
Another key finding is that the median balance for a two-member SMSF at retirement rose to $1.137 million for the 2016 financial year compared with $1.124 million for the previous year. SMSF median balances at retirement have risen 17% since 2010. 
Contrary to the widely-held belief that bequests are central to SMSF retirement plans, only 7% of SMSF households have specific inheritance plans. 
More than half of SMSF retirees cannot be reasonably confident (80% probability) of achieving their desired lifestyle in retirement, although about 25% can be very confident (95% probability).
One in four are unlikely (less than 50% chance) to achieve their goals.
SMSF Association head of Technical Peter Hogan said the report highlights that most SMSF trustees are still on track to meet their retirement goals, despite a difficult investment environment and low interest rates. 
“But for trustees and their specialist advisors, these are challenging times, especially on the investment front. From our perspective, this is why it’s critical superannuation has a sustained period of stability free from significant changes to give trustees greater confidence in the system.” 
Accurium’s general manager, Douglas McBirnie, said the Reserve Bank had said in July that the neutral nominal cash rate, a key indicator, was now 3.5% rather than 5% previously, indicating an increased probability of a ‘lower for longer’ situation — interest rates and equity returns remaining low.
“The upshot for the average SMSF household approaching retirement is that their improving balance has not been able to keep up with the increased cost of meeting their desired lifestyle in retirement,” said McBirnie.   “Even so, SMSF households are still better placed than most sectors of the community to meet their financial goals in retirement.”
The SMSF Association and Accurium study is the first report to provide detailed figures on how the retirement wealth of Australia’s SMSFs has changed post the 2016 SMSF annual tax returns. 
The report draws from Accurium’s database and looks at how SMSFs have fared in the 2016 financial year and considers how well prepared trustees are for retirement.
The research shows that although SMSFs are generally well prepared for retirement, lower expected investment returns means that trustees need to review their retirement plans to ensure they have enough capital to support their retirement goals.
It takes a probability-based approach which factors in more than 2,000 investment scenarios to show the capital levels required for trustees to retire with confidence of achieving the retirement lifestyle they want. 
Statistical analysis is drawn from a database of over 65,000 SMSFs (approximately 130,000 SMSF trustees) which precedes the Australian Taxation Office’s Statistical Overview for 2016, which is likely to become available in late 2017. 
Accurium’s dataset represents SMSF households who are phasing into retirement.
 
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jonathanchancellor-7SQnKwU6yx

Lower investment returns to stretch SMSF investment goals, says study

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ASIC has banned Queensland financial adviser James Cribb from providing financial services for four years and suspended his Australian financial services (AFS) licence, held by Mode AFSL Pty Ltd (Mode), for 10 weeks.
ASIC found that Mr Cribb failed to act in his clients' best interests when providing advice on self managed superannuation funds (SMSF). ASIC found that Mr Cribb prioritsied his own interests over those of his clients by providing advice that was likely to benefit other entities related to him, including an SMSF administration business for which he was the sole director and a shareholder.
Specifically, ASIC found that Mr Cribb had failed to:
<ul>
<li>investigate the individual circumstances of his clients;</li>
<li>adequately investigate alternative strategies and products that may have been suitable for his clients' objectives; and</li>
<li>prioritise his clients’ interests over his own.</li>
</ul>
Mr Cribb’s advice failures were identified in ASIC’s recent review of SMSF advice (18-192MR). ASIC has also suspended Mode’s AFS licence after ASIC found that Mode did not take reasonable steps to ensure that its representatives complied with financial services laws. As well as being an authorised representative, Mr Cribb was the sole keyperson and responsible manager of Mode since 20 July 2017. Mode’s AFS licence will be suspended for a period of 10 weeks from 10 July 2018 or until it obtains approval for a replacement key person and responsible manager from ASIC.  Mr Cribb's banning will be recorded on ASIC's Financial Advisers Register. 　
ASIC's MoneySmart website has useful information for clients of advisers to help them understand what to do if their adviser has been banned.　
Mr Cribb and Mode have the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decision.
Mr Cribb was also an authorised representative of Axis Investment Centre Pty Ltd (Axis) from 9 August 2010 to 14 August 2017.
In 2017, ASIC undertook a large research project into SMSFs including testing whether advice providers were complying with the law when providing personal advice to retail clients to set up an SMSF. Last month, ASIC released two reports on its findings, Report 575 and Report 576 (18-192MR).
Mr Cribb’s conduct was identified by this project as he had a number of client files included in the representative sample. These client files related to advice Mr Cribb provided whilst he was an authorised representative of Axis. ASIC subsequently commenced a targeted surveillance on Mr Cribb to test a larger sample of advice he had provided whilst he was an authorised representative of Axis and Mode.
Under the Corporations Act, ASIC has the power to suspend or cancel an AFS licence where the licensee has not complied with their obligations under 912A.
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j.ballantyne1990-6AQqhLzZaK

ASIC bans Mode financial adviser James Cribb in SMSF compliance crackdown

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The Federal Government scheme that aims to incentivise baby boomer home owners aged over 65 to downsize from their largely empty homes began this month.
The spruikers are ready in wait.
The elderly will be able to put the proceeds of the sale of their home into a superannuation fund tax free, up to $300,000 each or $600,000 per couple.
Research suggests the overwhelming majority of retirees own outright, having no mortgage, so their prospect of surplus funds is real. The estimated value of pensioner home equity at $625bn.
The new scheme, announced in the 2017 budget by Federal Treasurer Scott Morrison, means the elderly, including the baby boomers still way off retirement, will need to carefully consider the sale of their home to potentially utilise the opportunity.
Morrison's thinking was to encourage ageing homeowners to downsize to free up more affordable exisiting stock for young families.
The initiative was first floated three years ago by Morrison when he was social services minister with the government having advice from the Productivity Commission that estimated 15 per cent of older Australians wanted to move.
Of course Scott Morrison can't force older Australians to move house, given the emotional and financial investment in family homes, but the incentive offers some encouragement.
It must have been the home for the past decade, and it can only happen the once.
The superannuation break comes with no requirement it is into a smaller home. It could see them entering the rental market or relocating to an aged-care facility.
The downsizer contribution can only come from the sale proceeds, so, if a couple sold their home for $500,000, their combined downsizer contributions would be limited to $500,000.
Those most likely to benefit from the scheme will be self funded retirees who are excluded from receiving a government pension due to exceeding the income and/or assets tests.
There are still big impediments the government has not addressed on why the elderly stay in large homes long after their children have left.
For many the super downsizer contribution will reduce, even eliminate the age pension and associated pensioner cards. Staying put which has come with the prospect of huge gains from property price growth and the maintenance of their pension often outweigh the advantages of moving.
There will likely be many opening a new superannuation account in which to make the downsizer contribution which must be done within 90 days of settlement.
I worry that the elderly will become vulnerable to what will be a new industry spruiking retiree smsfs. After all it's not that the SMSF arena is full of clean skins currently.
Last month Australian Securities and Investments Commission (ASIC) advised around 90 percent of financial advice on setting up smsfs did not comply with relevant laws.
And ASIC identified a growing use of 'one-stop-shops' where there was an increased risk of getting poor advice that did not take account of personal circumstances or was not given in their best interests.
These are among the many factors to consider so professional financial advice should be sought.
This article first appeared in The Saturday Telegraph
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Spruikers will take advantage of retirees in new SMSF downsizing contribution scheme

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Crowdfunding platform DomaCom have been given the green light by the ATO to offer a product in where parents can buy property with their self-managed super fund and allow their children to rent it out.
The sole purpose test (SPT) prevents self-managed superannuation funds buying a home and renting it to a related party, however the ATO have allowed DomaCom to go ahead with the practice.
It will allow the younger generation to co-invest with their parents and apply to live in the property.
They will have to pay a market rate rent however.
DomaCom CEO Arthur Naoumidis says he is pleased to confirm that DomaCom has obtained ATO confirmation on how SMSF trustees in DomaCom can satisfy the Sole Purpose Test.
“We thank the ATO for providing this practical clarification so that SMSFs can continue to invest in DomaCom property sub-funds where, subject to certain protocols being observed, related parties may happen to become the tenant of the underlying properties.”
A trustee of a SMSF will have to invest in a Sub-Fund of the DomaCom Fund and sign the sole purpose disclosure statement.
 
 
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Bank of mum and dad given green light to buy property with SMSF through DomaCom

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After interest rate hikes for investors, Westpac has now turned its attention to self-managed superannuation funds with likely changes including halving the maximum interest-only repayment term from 10 years to five.
SMSF property investors will be slugged with tougher rates, policies and processes in the lead up to this weekend's changes to caps on tax concessions being imposed by the federal government, The Australian Financial Review reported.
Westpac subsidiaries Bank of Melbourne, BankSA, St George, are also increasing mortgage rates for interest-only property buyers.
"This will help us meet our regulatory requirements and apply responsible lending practices in assessing a customer's ability to pay," a bank spokesman told the AFR.
Also, for a loan application, there has to be a minimum SMSF balance of $200,000.
"There are no exceptions to this requirement," the bank is warning clients.
SMSF trustees will also have to complete a new statutory declaration stating that customers have sought independent financial and legal advice when applying for an SMSF loan.
There are about 570,000 funds with about $654 billion under management and 1.1 million members, according to the AFR.
Borrowing – or gearing – for property by SMSFs has always been a debated issue because too much exposure to property could be a disaster in the event of a housing market crash.
A 2014 Financial Systems inquiry recommended that SMSF borrowing should cease.
Real property within SMSFs grew from $15 billion in 2003-04 to more than $100 billion by the end of last year, statistics from the Australian Taxation Office show.
Westpac changes, which are expected to be followed by other major lenders, will be imposed as the federal government introduces changes to concessional and non-concessional caps are introduced this Saturday.
That means the use of limited recourse borrowing arrangements will be included in a member's total superannuation and $1.6 million transfer balance cap calculations.
Lenders face higher risk with a limited recourse loan because it is debt in which the creditor has limited claims if a default occurs.
A typical SMSF property investor will pay about 5.85 per cent for a loan, which is about 135 basis points higher than for an investor loan outside a fund.
Over a 25-year term a borrower would make additional repayments of more than $270,000, assuming rates remained constant, according to analysis by Canstar.
Several other lenders have already restricted access to interest-only loans for SMSF by either no longer offering them or imposing strict loan-to-value ratios.
SMSF investors continue to increase exposure to listed trusts and other managed investments, latest analysis by the ATO shows.
For example, more than $207 billion is held in listed trusts compared to about $14 billion in 2012 as the global economy struggled to recover from the global financial crisis.
During that time cash and term deposits have fallen from about $134 billion to $28 billion.
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Westpac to introduce tough rules for lending to SMSFs

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Real estate company and mortgage broker Ray White has announced plans to cash in on the growing popularity of self-managed superannuation funds by adding financial advice to its list of services.
<a href="https://www.afr.com/p/business/property/ray_white_heads_into_financial_advice_gyFgF90R5dLaGdkefADjjK">Fairfax</a><a href="https://www.afr.com/p/business/property/ray_white_heads_into_financial_advice_gyFgF90R5dLaGdkefADjjK"> </a><a href="https://www.afr.com/p/business/property/ray_white_heads_into_financial_advice_gyFgF90R5dLaGdkefADjjK">reports</a> the new company will be called Wealth Market and will act as a subsidiary of mortgage products and insurance company Loan Market, which is a partner company of Ray White owned by the White family.
Loan Market already has offices in each capital city, employing around 1,000 brokers who write around about $1 billion worth of mortgages each month.
“We’ve got clean hands after 110 years – there aren’t a lot in property who haven’t had a scandal,” Ray White Group chairman Brian White said.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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Ray White expands into SMSF financial advice market

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An enforceable undertaking from Queensland-based LCL Capital Pty Ltd has been accepted by ASIC, after deficiencies were discovered in the methods of monitoring and supervising their authorised financial adviser representatives.
Timothy Bryce, who previously worked for Sherwin Financial Planners Pty Ltd, provided advice to clients through LCL Capital and brought the company under ASIC investigation.
Sherwin Financial Planners have been found as linked to now-failed property lender Wickham Securities, that was put into liquidation in early 2013. They owed $27 million to investors. This has seen angry investors in meetings with renowned Erin Brockovich and Shine Lawyers as they gear up for a class action. Other companies under the Sherwin Group included DIY Superannuation Services, Astor Funds, Reacroft Pty Ltd, Blue Diamond Investments and SP Property Pty Ltd. Wickham chief executive <a href="/expert-insights/finance/asic-freezes-assets-of-former-wickham-securities-chief-executive">Garth Robertson saw his assets frozen in 2013</a>.
LCL Capital was incorporated on 1 July 2010, and granted an AFS Licence on 5 October 2010. They have 10 authorised representatives under the licence. On 4 June 2013, ASIC conducted an investigation into Bryce's conduct, initially in relation to whether he as an individual acted against the Corporations Act. This was then widened to look at the whole company. ASIC found instances where he failed to demonstrate a reasonable basis for the advice he provided, failed to provide replacement advice to clients and failed to adequately disclose commissions payable to clients or to provide updated disclosure and additional advice documentation.
ASIC alleged failure on behalf of LCL Capital to ensure financial services were provided efficiently, honestly and fairly, to ensure authorised representatives were adequately trained and competent to provide financial services, to take reasonable steps to ensure the representative complies with the law and to demonstrate adequate resources were available to provide financial services and carry out supervisory arrangements.
LCL Capital will now submit to a regime of supervision, review and audit or the authorised representatives for a minimum of 15 months.
ASIC Deputy Chairman Peter Kell said that licensees must have adequate systems in place to ensure they’re across the actions of their representatives.
LCL Capital offers services surrounding stocks, derivatives, foreign exchange, execution and platform services, planning, super, insurance and mortgages.
Tim Bryce’s LinkedIn account notes that he is an LCL Capital director, “SPAA SMSF Specialist adviser across Queensland and the Northern Territory. Providing tailored financial and estate plans for our retail and wholesale clients alike. OnePath Adviser Life Risk Board member and AFA Rising Star 2013 finalist.”
It notes his employment at LCL Capital has been for almost two years.
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LCL Capital's enforceable undertaking accepted by ASIC

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The Australian Taxation Office appears to have cast doubt on the emerging practice of property investors lending money to their self-managed superannuation fund at zero, or low interest rates, to get around the contribution limit.
The likelihood of future favourable rulings to taxpayers adopting the strategy appears in doubt, the Australian Financial Review (AFR) reported today.
It has been among the 30 tax minimisation strategies used by investors able to have incomes taxed at zero to 15%, instead of the current top rate of 46.5%, by using generous concessions through superannuation.
Adelaide lawyer of Suzanne Mackenzie of DMAW Lawyers noted while at least one Tax Office ruling appeared to accept, or not reject, the strategy, there had been two other rulings rejecting it.
Raising the prospect of penalty taxes, Mackenzie forecast future private rulings on the strategy would now be knocked back.
However a Tax Office spokesman told the AFR the ATO will continue to issue private rulings "decided on the particular facts to which they relate".
The latest statistics show residential property within superannuation jumped in the year to March 2014 from $17.5 billion to $20.5 billion.
Commercial property holdings rose from $58 billion to $68 billion.
The Tax Office figures show there were 528,000 self-managed funds managing $558 billion in assets as at March 2014, up from 501,000 funds in March 2013.
These self-managed super schemes had $3.3 billion of loans, up from $3.1 billion.
The Australian Financial Review reported last month that around 9,200 self-managed super funds have a $5 million plus balance, a rise of 76% in the past three years.
The zero loan strategy has been used to get around the limit on post-tax superannuation contributions, which is $25,000 rising to $30,000 from July.
The loans were typically at zero or low interest with long repayment terms and the money was to be used by the self-managed superannuation fund to invest in property.
Following the recent private rulings, some tax advisers are now suggesting these loans ought now replicate loans from a financial institution in both the terms and the interest rate charged. 
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ATO cast doubts on SMSF property zero interest loan strategy

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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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