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SMSF minimum balance debate and the latest guidance on SMSF advice 25 August 2015
Peter Burgess, Head of Policy, Technical and Education Services, speaks on the SMSF minimum balance debate and the latest guidance on SMSF advice.

In late July, ASIC released Information Sheets 205 and 206 as new guidelines for the industry. Our own AMP SMSF Head of Policy, Technical and Education Services, Peter Burgess, shares his view with Kyrstine Lumanta of SelfManagedSuper on the areas covered, in particular the implications of recommending a minimum balance and exit strategies.

To watch click on the image opposite or click here.
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Cavendish named a finalist at the 2015 Smart Investor Blue Ribbon Awards 21 August 2015
Cavendish has been named as a finalist in the ‘Best SMSF Administrator’ category, a new addition to the Smart Investor Blue Ribbon award line up this year, created in response to a huge demand from Smart Investor readers for SMSF advice and support.

Blue Ribbon awards are now in their tenth year and recognise excellence, innovation and quality across a range of financial products and services, and are awarded by Smart Investor after research partners Morningstar, InfoChoice, Rice Warner and Lonsec and put entire ranges of banking, insurance, investment, and now administration, providers through their paces.

We are extremely proud of this accolade and to have been selected as finalists from the Australian SMSF admin universe. We’re also pleased that news of our great administration offerings will be spread throughout the Smart Investor network.

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Don’t miss out – limited spaces in our upcoming Specialist courses 18 August 2015
Our Specialist SMSF course is a joint venture between Cavendish and the University of Adelaide and is designed to be the most up-to-date and practical SMSF accreditation course available. 

The content of the course is constantly updated to reflect current legislation and our course facilitators, Philip La Greca and David Busoli, have expert experience in designing and implementing SMSF strategies with financial advisers and trustees on a daily basis.

Register now if you are wanting to:
  • expand your superannuation knowledge into all areas of self managed superannuation funds 
  • qualify to become accredited as a self managed superannuation adviser 
  • successfully complete the SMSF Association Specialist Accreditation Examination to achieve the SMSF Association’s Specialist Adviser qualification. 
  • be able to commercially tackle real SMSF issues 
  • be part of a detailed, technical and knowledge rich and intensive course, with practical discussion and real life examples.
For more information, course dates, and to register, click here now
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Some in-house assets have zero tolerance 14 August 2015
A loan to a related party is defined in section 71 of the SIS Act as an in-house asset. However, a common misunderstanding is that an SMSF trustee is able to lend money to a member or relative, as long as the loan is within the 5% in-house asset limit.

The prohibition on SMSFs lending money or providing any other form of financial assistance to a member or relative in section 65 of the SIS Act overrides the in-house asset provisions. SMSF trustees must not lend money to members or relatives regardless of the monetary value of the loan.

Attend our SMSF Specialist Course

The SIS Investment rules, including information on in-house assets, are covered extensively in our three-day SMSF Specialist course, coming to a city near you throughout August, September and October.

Register here to book your seat
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Improvements to LRBA assets 03 August 2015
It is important for SMSF trustees with a limited recourse borrowing arrangement (LRBA) in place to be aware of the replacement asset rules in section 67B of the SIS Act.

Knowing when improvements or alterations made to an asset held on trust under a LRBA would constitute a fundamental change to that asset is important, as the borrowing exception under section 67A of the SIS Act ceases to apply from the time the alternations or additions are made to the asset.

For example, if a trustee wants to make refurbishments to a commercial property so that a different business can operate there (ie a Florist to an Optometrist) then it would not cause the property to become a different asset as the property is still being used for commercial purposes.

However, changing a residential property into a clothing shop would constitute a significant change to the fundamental nature and use of the property. The property has evolved from a place of dwelling to a place of commercial activity and therefore the borrowing exception under section 67A of the SIS Act would cease to apply.
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Changes to tax treatment of excess non-concessional contributions passed 15 July 2015

In the May 2014 Federal Budget, the Government announced that it would allow individuals the option of withdrawing superannuation contributions in excess of the non-concessional contribution (NCC) cap, together with associated earnings. The associated earnings amount would be taxed at the individual’s marginal tax rate.

The legislation to implement this measure has now been passed by the Federal Parliament.

What does this new legislation mean?

  • If you make, or have made NCCs in excess of your NCC cap in the 2013/14 or later financial years, you can elect to release an amount equal to those excess contributions, plus 85 per cent of an associated earnings amount.
  • The full associated earnings amount will be included in your assessable income in the year the excess contribution arose, and will be taxed at your marginal tax rate.
  • You will be entitled to a non-refundable tax offset equal to 15 per cent of the associated earnings amount that is included in your assessable income.
  • Excess NCC tax will not be levied on your excess contributions if you elect to release the excess contributions from your superannuation fund, or where the value of your remaining superannuation interests is nil.
  • Excess NCC tax will continue to be levied on your excess NCCs that remain in a superannuation fund. Excess non-concessional contributions tax is levied at the top marginal tax rate.

Future developments

This new legislation also requires supporting regulations which have yet to be finalised. We will continue to monitor the progress of these regulations and communicate relevant developments.

For more information
If you have any questions or need more information, please speak to your Client Manager on 1800 808 354.
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Cavendish wins CoreData’s SMSF administrator 05 September 2014

We are proud to announce that Cavendish has been named CoreData’s best SMSF Administrator in the adviser category.

We have made significant improvements recently to ensure we deliver on the promises we make to our advisers, brokers, accountants and their customers. This award shows we’re on the right track and we still focussed on doing even more.

The finalists and winners are decided using results from CoreData's SMSF Service Provider Study 2014. This study captures the feedback of SMSF Trustees together with Financial Planners and Accountants that advise on SMSFs. More than 1,200 responses are collated in the results and the research was conducted between 14th July and 24th August, 2014.

We would like to take this opportunity to thank all the advisers, as well as the trustee, private bankers and stockbrokers who have supported us and we look forward to continuing to support you with a quality administration service.

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Cavendish highly commended at the inaugural 2014 SMSF Awards 09 July 2014

We are excited to announce that Cavendish has received a ‘highly commended’ recognition in the SMSF Administrator category at the 2014 SMSF Awards.

The SMSF Awards, an initiative of SMSF Adviser, create a benchmark for success in the rapidly growing self managed super fund (SMSF) sector. The awards serve as an important mechanism for Australian SMSF professionals and trustees to measure SMSF services and product providers.

Institutions across the country were assessed on a range of disciplines including product, service, support and satisfaction across 13 award categories.

According to SMSF Adviser, “These awards are based on experiences and insights from SMSF advisers, accountants and financial advisers. It’s an in-depth study, offering an insight into the organisations that are best servicing the needs of the SMSF sector as it continues its surge in growth.”

We are excited to receive this award and want to thank the financial advisers and trustees who continue to partner with us. We look forward to continuing to support you with a professional administration service that provides expertise and flexibility.

About the 2014 SMSF Awards

A robust process was employed to determine the award categories, nominees, survey methodology and winners.

SMSF Adviser surveyed their engaged audience of SMSF advisers and accountants in April 2014 to discover the top service providers in the Australian SMSF space. They received an outstanding response, with over 700 completing the survey.

The research methodology was designed, managed and assessed by Dr Florence Lau, the in-house research analyst.

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Cavendish wins CoreData SMSF administration award 31 October 2013

Cavendish Superannuation was the Administration winner (SMSF member category) at the inaugural CoreData SMSF Service Provider awards held in Sydney on 13 September 2013.

The winner is decided on using a combination of service quality rating and preference of SMSF trustees.

The awards use results from CoreData’s SMSF Service Provider Study 2013, which captures the feedback of 1,400 respondents across six categories, separately judged from the perspective of SMSF members and SMSF advising financial planners.

The survey also found that Cavendish is the most popular SMSF administration service used by financial planners.

We would like to take this opportunity to thank all the trustees, as well as financial advisers, private bankers and stockbrokers who have supported us and we look forward to continuing to support you with a quality administration service.
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Off market transfers to stay 31 May 2013

The Federal Government last night decided not to proceed with the proposed banning of off-market transfers of listed securities between a self managed super fund (SMSF) and a related party of the fund. This means that listed securities can continue to be transferred between SMSFs and related parties off-market.

The Government had previously announced that off-market transfers of listed securities between SMSFs and related parties would be banned from 1 July 2013. The Government had also previously announced that from 1 July 2013, a qualified independent valuation would be required in situations where an SMSF was acquiring an unlisted asset from a related party, or selling an unlisted asset to a related party.


  • The proposed ban on SMSF off-market transfers of listed securities between the fund and a related party, which was due to take effect from 1 July 2013, will not go ahead.
  • The proposed new requirement to obtain a qualified independent valuation when transacting with related parties and unlisted assets (e.g. certain types of property), which was due to take effect from 1 July 2013, will not go ahead.
  • The current rules that apply to SMSF off-market transfers and related party transactions will continue post 30 June 2013.
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