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Showing 51 - 60 of 70 results for "Sole Purpose Test"

Rising risks in liquidity

MICHELLE BALTAZAR  |  THURSDAY, 12 NOV 2009
... poses a liquidity strain and alikens a super fund to a bank, as opposed to a long-term retirement vehicle. "The sole purpose test requires us to invest in the long-term...and that's challenged by the 30-day portability rule. There's no doubt that there's ...

Timbercorp buy passes sole purpose test

RUTH LIEW  |  MONDAY, 6 JUL 2009
... last week entered a consortium to snap up collapsed Timbercorp's forestry assets, will not be in breach of the sole purpose test if the deal was to be finalised, said a superannuation expert. Michael Vrisakis, partner at law firm Freehills, said First ...

First Super mulls Timbercorp rescue

RUTH LIEW  |  FRIDAY, 3 JUL 2009
... potentially attract the attention of prudential regulator and whether buying assets in Timbercorp breaches the "sole purpose test". First Super has declined to comment and it is not known how many, if any, of Timbercorp employees are fund members. First ...

ASIC cracks down on Hafoka

MEDIA RELEASE  |  WEDNESDAY, 11 MAR 2009
... Superannuation Fund (KSF), Atan Kassongo, in dishonestly failing to ensure the fund was maintained in accordance with the sole purpose test. ASIC alleges that the preserved superannuation benefits of 192 superannuants totalling $4,055,043 were deposited ...

SMSF trustee fails sole purpose test

RUTH LIEW  |  WEDNESDAY, 12 NOV 2008
SMSF trustee Gerard Karl Little has been charged by ASIC for failing the sole purpose test after he obtained early access to funds and pocketed $685,000 in commissions. Little, of Castlecrag, New South Wales, appeared in the Downing Centre Local Court ...

SMSF trustee faces criminal charges

RUTH LIEW  |  WEDNESDAY, 6 AUG 2008
... become the first SMSF trustee to be charged by ASIC for failing to maintain the fund in accordance with the sole purpose test. Kassongo, 51, was charged by the Australian Securities and Investments Commission with dishonestly failing to ensure the Kassongo ...

ATO warns on super loans

WWW.THESHEET.COM  |  MONDAY, 7 APR 2008
... advanced by a member or related party at greater than a commercial interest rate may result in a breach of the sole purpose test, on the basis that the excessive interest rate may mean that the SMSF is not being maintained for the sole purpose of providing ...

New voice for SMSFs

RUTH LIEW  |  WEDNESDAY, 2 APR 2008
... trustees," said Senator Sherry. More than 30 per cent of new trustees could not provide an explanation of the sole purpose test, while over 15 per cent did not have an investment strategy. Senator Sherry also noted that that 25 per cent of trustees were ...

SMSFs on govt watch

MICHAEL HOBBS  |  THURSDAY, 13 MAR 2008
... same survey, the ATO also found that over 30 per cent of new trustees could not provide an explanation of the sole purpose test, and more than 15 per cent did not have an investment strategy. He said the people needed to recognise an SMSF strategy was ...

Commissions could breach sole purpose test

CHRIS NICHOLLS  |  FRIDAY, 16 NOV 2007
Trustees of retail super funds who pay commissions to subsidise holistic advice could be breaching the sole purpose test, according to Industry Super Network executive manager David Whiteley. Speaking at the Association of Superannuation Funds of Australia ...

Editor's Choice

Australia an 'efficient' market for multinationals

MATTHEW WAI
A new report by Mercator by Citco (Mercator) has revealed that while multinational organisations face significantly higher operations demands in Asia-Pacific (APAC), Australia has proven to be one of the most efficient markets.

Brighter Super default members earn 11% in FY25

KARREN VERGARA
Brighter Super's MySuper option achieved 10.9% p.a. for the 2025 financial year, exceeding performance for the medium and long term.

SIAA chief executive steps down

ELIZA BAVIN
Stockbrokers and Investment Advisers Association chief executive Judith Fox will step down after six years in the role.

GQG assets hit record high despite underperformance

KARREN VERGARA
GQG Partners' assets jumped $4 billion to reach a record high of US$172.4 billion for the 2025 financial year despite experiencing "short-term relative underperformance".

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