Articles by Jason Spits

Death benefits, Estate Planning, Strategy

Funeral expenses have benefit impact

Executors should be careful in drawing on SMSF monies to pay funeral expenses as they could impact death benefit payment processes.

Executors should be careful in drawing on SMSF monies to pay funeral expenses as they could impact death benefit payment processes.

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ATO, Auditing, Division 296, Valuations

Unlisted valuation proof more critical

Trustees will have to provide solid evidence for the valuation of assets, especially those that are unlisted, as the Division 296 regime begins.

Trustees will have to provide solid evidence for the valuation of assets, especially those that are unlisted, as the Division 296 regime begins.

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Trusts

Testamentary trust limits proposed

The government has outlined what limits would be placed on the use of testamentary trusts to exclude them from a proposed tax on discretionary trusts.

The government has outlined what limits would be placed on the use of testamentary trusts to exclude them from a proposed tax on discretionary trusts.

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Compliance, TPB

Tougher tax agent penalties welcomed

A major accounting body has welcomed plans to significantly increase penalties for tax agents who breach their legal obligations.

A major accounting body has welcomed plans to significantly increase penalties for tax agents who breach their legal obligations.

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Compliance, Payday Super

Call for greater Payday Super relief

Greater discretion should apply to the transitional rules for Payday Super which could be strictly applied regardless of circumstances.

Greater discretion should apply to the transitional rules for Payday Super which could be strictly applied regardless of circumstances.

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AML/CTF, Documentation

Digital ID must cover all govt interaction

Any digital ID used to verify the credentials of advisers and their clients must work across all levels and agencies of government to be useful.

Any digital ID used to verify the credentials of advisers and their clients must work across all levels and agencies of government to be useful.

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Administration, Compliance, Documentation

Appeal denied for lodgement failures

An SMSF trustee has lost an appeal against his failure to lodge fund returns by blaming his accountant for the problem.

An SMSF trustee has lost an appeal against his failure to lodge fund returns by blaming his accountant for the problem.

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ASIC, financial advice, Financial Planning

FAR info failure leads to advice block

Around 130 advisers failed to provided ASIC with accurate qualification information, leading to one-fifth being unable to practice as a result.

Around 130 advisers failed to provided ASIC with accurate qualification information, leading to one-fifth being unable to practice as a result.

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CSLR, financial advice, Financial Planning

CSLR levy jumps by another $60 million

A further revision has blown out the CSLR levy on advisers by $60 million, making the total rise since last year more than twice that figure.

A further revision has blown out the CSLR levy on advisers by $60 million, making the total rise since last year more than twice that figure.

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CSLR, financial advice, Financial Planning, SMSFA

Levy blowout renews call for action

Financial advice bodies have decried the ballooning size of the CSLR levy, stating it is representative of the scheme’s structural problems.

Financial advice bodies have decried the ballooning size of the CSLR levy, stating it is representative of the scheme’s structural problems.

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