Articles by Jason Spits

Retirement

Retirement covenant an advice opportunity

retirement covenant advice

The Retirement Income Covenant will create further opportunities for financial advisers who can map out the income needs of clients beyond the accumulation phase and well into their retirement years.

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Financial Planning

Specialist oversight ignores FOFA reforms

specialist advisers FOFA

Not recognising specialist advisers ignores the intended outcomes of the FOFA reforms and shows the poor decision-making of FASEA.

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Pensions

Pension commutation details still lacking

Pension commutation

The absence of details regarding the commutation of market-linked pensions 10 months after changes were announced is creating uncertainty for retirees.

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ASIC

Jailed SMSF adviser permanently banned

jailed SMSF adviser banned

A former SMSF adviser, sentenced to six years’ jail, has also been permanently banned from providing financial services.

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Retirement, Superannuation

SMSFs mainly viewed as nest egg

SMSF retirement nest-egg

SMSF members have only started to reconsider superannuation as a retirement funding tool, with many still viewing it as an untouchable nest egg.

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Residential Property, Superannuation

Merged funds dependent on property

Merged SMSFs property

SMSFs can combine to create a six-member fund, but the process will be dependent on underlying property holdings.

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Cryptocurrency

SMSFs commit to cryptocurrency

SMSFs cryptocurrency

More SMSFs are committing to cryptocurrency at higher investment levels, showing they are confident in its future, according to a trading platform.

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Investments, NALI/NALE

Limits needed for work on assets

trustee work assets limits

The absence of limits on work on an asset by an SMSF trustee is likely to create confusion around what will fall under non-arm’s-length expenditure provisions.

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NALI/NALE

Post-fact fixes will not prevent NALE hit

NALE asset value

SMSF members will not be able to recast undervalued assets in their fund as a member contribution and will face the full impact of NALE without documentation.

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Accounting

Accountants view SMSFs as revenue boost

SMSF accountants revenue

Accountants expect SMSF-related advice will create a sizeable boost to their practice revenue, with nearly half predicting a rise in the next three years.

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