Articles by Jason Spits

Estate Planning, Succession Planning

Wider asset pool key to SMSF advisers’ future

estate planning SMSF advisers

SMSF advisers should expand their skills to include estate planning to engage with clients who will pass on trillions to family in the next 20 years.

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Financial Planning, Retirement

Super, advice reduce retirement income stress

retirement income stress

Superannuation savings and financial advice are have been identified as key drivers in reducing stress around retirement income adequacy.

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Regulation, Superannuation

Number of TSB thresholds should be cut

total superannuation balance thresholds

The number of total superannuation balance thresholds in use is confusing for trustees and advisers and should be reduced to two simple benchmarks, according to the SMSF Association.

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Documentation, Superannuation

Ordinary company not for corporate trustees

ordinary companies corporate trustees

Corporate trustees should only be using special purpose company structures and failing to do so may be considered a breach of superannuation regulations.

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ASIC

ASIC bans adviser for five years

SMSF adviser banned

A Perth-based adviser has been banned for five years after not giving consideration to the best interests of clients when setting up SMSFs.

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Regulation, Superannuation

AML rules may exacerbate SFLU problems

AML SFLU SMSFs

SMSFs removed from the Super Fund Lookup (SFLU) may be caught under anti-money laundering (AML) laws impacting the flow of money in and out of the fund.

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ATO, Superannuation

SMSF collectables under scrutiny

ATO SMSFs collectables

The ATO will use its data matching powers to check if SMSFs are using high value assets for personal use in breach of the law.

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ATO, Tax

Excess transfer balance cap excuses rejected

excess transfer balance tax

Trustees have yet to find an acceptable reason to avoid excess transfer balance tax with recent cases proving the onus lay with them to get it right.

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Direct Property, Residential Property

SMSF demand drives fragmented property model

SMSF fragmented property

Demand for property investments from SMSFs will create new models to provide access to investments for trustees without large fund balances.

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Administration, Compliance

Offshore control of SMSFs possible, but limited

SMSF overseas control

SMSF trustees can exercise control over their funds while overseas, but recent ATO rulings have emphasised the need for major decisions to take place in Australia.

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