Articles by Jason Spits

Regulation, Superannuation

Six-member SMSF law progresses

six-member funds

Parliament has taken action on three separate superannuation bills, extending bring-forward arrangements and moving the introduction of six-member funds a step closer.

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Documentation, Financial Planning

Ongoing fee arrangement guidance released

ongoing fee arrangements

Advisers have been provided with new guidance by ASIC on handling ongoing fee arrangements that incorporates royal commission recommendations.

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Documentation, Technology

New online fact find launched

online fact find

The hurdles of COVID-19 have driven a financial planner to create a new online fact find tool that meets new legal obligations for storing client records.

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Pensions

Borrowings interim pension cash shortfall fix

Borrow pension cash shortfall

SMSFs low on cash can borrow to make minimum pension payments, but should be looking at why there was a shortfall in the first place.

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ATO, Contributions, Strategy

Reserving process key to avoiding ATO scrutiny

contribution reserving strategies

Contribution reserving strategies have been given the green light by the ATO, but correct processes remain central to avoiding compliance action.

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Insurance, Superannuation

Cancel life cover before starting fund wind-up

SMSF life insurance

SMSFs holding life insurance policies should cancel them before starting the wind-up process to ensure the fund is not incorrectly viewed as active.

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ATO, NALI/NALE

NALE shift targets small funds

ATO NALE small SMSFs

The ATO’s broad-brush view of NALE will hit more small fund members than those trustees seeking to exploit non-arm’s-length rules.

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Pensions

Legacy pension reserves tax lacks logic

Legacy pension reserves tax

Charging a tax on legacy pension reserves appears to be based on incorrect assumptions about their source and has come without any explanation from government.

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FASEA

FASEA exam suitable for all advisers

FASEA exam advisers

The mandatory adviser exam can be passed by all types of advisers and the current pass rate is evidence of that, according to FASEA.

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Accounting, Financial Planning

Accountants backing away from SMSF advice

SMSF advice accountants

The number of accountants offering advice to SMSF clients via financial planning arrangements has dropped markedly in the past year.

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