Articles by Jason Spits

Documentation

Know location, content of trust deeds

SMSF trust deed location

The location and content of SMSF trusts should be known by trustees in order to resolve disputes if a document is lost or misplaced.

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Business News

SISFA members agree to TSA merger

SISFA TSA merge

SISFA will merge with Tax and Super Australia after its members unanimously agreed to the move at a recent general meeting.

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ECPI

Consider both ECPI methods despite changes

ECPI calculating

New methods of calculating ECPI should not be used if they override planning opportunities via the use of the existing methods.

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Auditing

Strong evidence key to private equity valuations

private equity SMSF

Private equity assets inside an SMSF should have layers of evidence to prove their value and that they are not breaching in-house asset rules.

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Auditing, Cryptocurrency

Crypto status can create audit risk

cryptocurrencies audit risk

The non-tangible nature of cryptocurrencies is creating risk areas for SMSF auditors concerned at the lack of physical assets and accurate records.

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Documentation, Tax

Stick with expense apportioning methods

SMSFs apportion

SMSFs tempted to switch methods of how they apportion fund expenses may find the tactic raises the interest of the ATO.

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Superannuation

Budget fixes disclosure oversight

SMSFs fund information

The budget has corrected an administrative oversight removing a requirement for SMSFs to report fund information only relevant for retail and industry superannuation funds.

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Pensions

Volatility drives pension reduction

minimum pension reduction

The 50 per cent reduction in the minimum pension drawdown will remain in place until mid-2023 due to market volatility.

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NALI/NALE

Share schemes expansion needs NALE clarity

NALE share schemes

An expansion of access to employee share schemes puts more weight behind the need for clarity in the operation of non-arm’s-length expenditure rules.

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ATO, Contributions

ATO contributions discretion unlikely

excess contributions discretion

The ATO is unlikely to exercise discretion when super fund members make excess contributions, adopting the same stance taken in regards to early access.

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