Articles by Jason Spits

Investments

Lack of detail not a free hand

SMSF deed investment

A lack of details in an SMSF trust deed does not imply trustees have a free hand when considering what makes an acceptable investment.

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ATO

No leniency for late returns

SMSF lodgements extension

The ATO is not considering a general extension for late lodgements for SMSF annual returns, but has encouraged people to contact it directly to seek assistance with any problems.

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Estate Planning, Property

Limited consideration of property at death

SMSF property death benefit

Non-specialist SMSF advisers are not considering how to treat property as a death benefit.

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Pensions

Act now on enacted legacy pension changes

legacy pension budget

Legacy pension holders should not wait for proposed budget measures that may not eventuate, but take advantage of recent changes to exit those products.

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Investments

Ignore NFT novelty to focus on fundamentals

NFT superannuation

An increase in the supply and value of NFTs should not override superannuation regulations and trustees’ duties to adhere to their investment strategy.

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Pensions

Pensions fix creates excess trap exit

legacy pensions excess transfer balance

Changes to pension rules will allow SMSF members to convert legacy products with excess transfer balances to new products without creating concessional contributions.

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Investments

Investment strategy apathy a sign to wind up

SMSF strategy capacity

SMSF trustees struggling with their investment strategy due to age may be best served with advice to wind up their fund.

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Insurance

Document client’s insurance refusal

SMSF insurance

Instances of SMSF members opting not to discuss their insurance needs should be recorded in their file notes rather than being glossed over to prevent later disputes.

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Investments

Advised SMSFs bullish on share markets

advised SMSF trading

Advised SMSF investors were active share traders in the first part of the year despite fears of inflation and rising interest rates.

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Contributions

NCC changes trap failed downsizers

disallowed downsizer contributions

The changes to contribution rules may trap failed downsizer contributions within an SMSF rather than returning them to the member, according to an SMSF technical expert.

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