Articles by Jason Spits

Age pension reliance higher than claimed

March 31, 2021

Long-term analysis shows retirees are more reliant on the age pension than recent reports suggest, according to an industry research group.

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Documentation, Financial Planning

Specialist advice can create defence shield

March 30, 2021

Jason Spits

Specialist SMSF advice can act as a defence against claims a trustee has breached their obligations, but only where that advice is appropriate and relevant.

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LRBA

LRBA instrument opens door to master funds

March 29, 2021

Jason Spits

Changes to LRBA regulations have opened the door to the creation of master funds with more than one borrowing arrangement.

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LRBA

Division 7A loan relief on offer

March 29, 2021

Jason Spits

The ATO has outlined the conditions under which it will offer administrative relief for SMSFs with LRBAs where a Division 7A loan is in place.

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Documentation, Superannuation

New rollover verification for APRA funds

March 29, 2021

Jason Spits

APRA-regulated funds dealing with a rollover to an SMSF will be required to use a new ATO verification service that came online this month.

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Tax

NALE no-action period extended

March 25, 2021

Jason Spits

The ATO will not take action in regards to non-arm’s-length expenses for another year, but has yet to decide on a final position on the matter.

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ATO, Auditing

SAN misuse reporting at new high

March 25, 2021

Jason Spits

Auditors have responded positively to an ATO call for data regarding SMSF auditor number misuse, providing more insight into errors related to the annual audit process.

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ASIC, Financial Planning

ASIC releases new ongoing fee rules

March 25, 2021

Jason Spits

ASIC has released new rules around what consent advisers need to secure when using ongoing fee arrangements with clients.

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Superannuation

Six-member fund ideal asset holding structure

March 24, 2021

Jason Spits

The use of larger SMSFs as asset holding structures was overlooked in the government’s promotion of them as family super vehicles.

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LICs

LICs grow off new asset offerings

March 24, 2021

Jason Spits

The offering of LICs on assets beyond Australian shares has resulted in sizeable growth for the sector as investors use a stable model to access new opportunities.

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