Articles by Jason Spits

Documentation

Corporate attorneys unfit for SMSFs

SMSFs corporate attorney

SMSFs with a corporate trustee looking to use a corporate power of attorney may find its application limited by superannuation laws.

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Investments

Performance may be life-cycle driven

smsf performance

A deeper examination of SMSF underperformance may reveal it is caused in some cases by the life cycle of fund members rather than poor investments.

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ASIC

Disciplinary panels may address ASIC concerns

asic disciplinary panels

ASIC’s adviser-led disciplinary panels may be called upon to review trends in bad advice and provide input into deterrent measures.

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Superannuation, Tax

Deed change deductions not equal

SMSF deed deductions

Tax deductions for a change to an SMSF trust deed are based on the impact on the operation of the fund and so not applied across the board.

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Contributions

Shift super caps from annual to lifetime

lifetime superannuation caps

Superannuation contribution caps should be shifted from an annual to lifetime basis to better recognise contribution patterns and reduce costs and complexity.

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ATO, Tax

Deductibility of LRBA costs limited

SMSF LRBA deductions

Limits apply to the tax deductibility of expenses related to setting up an LRBA, with the ATO viewing legal advice as outside the deduction provisions.

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NALI/NALE

Rewritten NALE rules reduce impact

NALE tax institute

The Tax Institute has put forward revised NALE rules that remove the tax slug for super funds but still tackle non-arm’s-length arrangements.

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Pensions

ECPI calculation change gets royal assent

ECPI royal assent

SMSF trustees will be able to choose how they calculate exempt current pension income from 1 April after a new bill received royal assent.

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Auditing

Valuation awareness left to auditors

SMSF valuation auditors

SMSF trustees are not fully aware of new asset valuation guidelines and auditors are finding themselves having to educate them on the changes.

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Documentation, Strategy

Travelling trustees can’t override own EPOA

SMSF trustees overseas EPOA

SMSF trustees who are offshore can’t overrule their own legal representatives in Australia as the latter hold delegated power that can’t be pushed aside.

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