Articles by Jason Spits

Documentation

EPOAs not automatic solution

EPOA SMSF trustee incapacity

An enduring power of attorney is the best way to address the incapacity of an SMSF trustee, but they are powerless unless applied correctly.

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Estate Planning

Courts focus on BDBN form over substance

courts BDBN form

The wording of a BDBN, rather than its intention, will be what is tested in court in the event there is a dispute about the outcome of the nomination.

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Investments

Private debt a cash replacement

private debt SMSF

Access to private debt markets may be a suitable replacement for cash investments for funds unable to access the direct property market.

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Documentation

BDBN substitutes need same result

BDBN alternatives

Alternatives to a binding death benefit nomination must achieve the same outcomes for members if they are based on a trust bound agreement between trustees and members.

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Pensions

Plan for legacy pension switch now

legacy pension conversion

SMSF advisers should be speaking with clients about legacy pension conversions so they can take action and avoid a large tax bill for their estate.

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Contributions, Property

Time to alert clients about downsizer changes

downsizer contribution

Clients approaching their 60th birthday should be alerted to pending changes to downsizer contributions and the need to reconsider the timing of any property transactions.

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Auditing, NALI/NALE

Discounts create NALE audit concern

SMSF fees NALE audit

SMSF auditors still need more information regarding discounted fees and are cautious about their treatment under the NALE provisions.

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Business News

Heffron expands SMSF toolkit offering

Heffron super toolkit

Heffron has added a new subscription option to its Super Toolkit offering alongside new collaboration tools and integration with a software provider.

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Compliance

Paper deeds still most flexible

SMSF paper deeds

Despite changes allowing the electronic execution and signing of SMSF deeds, paper copies are still the most flexible and applicable documents for trustees.

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ASIC, Financial Planning

Levy cap hits ASIC income

adviser levy cap ASIC

The government’s decision to cap adviser levies will deny ASIC of more than 60 per cent of its expected industry funding for overseeing the advice sector.

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