Articles by Jason Spits

Documentation

Indexed TBC not relevant for all

TBC indexation calculations

SMSF practitioners should not believe the myth that every client’s TBC indexation needs to be calculated as the new figure will never be relevant for some of them.

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Investments

Fidelity unveils first managed portfolio

Fidelity managed account

Fidelity has released its first separately managed account, which has a focus on a portfolio of actively managed Australian equities.

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Documentation, Superannuation

Ownership of small gold holdings hard to prove

ownership gold

SMSFs may struggle to prove their ownership small quantities of precious metals and regardless of size need to store them according to super laws.

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Education, FASEA

FASEA pass rate drops away

FASEA exam pass rate

The pass rate in the most recent FASEA exam fell away sharply, with only three in five candidates passing the mandatory test.

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Documentation, NALI/NALE

Related-party leasing documents too vague

related-party lease

SMSFs with related-party leases must provide more details around the arrangements to demonstrate they are at arm’s length under the recently finalised NALE rules.

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Investments

Private company investments face SMSF limits

private company SMSF

The benefits of investing in a private company may be offset by the limitations placed on those investments in regards to SMSFs.

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Financial Planning

Advisers bullish on SMSF revenue

SMSF revenue

SMSF advisers believe revenue will grow from advising the sector, despite historical data showing there has been little change over the past seven years.

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ATO, NALI/NALE

ATO looking deeper into NALE issues

ATO NALE

The ATO’s final ruling on NALE is being reinforced by investigative work into how the SMSF sector has been using non-arm’s-length arrangements.

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Financial Planning, Superannuation

Westpac cops $10.5m best interests penalty

Westpac penalty

A five-year legal battle has ended with Westpac being penalised $10.5 million for providing unlicensed financial advice in relation to superannuation.

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Contributions, Superannuation

Compensation will count towards contributions

compensation contribution caps

Super fund members receiving compensation for poor advice will need to assess the circumstances of any payments to ensure they do not exceed their contribution caps.

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