Articles by Jason Spits

Superannuation

In specie benefits can be redirected

SMSF in specie benefit

An SMSF can redirect an in specie benefit payment to anyone chosen by a member, but this may not sidestep stamp duty or sole purpose test considerations.

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ATO, Compliance

Trustees can prevent dishonesty disqualification

SMSF trustees disqualification

SMSF trustees facing disqualification for dishonest conduct may be able to avoid that fate, but need to move quickly to prevent it taking place.

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Auditing, Investments

Home gold storage legal, but ill-advised

SMSF gold

SMSF trustees can store investment gold in their own home, but auditors are questioning the existence of the asset and wisdom behind that plan.

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Auditing, NALI/NALE

Auditors considering NALE protections

SMSF auditors NALE protections

SMSF auditors may seek greater declarations from trustees regarding non-arm’s-length expenditure to prevent litigation in the future.

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ASIC

ASIC outlines ROA usage

ASIC record advice usage

Advisers have been given directions for when and how they can use a record of advice as part of ASIC’s effort to reduce the cost of advice.

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Superannuation

Separate funds simplify death benefits

death benefits SMSF

Despite an industry trend to add more people to an SMSF, having separate funds may create a simple way to manage death benefits for married couples.

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Business News, Investments

Marketech boosts stock trade offering

Marketech Marcus Today

Online share trading platform Marketech will join with stock market news service Marcus Today to boost their service offerings to investors.

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FASEA

FASEA seeks more input on conflicts standard

FASEA conflict of interest

The contentious conflict of interest standard in the FASEA Code of Ethics will be re-examined, with the industry called on to provide its views.

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Financial Planning

More claim they have unmet advice needs

unmet advice needs

More than 60 per cent of Australians have unmet advice needs as millions claims they will seek advice in coming years.

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Superannuation

DIN reluctance could lead to fund exit

corporate trustee director identification

Directors of an SMSF corporate trustee who do not obtain a director identification number may be kicked out of their fund and face ASIC action.

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