Articles by Jason Spits

ECPI calculation change gets royal assent

February 23, 2022

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

February 22, 2022

Jason Spits

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

February 22, 2022

Jason Spits

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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ASIC

Strong case for new SMSF guidance

February 21, 2022

Jason Spits

The SMSF Association believes two key pieces of research it has commissioned create a strong case for ASIC to review its consumer guidance for SMSFs.

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Compliance, Regulation

Director ID process still confusing many

February 21, 2022

Jason Spits

The specific process to apply for a director ID number remains confusing for SMSF trustees who are seeking help from service providers.

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Superannuation

Delegation of duty meets control test

February 17, 2022

Jason Spits

SMSF trustees can delegate duties, instead of using an EPOA, to ensure the central management and control of their fund stays in Australia when they are overseas.

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Compliance, Superannuation

Returning trustees can fail control test

February 16, 2022

Jason Spits

An SMSF will fail the central management and control test even if trustees who left for an indefinite period return within two years.

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Superannuation

SMSFs yield competitive returns

February 15, 2022

Jason Spits

SMSF performance against APRA funds has been skewed by reporting methods and funds with balances above $200,000 perform as well as their non-SMSF counterparts.

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Investments, Technology