Articles by Jason Spits

ATO, Compliance

Missing details most common SAR error

SMSF annual return errors

Missing bank and auditor details have been identified as common errors made by SMSF trustees lodging annual returns, according to the ATO.

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LRBA

LRBA loophole should be left alone

intermediary LRBA loophole

A loophole that leaves intermediary LRBA loans outside of the total super balance add-back provisions has been exposed, but should not be exploited, according to an SMSF legal expert.

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Property

Property shifts into funds need scrutiny

SMSF property sole purpose

SMSF trustees looking to move property into their fund should be questioned as to what their plans and motives are to avoid breaches of the sole purpose test.

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Superannuation

Cross bench key to larger SMSFs

six-member SMSFs

Any chance the government has of allowing the creation of six-member SMSFs rests with the minor parties in the Senate.

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ATO, LRBA

Privately funded LRBAs assured of tax relief

Privately funded LRBAs

The SMSFA has welcomed an ATO statement that LRBAs using private borrowings will not have an adverse tax outcome under COVID-19 relief measures.

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ATO

ATO praises SMSF sector

ATO praises SMSF sector

The tax commissioner has praised the efforts of the SMSF Association and its members in implementing COVID-19 relief measures and ensuring trustees maintained their obligations in 2020.

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Financial Planning

ASIC notes unease on affordable advice

ASIC affordable advice

The financial advice sector views affordable advice regulations as too complex and against the needs of clients, according to feedback received by ASIC.

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FASEA, Financial Planning

Best interest comes from self-aware advisers

best interest advisers

The best interest duty around SMSF advice can be met by practitioners questioning their own advice and reviewing the reasons for it each year.

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Pensions

Drawdown rates to return to pre-COVID levels

pension drawdown rates

The SMSF Association has predicted minimum pension drawdown rates will return to pre-COVID-19 levels, but remain static at that point despite changes in life expectancy.

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Strategy

Unit trust protections misunderstood

Unit trust protections SMSFs

SMSFs using unit trusts should how the underlying assets are protected as limited liability does not automatically apply to unit holders unless dictated in trust documents.

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