Articles by Jason Spits

Superannuation

Review deeds, but change only when needed

SMSF deeds review

SMSF practitioners should be reviewing the deeds of their trustee clients while reminding them ongoing regulatory change does not always require an amendment to the document.

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ATO, Investments

Zero-value assets will raise red flag

zero value assets

Assets in an SMSF that are valued at zero will raise questions as to their purpose in the fund and are likely to create a breach with the ATO every year.

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ATO, Superannuation

Evidence central to related-party asset sale

SMSF collectables

An SMSF can sell a collectable asset to a related party, but must follow specific processes and document those actions to remain inside the law.

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Retirement

Covenant pointless for SMSFs

Retirement income covenant SMSFs

Imposing a retirement income strategy on SMSFs under a new covenant will have little benefit for members who will still be required to pay for it each year.

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Financial Planning, Regulation

Disciplinary body processes open for feedback

adviser disciplinary body

The operations of the adviser disciplinary body are open for industry comment as the government moves to finalise its shape before the end of the year.

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Auditing, Documentation

Asset valuation evidence must be more detailed

Asset valuation evidence

The evidence used to justify the market valuation of an asset must be more detailed and provided to auditors under new guidance from the ATO.

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LRBA

Intermediary LRBAs create TSB uncertainty

Intermediary LRBA TSB

The place of outstanding balances of intermediary LRBAs in regards to an SMSF’s total super balance remains unclear as the sector awaits further ATO input.

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FASEA

Pass rates prove FASEA exam fair

FASEA exam pass

FASEA has pointed to the high pass rate of its exam as it pushes back against claims it was unfair for some advice practitioners.

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Financial Planning, Superannuation

Advice to overseas clients may be restricted

SMSF client overseas advice

SMSF clients living overseas may find they cannot receive advice from Australia or set up alternative structures to manage their interests despite recent changes announced in the budget.

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Auditing, Superannuation

ATO to allow auditors to save ACRs offline

ATO auditors ACRs

SMSF auditors will be able to save an electronic copy of any contravention report they lodge, creating their own historical record, as part of new ATO changes.

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