Articles by Jason Spits

Appointments, Estate Planning, Succession Planning

Wealth transfer body names new directors

wealth transfer new directors

Three new directors have joined a fledgling association looking to represent the interests of advisers working in the wealth transfer space.

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Documentation

Validity key in avoiding rent breaches

valid documents rent relief

As rent relief measures come to an end, SMSFs have been reminded that only formal legal documents can be accepted by an auditor and the ATO when assessing the income of the fund.

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ASIC, Investments

Investment manager suspended from operations

Investment manager suspended

ASIC has suspended a niche Queensland investment manager from any action after it repeatedly failed to lodge accounts and reports on time.

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ATO, Documentation, Superannuation

TBC change needs data access

TBC indexation ato data

The SMSF sector will need access to data held by the ATO related to transfer balance caps (TBC) ahead of its indexation to prevent further confusion and errors, an administrator has claimed.

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Compliance, Regulation

Financial interest duty not penalty free

SMSF best financial interest duty

Trustees looking at not acting in the best financial interest of members may still be hit despite proposed duty changes carrying no penalty.

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Superannuation

Contribution incentives can offset early release

early release super contribution

Superannuation fund members who used COVID-19 early release measures should be given greater contribution caps and government-funded incentives to replenish their balances.

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Pensions, Strategy

Hold off on commutation reporting

revised commutation report

SMSF members looking to re-report a revised commutation value on a market linked pension may wish to see what further changes the government will make on the treatment of commutations in excess of a transfer balance account.

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Superannuation

Virus drives interest in advice

coronavirus advice superannuation

Financial pressures and government relief measures ensured super was a leading topic of interest in internet searches and social media conversations last year, according to new research.

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Superannuation, Technology

SuperStream needs info updates

SuperStream rollover extension

The extension of SuperStream to cover SMSF rollovers means advice practitioners should be checking clients’ funds are ready to make use of the pending changes.

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Financial Planning

Reference checking should go beyond advisers

advisers reference checking

Financial advisers and those in management roles should all be covered by a work history protocol to stop ‘bad apples’ moving through the sector.

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