Articles by Jason Spits

Pensions

Loose ends halt legacy pension amnesty

legacy pension amnesty

Government plans to commence an amnesty on the rollover of legacy pensions is being held back by loose ends only it can address.

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ECPI, Tax

Complex disregarded asset rules need review 

disregarded asset rules

The rules relating to disregarded small fund assets in an SMSF should be reviewed to either reduce their complexity or phase them out entirely.

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ATO, NALI/NALE

NALE requires perfection in fund expenses

NALE fund expenses

The ATO’s stance on NALE inside a super fund is too broad and will require perfection in many transactions.

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ATO, NALI/NALE

ATO retains NALE income nexus

ATO NALE nexus

The ATO has released its final ruling on the treatment of NALE and will continue to view the expenses as having a nexus to all of a super fund’s income.

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Compliance, Regulation

Advisers have best financial interest duty role

SMSF best financial interest

The need for SMSF trustees to comply with best financial interest duties can be boosted by advisers and accountants providing greater details of their service offerings.

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Superannuation

SMSF members highly satisfied with funds

SMSF satisfaction

SMSF members are highly satisfied with their choice of superannuation fund and the sector has topped satisfaction ratings across all types of funds.

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Strategy

Strategy review should dig deeper

SMSF investment strategy review

SMSF investment strategy reviews should look into issues beyond returns within a fund to ensure they are fully compliant with trustee obligations.

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ASIC

ASIC cancels SMSF firm’s licence

ASIC SMSF licence

ASIC has cancelled the licence of an SMSF advisory business, while BT will pay $3 million in penalties for fee-for-no-service breaches.

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ASIC

ASIC levy increase unsustainable

ASIC adviser levy

A $700 increase in the ASIC adviser levy is evidence the funding model is unrealistic and unsustainable and needs urgent review.

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Financial Planning

AMP fee model ends BOLR, client ownership

AMP fee BOLR

AMP will end its buyer-of-last-resort arrangements with advisers and hand over ownership of clients as part of a new fee model to start in 2022.

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