Articles by Jason Spits

Investments, NALI/NALE

Limits needed for work on assets

trustee work assets limits

The absence of limits on work on an asset by an SMSF trustee is likely to create confusion around what will fall under non-arm’s-length expenditure provisions.

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NALI/NALE

Post-fact fixes will not prevent NALE hit

NALE asset value

SMSF members will not be able to recast undervalued assets in their fund as a member contribution and will face the full impact of NALE without documentation.

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Accounting

Accountants view SMSFs as revenue boost

SMSF accountants revenue

Accountants expect SMSF-related advice will create a sizeable boost to their practice revenue, with nearly half predicting a rise in the next three years.

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Superannuation

Exceptions provide six-member options

exceptions SMSFs six-member

SMSFs may be able to increase their membership level to six without breaking state laws or changing their deed using exceptions available in specific circumstances.

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Contributions, Superannuation

Bring-forward triggers trapping members

SMSF bring-forward

SMSF members may automatically trigger bring-forward arrangements under certain conditions, finding themselves trapped in something they cannot change.

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ATO, Tax

SMSF sector growth at five-year high

SMSF sector growth high

New data from the ATO shows SMSFs have consistently grown over the past year and reached record highs in a number of areas in the June quarter.

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Contributions

COVID altered contribution timings

SMSF contributions timing

The economic impact of COVID-19 changed the way SMSF members made contributions in the last financial year, with many spreading them over time.

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Documentation

Indexed TBC not relevant for all

TBC indexation calculations

SMSF practitioners should not believe the myth that every client’s TBC indexation needs to be calculated as the new figure will never be relevant for some of them.

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Investments

Fidelity unveils first managed portfolio

Fidelity managed account

Fidelity has released its first separately managed account, which has a focus on a portfolio of actively managed Australian equities.

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Documentation, Superannuation

Ownership of small gold holdings hard to prove

ownership gold

SMSFs may struggle to prove their ownership small quantities of precious metals and regardless of size need to store them according to super laws.

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