Articles by Jason Spits

Education, FASEA

Serial flunkers given one last chance

FASEA exam pass

Advisers who have failed to pass the FASEA exam on two occasions will be given one last opportunity to do so next year under a new exemption.

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Contributions

Excess charge move not industry call

Excess concessional charges

A change to legislation that will remove charges for excess concessional contributions may result in misuse and was not called for by the SMSF sector.

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Investments

Collectables require expert advice

SMSF collectable

SMSFs holding collectable assets should rely on third-party expert opinions as to their value and place in the fund strategy instead of those of the trustees.

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Contributions

Contribution transfers should be active now

Contribution transfers

SMSFs using a clearing house to make end-of-year contributions should have taken action already to ensure the funds are processed by 30 June.

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Regulation, Superannuation

Six-member bill passes through parliament

six member SMSF

Legislation to allow the creation of six-member SMSFs has passed through parliament, but has drawn a cheap shot at advisers from a senator.

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Financial Planning

Time to end persecution of advisers

AFA persecution advisers

The AFA has called for an end to the denigration of financial advisers after an opposition senator labelled them as giving “shonky advice”.

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Regulation, Superannuation

Six-member SMSF law progresses

six-member funds

Parliament has taken action on three separate superannuation bills, extending bring-forward arrangements and moving the introduction of six-member funds a step closer.

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Documentation, Financial Planning

Ongoing fee arrangement guidance released

ongoing fee arrangements

Advisers have been provided with new guidance by ASIC on handling ongoing fee arrangements that incorporates royal commission recommendations.

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Documentation, Technology

New online fact find launched

online fact find

The hurdles of COVID-19 have driven a financial planner to create a new online fact find tool that meets new legal obligations for storing client records.

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Pensions

Borrowings interim pension cash shortfall fix

Borrow pension cash shortfall

SMSFs low on cash can borrow to make minimum pension payments, but should be looking at why there was a shortfall in the first place.

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