Articles by Jason Spits

Education, FASEA

FASEA pass rate drops away

FASEA exam pass rate

The pass rate in the most recent FASEA exam fell away sharply, with only three in five candidates passing the mandatory test.

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Documentation, NALI/NALE

Related-party leasing documents too vague

related-party lease

SMSFs with related-party leases must provide more details around the arrangements to demonstrate they are at arm’s length under the recently finalised NALE rules.

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Investments

Private company investments face SMSF limits

private company SMSF

The benefits of investing in a private company may be offset by the limitations placed on those investments in regards to SMSFs.

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Financial Planning

Advisers bullish on SMSF revenue

SMSF revenue

SMSF advisers believe revenue will grow from advising the sector, despite historical data showing there has been little change over the past seven years.

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ATO, NALI/NALE

ATO looking deeper into NALE issues

ATO NALE

The ATO’s final ruling on NALE is being reinforced by investigative work into how the SMSF sector has been using non-arm’s-length arrangements.

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Financial Planning, Superannuation

Westpac cops $10.5m best interests penalty

Westpac penalty

A five-year legal battle has ended with Westpac being penalised $10.5 million for providing unlicensed financial advice in relation to superannuation.

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Contributions, Superannuation

Compensation will count towards contributions

compensation contribution caps

Super fund members receiving compensation for poor advice will need to assess the circumstances of any payments to ensure they do not exceed their contribution caps.

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Retirement, Superannuation

Create incentives to use super in retirement

incentives retirement super

Retirees should be given incentives to use their superannuation savings rather than planning to pass on their money as a bequest.

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Business News

Leading service providers awarded

SMSF Service Provider 2021

selfmanagedsuper and research house CoreData have announced the winners of the SMSF Service Provider Awards 2021, which were presented during an online event today.

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Contributions, Regulation

Excess determination charge still has bite

excess determination charge

The removal of the excess concessional contribution determination charge does not mean the ATO cannot apply it where applicable for past actions.

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