Articles by Jason Spits

Retirement

Covenant pointless for SMSFs

Retirement income covenant SMSFs

Imposing a retirement income strategy on SMSFs under a new covenant will have little benefit for members who will still be required to pay for it each year.

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Financial Planning, Regulation

Disciplinary body processes open for feedback

adviser disciplinary body

The operations of the adviser disciplinary body are open for industry comment as the government moves to finalise its shape before the end of the year.

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Auditing, Documentation

Asset valuation evidence must be more detailed

Asset valuation evidence

The evidence used to justify the market valuation of an asset must be more detailed and provided to auditors under new guidance from the ATO.

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LRBA

Intermediary LRBAs create TSB uncertainty

Intermediary LRBA TSB

The place of outstanding balances of intermediary LRBAs in regards to an SMSF’s total super balance remains unclear as the sector awaits further ATO input.

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FASEA

Pass rates prove FASEA exam fair

FASEA exam pass

FASEA has pointed to the high pass rate of its exam as it pushes back against claims it was unfair for some advice practitioners.

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Financial Planning, Superannuation

Advice to overseas clients may be restricted

SMSF client overseas advice

SMSF clients living overseas may find they cannot receive advice from Australia or set up alternative structures to manage their interests despite recent changes announced in the budget.

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Auditing, Superannuation

ATO to allow auditors to save ACRs offline

ATO auditors ACRs

SMSF auditors will be able to save an electronic copy of any contravention report they lodge, creating their own historical record, as part of new ATO changes.

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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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