Articles by Jason Spits

ATO, Tax

No SAR extension this year

SMSF Annual Return extension

Advisers and trustees should not expect any extension to the SMSF Annual Return lodgement date despite one being granted last year.

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Education, FASEA

FASEA adds to list of approved courses

FASEA approved courses

The list of approved courses continue to grow as Financial Adviser Standards and Ethics Authority adds two qualifications.

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Contributions

Trustees mistiming contributions reserves

reserved contributions

The early use of reserved contributions continues to trip up trustees, denying members a tax deduction, a technical expert has warned.

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Superannuation

Budget soft campaign start for next election

budget election

The welcome changes to superannuation in this year’s federal budget make up part of the government’s soft campaign launch for the next election.

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Superannuation

Necessary super changes welcomed

superannuation changes budget

The superannuation and retirement income sector has welcomed changes announced in the budget as necessary without being too disruptive.

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Regulation, Retirement

Work test to go in mid-2022

work test contributions

The work test on non-concessional contributions will cease from mid-2022 as the government seeks to boost the retirement savings of older Australians.

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Contributions

Downsizer extended to 60 year olds

downsizer contribution extended

The downsizer contribution scheme will be extended to now start from age 60, with the government claiming the move will free up housing for younger people.

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Documentation

Paper trail best defence against creditor claims

contributions bankruptcy creditors

SMSF trustees need to document any contribution to prove what is legitimate and not an effort to hide assets during a time of bankruptcy.

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FASEA

FASEA exam numbers grow as pass rate falls

FASEA exam numbers

High numbers of advisers have undertaken the most recent FASEA exam, but the pass rate has continued to fall.

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Strategy

Bankruptcy can hit fund withdrawals

Bankruptcy SMSF withdrawals

The timing of a withdrawal from an SMSF with a bankrupt trustee can determine whether creditors have access to those funds.

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