Articles by Jason Spits

Compliance, Contributions

Strategic classification can null NCC issues

SMSF Self-managed superannuation Heffron Lyn Formica non-concessional contributions personal super contribution bring forward period

An accidentally triggered non-concessional contribution bring forward provision may be reversed by following a particular course of action.

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SMSF, Technology

Tech will bolster SMSF servicing

SMSF Self-managed superannuation Auditors Technology ASF Audits Shelley Banton

The ongoing growth of the SMSF sector can be met by the relatively static pool of practitioners through the adoption and use of technology.

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Death benefits

Six month payment timing a myth

Superannuation Death benefit Payment timing Business Depot Neal Dallas

Super funds are not required to make death benefit payments within 180 days and claims that is the case are an urban myth based on unrelated laws.

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Business News

Hub24 buys into private equity firm

Hub24 Reach Alternative Investments

Hub24 has taken a minority stake in Reach Alternatives and will partner with it to release new products offering access to private equity investments.

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financial advice, Financial Planning, Tax

ATO updates advice fee deduction rules

Financial advice fees Tax deduction ATO Tax determination FAAA Financial Advice Association of Australia Sarah Abood

The ATO has released new rules around the deductibility of financial advice fees, which should reduce the upfront cost of advice.

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ASIC, Compliance, ESG, Investments

Vanguard to pay $12.9m greenwashing penalty

Greenwashing ESG Vanguard Mercer ASIC Federal court

Vanguard Investments Australia has been ordered to pay a multi-million-dollar penalty for false statements regarding the application of ESG screens to a bond index fund.

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Downsizer

New partners eligible for downsizer

Downsizer contributions Remarriage Second relationship BT Technical Services Tim Howard

Downsizer contributions are not closed off to superannuants who have remarried, even if they are not on the title of a property, with eligibility to contribute, not ownership, the key criteria.

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financial advice, Regulation

Dixon parent company to delist

FAAA Dixon Advisory E&P Financial Group CSLR Compensation Scheme of Last Resort ASX

The parent company of Dixon Advisory has announced plans to move into private ownership, but this is unlikely to prevent public scrutiny during the inquiry into the collapse of the advice firm.

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ATO, Regulation, SMSF

Non-residency must be reported

Annual return ATO SMSF Residency Central management and control test

The non-resident status of an SMSF must be reported to the ATO rather than it informing practitioners of that fact as they would have the information before the regulator.

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NALI/NALE

Question NALE actions inside funds

SMSF Self-managed superannuation NALE non-arm’s length expenditure reasonable attempt Tony Negline Chartered Accountants Australia and New Zealand

SMSF trustees should be asked if any actions in relation to fund assets fall outside their trustee capacity as these will not be considered as a reasonable attempt to comply with the NALE rules.

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