Articles by Jason Spits

Compliance

Poor trustee history can close funds

SMSF trustee history

The inclusion of a trustee with a poor compliance history can create future problems for an SMSF and lead to the ATO making the fund non-compliant.

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Appointments

AMP confirms change of CEO

AMP CEO change

AMP will have a new chief executive after the company confirmed a senior ANZ executive will replace Francesco De Ferrari.

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Retirement

Retirees running out of super before death

superannuation death

New research has found most retirees currently run out of super well before their death, contrasting recent claims they are sitting on large sums.

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Documentation, Pensions

Pension tool targets documentation accuracy

pension documentation

Heffron has released a new pension documentation tool aimed at providing more clarity around the timing and decisions that led to the start of a pension.

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Retirement

Age pension reliance higher than claimed

Age pension reliance

Long-term analysis shows retirees are more reliant on the age pension than recent reports suggest, according to an industry research group.

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Documentation, Financial Planning

Specialist advice can create defence shield

Specialist smsf advice shield

Specialist SMSF advice can act as a defence against claims a trustee has breached their obligations, but only where that advice is appropriate and relevant.

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LRBA

LRBA instrument opens door to master funds

master LRBA

Changes to LRBA regulations have opened the door to the creation of master funds with more than one borrowing arrangement.

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LRBA

Division 7A loan relief on offer

Division 7A loan relief

The ATO has outlined the conditions under which it will offer administrative relief for SMSFs with LRBAs where a Division 7A loan is in place.

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Documentation, Superannuation

New rollover verification for APRA funds

rollover verification APRA SMSF

APRA-regulated funds dealing with a rollover to an SMSF will be required to use a new ATO verification service that came online this month.

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Tax

NALE no-action period extended

NALE ATO no-action

The ATO will not take action in regards to non-arm’s-length expenses for another year, but has yet to decide on a final position on the matter.

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