Articles by Jason Spits

NALI/NALE

Rewritten NALE rules reduce impact

NALE tax institute

The Tax Institute has put forward revised NALE rules that remove the tax slug for super funds but still tackle non-arm’s-length arrangements.

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Pensions

ECPI calculation change gets royal assent

ECPI royal assent

SMSF trustees will be able to choose how they calculate exempt current pension income from 1 April after a new bill received royal assent.

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Auditing

Valuation awareness left to auditors

SMSF valuation auditors

SMSF trustees are not fully aware of new asset valuation guidelines and auditors are finding themselves having to educate them on the changes.

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Documentation, Strategy

Travelling trustees can’t override own EPOA

SMSF trustees overseas EPOA

SMSF trustees who are offshore can’t overrule their own legal representatives in Australia as the latter hold delegated power that can’t be pushed aside.

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ASIC

Strong case for new SMSF guidance

ASIC SMSF guidance

The SMSF Association believes two key pieces of research it has commissioned create a strong case for ASIC to review its consumer guidance for SMSFs.

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Compliance, Regulation

Director ID process still confusing many

director ID process

The specific process to apply for a director ID number remains confusing for SMSF trustees who are seeking help from service providers.

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Superannuation

Delegation of duty meets control test

duties SMSF control test

SMSF trustees can delegate duties, instead of using an EPOA, to ensure the central management and control of their fund stays in Australia when they are overseas.

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Compliance, Superannuation

Returning trustees can fail control test

SMSF control test

An SMSF will fail the central management and control test even if trustees who left for an indefinite period return within two years.

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Superannuation

SMSFs yield competitive returns

SMSF performance APRA

SMSF performance against APRA funds has been skewed by reporting methods and funds with balances above $200,000 perform as well as their non-SMSF counterparts.

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Investments, Technology

OpenInvest signs wealth firm to platform

OpenInvest platform

OpenInvest has partnered with a boutique advice firm to provide access to its digital investment platform for clients with simple investment needs.

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