Articles by Jason Spits

Accounting

Accountants view SMSFs as revenue boost

SMSF accountants revenue

Accountants expect SMSF-related advice will create a sizeable boost to their practice revenue, with nearly half predicting a rise in the next three years.

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Superannuation

Exceptions provide six-member options

exceptions SMSFs six-member

SMSFs may be able to increase their membership level to six without breaking state laws or changing their deed using exceptions available in specific circumstances.

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Contributions, Superannuation

Bring-forward triggers trapping members

SMSF bring-forward

SMSF members may automatically trigger bring-forward arrangements under certain conditions, finding themselves trapped in something they cannot change.

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ATO, Tax

SMSF sector growth at five-year high

SMSF sector growth high

New data from the ATO shows SMSFs have consistently grown over the past year and reached record highs in a number of areas in the June quarter.

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Contributions

COVID altered contribution timings

SMSF contributions timing

The economic impact of COVID-19 changed the way SMSF members made contributions in the last financial year, with many spreading them over time.

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Documentation

Indexed TBC not relevant for all

TBC indexation calculations

SMSF practitioners should not believe the myth that every client’s TBC indexation needs to be calculated as the new figure will never be relevant for some of them.

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Investments

Fidelity unveils first managed portfolio

Fidelity managed account

Fidelity has released its first separately managed account, which has a focus on a portfolio of actively managed Australian equities.

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Documentation, Superannuation

Ownership of small gold holdings hard to prove

ownership gold

SMSFs may struggle to prove their ownership small quantities of precious metals and regardless of size need to store them according to super laws.

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Education, FASEA

FASEA pass rate drops away

FASEA exam pass rate

The pass rate in the most recent FASEA exam fell away sharply, with only three in five candidates passing the mandatory test.

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Documentation, NALI/NALE

Related-party leasing documents too vague

related-party lease

SMSFs with related-party leases must provide more details around the arrangements to demonstrate they are at arm’s length under the recently finalised NALE rules.

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