Articles by Jason Spits

BDBNs, Documentation, SMSF

Avoid deed restrictions, but keep instructions

New SMSF deeds should not lock down the operation of BDBNs or pensions, but not be so open ended they lack any reference to how they will be executed at the appropriate time.

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Regulation, SMSF

Central management and control test misunderstood

Central management and control test Katie Timms Two-year rule CMC

SMSF trustees travelling overseas are retrospectively applying the two-year rule to the central management and control test rather than correctly stating their intentions prior to departure.

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Pensions

Legacy pension proposals a win

SMSF legacy pensions SMSF Association Peter Burgess draft regulations consultation

Proposed regulations to allow simple exits from legacy pensions are a positive result for the SMSF sector, which has called for their introduction for five years.

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financial advice, Regulation

Dixon Advisory inquiry to go ahead

Dixon Advisory Inquiry FAAA Financial Advice Association Australia

A public inquiry will be held into the collapse of Dixon Advisory after the FAAA secured support for the move in parliament.

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Pensions

Govt unveils legacy pension exit plan

legacy pensions reserves lifetime pension life expectancy pension market-linked income streams commutation regulations Stephen Jones

The government has released plans that will open a five-year window for SMSF members to exit legacy pensions and allocate reserves to specific members without impacting contribution caps.

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Contributions, Strategy

Contribution split equal balance not required

Contribution splitting Concessional contribution Spouse Age pension

Using contribution splitting to intentionally keep super balances uneven is a legitimate strategy that opens up other opportunities for members to access or grow their funds.

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Administration, Technology

Long starts AI-powered admin firm

Olivia Long SMSFAI artificial intelligence AI SMSF administration Digital Rapport David Cowling

Olivia Long has launched a new SMSF administration firm that will use artificial intelligence to produce client reports, with plans to use it across the entire reporting process.

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ASIC, financial advice

FAAA urges MPs to support Dixon inquiry

FAAA Financial Advice Association Australia Dixon Advisory Compensation Scheme of Last Resort CSLR Sarah Abood Phil Anderson Public inquiry

The Financial Advice Association Australia has written to every member of parliament asking them to support its call for an inquiry into the collapse of Dixon Advisory.

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Investments, Technology

OpenInvest unveils Vietnamese community offer

OpenInvest Ravi Verma Vietinvest Infinitezephyr Dean Nguyen ElectricFAI

OpenInvest has joined with a Sydney adviser to provide an online investment tool offering specialised portfolio options for members of the Vietnamese community.

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Contributions

Contribution splitting needs long-term focus

SMSF Self-managed superannuation contribution splitting Heffron Lyn Formica

SMSF practitioners and members planning to use contribution splitting strategies to even out member balances must commit to a long-term approach to see any substantial change.

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