Articles by Jason Spits

Auditing, Superannuation

Rollover evidence must be provided to auditors

SMSF rollover

SMSF members leaving their fund are still required to show their rollover has gone to another fund even when the SMSF is shutting down.

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Superannuation

Younger investors want more super control

younger super control

Younger investors are highly engaged with their superannuation and many are considering how they can self-manage to gain greater control.

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ATO

ATO updates ABR to allow six-member funds

ATO ABR members

Updates to the Australian Business Register (ABR) to allow the creation of six-member SMSFs are complete and will replace an interim process offered by the ATO.

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Estate Planning

SuperStream changes death benefit rollovers

Death benefit rollovers SuperStream

Death benefit rollovers will be treated differently under SuperStream from 1 October, depending on who the beneficiary is in the eyes of the ATO.

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ASIC, Property

ASIC moves to shut down property spruikers

ASIC SMSF property scheme

A Perth-based property investment group will face a second round of ASIC-initiated court action as the regulator seeks to end its activities.

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Superannuation

Review deeds, but change only when needed

SMSF deeds review

SMSF practitioners should be reviewing the deeds of their trustee clients while reminding them ongoing regulatory change does not always require an amendment to the document.

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ATO, Investments

Zero-value assets will raise red flag

zero value assets

Assets in an SMSF that are valued at zero will raise questions as to their purpose in the fund and are likely to create a breach with the ATO every year.

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ATO, Superannuation

Evidence central to related-party asset sale

SMSF collectables

An SMSF can sell a collectable asset to a related party, but must follow specific processes and document those actions to remain inside the law.

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Retirement

Covenant pointless for SMSFs

Retirement income covenant SMSFs

Imposing a retirement income strategy on SMSFs under a new covenant will have little benefit for members who will still be required to pay for it each year.

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Financial Planning, Regulation

Disciplinary body processes open for feedback

adviser disciplinary body

The operations of the adviser disciplinary body are open for industry comment as the government moves to finalise its shape before the end of the year.

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