Articles by Jason Spits

Regulation

SMSFA joins effort to expand compo scheme

compensation scheme

The SMSF Association has joined a coalition of industry and consumer groups to push for a wider compensation scheme for consumers.

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Estate Planning

Legal weight behind BDBN validity exemptions

BDBN validity exemptions

Four separate court cases have now confirmed SMSF BDBNs are not covered by super laws regarding witness numbers and validity periods.

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Business News

Zenith sold to UK-based fund data firm

Zenith group sold

Zenith Group and its research house Zenith Investment Partners has been acquired by a UK-based data and research firm.

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Contributions, NALI/NALE

Asset transfers hang on final ATO decision

Assets transfer contribution

SMSF members moving assets into their fund as a partial non-concessional contribution should wait until the ATO’s final decision as to whether the move will fall under NALI provisions.

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FASEA, Financial Planning

RPL useful for adviser retention

RPL advisers

Greater recognition of prior learning should be used to retain advisers rather than forcing them to choose between quitting or extensive study.

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ATO

ATO discretion a compensation fix

compensation ATO

Financial services firms are making compensation payments to SMSFs even where no dispute exists and funds should inform the ATO to ensure no cap breaches occur.

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Superannuation

Director IDs create time pressure

SMSF directors

The directors of a corporate SMSF may find they have different time frames to apply for a director identification number dependent on when they first registered as a director.

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Regulation, Superannuation

Choice rules can bypass stapled fund delays

choice stapled fund

SMSF members can use choice of fund rules to bypass delays that might prevent their fund being nominated under stapled fund rules starting in November.

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Retirement

Retirement covenant an advice opportunity

retirement covenant advice

The Retirement Income Covenant will create further opportunities for financial advisers who can map out the income needs of clients beyond the accumulation phase and well into their retirement years.

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Financial Planning

Specialist oversight ignores FOFA reforms

specialist advisers FOFA

Not recognising specialist advisers ignores the intended outcomes of the FOFA reforms and shows the poor decision-making of FASEA.

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