Articles by Jason Spits

LRBA

Safe harbour rate crucial in loan relief

October 1, 2020

SMSFs should not overlook the changes to the safe harbour interest rate when reporting COVID-19 loan relief linked to related-party LRBAs.

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Appointments, ATO

ATO makes key SMSF appointment

October 1, 2020

Jason Spits

The ATO has appointed a senior executive to a key role assisting SMSFadvisers, auditors and trustees to meet their obligations.

Best interest may require referrals

September 30, 2020

Jason Spits

SMSF accountants facing questions about investments may need to refer clients to other advice providers under best interest obligations.

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Education, FASEA

More advisers passing FASEA exam on resit

September 30, 2020

Jason Spits

Close to 12,000 advisers have sat the FASEA exam with those doing it for the second time increasing the rate at which they are passing.

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Investments

Inexperience with derivatives will create losses

September 29, 2020

Jason Spits

Inexperienced SMSF trustees seeking new sources of retirement income are likely to lose out by investing in derivatives.

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Compliance, Superannuation

Personal situation not a sole purpose bypass

September 28, 2020

Jason Spits

SMSF trustees moving lumpy assets into a fund are becoming too relaxed in overlooking the sole purpose test in favour of personal circumstances.

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Pensions

Pension reform no cost to govt

September 24, 2020

Jason Spits

The costs of maintaining legacy pensions are more than they are worth and it would cost the government nothing to transition to modern products.

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ATO, Pensions

Market-linked pension tax relief not on table

September 23, 2020

Jason Spits

The ATO cannot provide relief to SMSFs that have commuted a pre-2017 market-linked pension which has resulted in an excess transfer balance tax determination.

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ASIC, Financial Planning

ASIC extends early access advice provisions

September 23, 2020

Jason Spits

Measures to ease the provision of advice related to early release of superannuation have been extended by six months due to ongoing COVID-19 uncertainty.

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Pensions

Legacy pension fix can be simple

September 22, 2020

Jason Spits

Claims that rollovers away from legacy pensions are too complex to implement have been rejected with industry stating it is ready to move on the issue.

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