Articles by Jason Spits

Appointments, ATO

ATO makes key SMSF appointment

ATO SMSF appointment

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

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Accounting, Financial Planning, Superannuation

Best interest may require referrals

SMSF accountants best interest

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

FASEA exam

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

SMSF derivatives

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

sole purpose test

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

legacy pensions

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

Market-linked pension tax

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

early access advice

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

legacy pension

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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ATO, Documentation, Tax

Expand in-house asset relief to more entities

in-house asset relief

The ATO should expand the number of entities within an SMSF that are able to claim in-house asset relief related to COVID-19 rent relief.

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