Articles by Jason Spits

Personal situation not a sole purpose bypass

September 28, 2020

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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ATO, Documentation, Tax

Expand in-house asset relief to more entities

September 21, 2020

Jason Spits

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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ASIC, Auditing

ASIC adds conditions to auditors registrations

September 21, 2020

Jason Spits

ASIC has taken disciplinary action against two SMSF auditors, adding conditions to their registration after independence breaches and audit quality deficiencies were uncovered.

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Retirement

Retirement income review will bust myths

September 17, 2020

Jason Spits

The long-awaited Retirement Income Review will address myths about superannuation and is likely to be released after the federal budget.

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Administration, Property

Heffron launches rent relief toolkit

September 17, 2020

Jason Spits

Heffron has launched the second stage of its Super Toolkit, covering auditor and ATO requirements related to COVID-19 rent relief measures.

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Pensions

Legacy pension change not on govt agenda

September 16, 2020

Jason Spits

The complex nature of legacy pensions and a full government agenda meant any reforms were unlikely to take place in the near future, according to a government minister.

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