Articles by Jason Spits

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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ASIC, Auditing

ASIC adds conditions to auditors registrations

ASIC auditors conditions

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

Retirement Income Review

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

Heffron toolkit

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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