Articles by Jason Spits

Retirement

Retirement debate overlooks taxpayer funding

retirement income

The debate on how to fund retirement income needs to focus on adequacy issues first, while keeping in mind it is wholly funded by taxpayers.

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Investments, Superannuation

SMSF early access spike refuted

SMSF early release

Early release of superannuation from SMSFs was not unexpected, but trustees are likely to draw on much less money than recently predicted, according to the SMSF Association.

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Documentation, Platforms

Class acquires documentation provider

Class documentation

Class has acquired a second compliant documentation provider as part of a plan to boost its presence in that market.

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ATO, Auditing

Part A qualifications off ATO radar

Part A qualifications

SMSFs with Part A qualifications in their annual return should check why they occurred as not all issues need to be reported to the ATO, a technical expert has said.

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Superannuation

Legislation gap creates recontribution window

super recontributions

The lack of alignment between changes to the work test for voluntary concessional contributions and superannuation preservation age has created a gap where those in the first stages of retirement may be able to make super recontributions unavailable to them before age 65. Heffron managing director Meg Heffron said if bring-forward contribution rule changes currently […]

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ATO, Superannuation

SuperStream compliance date pushed out

SuperStream

Super funds have been given a six-month grace period in which to comply with requirements to accept SMSF rollovers via SuperStream, with a failure to do so not considered a breach during that period.

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Investments

Equity holdings to hit SMSF sector

SMSFs equity holdings

The high levels of equity holdings inside SMSFs will increase the decline in assets compared to other superannuation sectors, according to an industry research group.

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ASIC, FASEA, Financial Planning

Individual adviser oversight still unclear

advisers oversight

ASIC is still unsure whether it will have oversight over individual advisers from 2022, stating its authority only covered licensees under current legislation.

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FASEA

FASEA adds diploma to approved list

FASEA approved diploma

The list of courses approved by FASEA continues to grow with the addition of a diploma and bridging courses offered by a major university.

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ASIC

Fact sheet was best data to hand

SMSf fact sheet

ASIC has defended its use of numbers that overinflated the cost of running an SMSF, claiming they were reputable and the best available at the time.

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