Articles by Jason Spits

FASEA

FASEA code does not prevent action

FASEA code of ethics

Advisers should not regard the FASEA Code of Ethics as restricting behaviour, but instead as providing a framework around the actions that need to be taken.

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LRBA

Property development with LRBAs tricky

property development LRBA

SMSFs looking to use an LRBA to develop property can do so, but only using a complex trust structure that requires arm’s-length arrangements.

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Financial Planning

AMP advisers begin BOLR class action

AMP BOLR

AMP advisers have started an open class action against their licensee after the latter changed the terms of a buyer-of-last-resort arrangement.

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ASIC

Court winds up unlicensed SMSF scheme

unlicensed SMSF scheme

Three former advisers and an unlicensed SMSF scheme have been barred from taking client funds by the Federal Court following an ASIC investigation.

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Estate Planning, Tax

Trust change improves tax position for minors

testamentary trust death benefit

A recent change to tax law will prevent the misuse of death benefit testamentary trusts but has also clarified that minors will not be excessively taxed on income from the trust.

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LRBA

Disclosure critical to avoid LRBA asset trap

intermediary LRBA inhouse asset

SMSFs looking to use an intermediary LRBA must tell lenders they are using a holding trust or risk the possibility of breaching in-house asset rules.

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Education, FASEA

FASEA sets dates for final batch of exams

FASEA exam dates

Advisers will have only nine more exam periods in which to pass the FASEA exam, with six new sessions announced for 2021.

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Superannuation

Early release extended to Dec 31

superannuation early release extended

Superannuation fund members facing financial hardship have been given a longer window in which to access retirement savings under the early release scheme

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Superannuation

Lack of super objective reckless

superannuation objective

The ongoing lack of an objective for superannuation is rash approach to building and running an inter-generational saving scheme, a government senator has claimed.

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Education

Kaplan freezes FASEA course fees

Kaplan FASEA fees

Advisers using Kaplan Professional to meet FASEA education requirements will not face any fee increases for 18 months.

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