Articles by Jason Spits

Superannuation

FSC calls for one-off super boost

FSC COVID-19 superannuation

The Financial Services Council has called for a special contributions regime for super fund members impacted by COVID-19.

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Accounting, Financial Planning

Advice services need post-COVID-19 focus

post-COVID-19 advice

The COVID-19 downturn has demonstrated the value of professional advice, but practitioners should be preparing for clients’ post-lockdown needs.

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ATO, Tax

ATO pushes NALE action out by year

ATO NALE action

The ATO will not take action on non-arm’s-length expenditure (NALE) of a general nature, allowing SMSF practitioners to work on their own funds for another 12 months.

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FASEA

Advisers should boycott exam

Advisers boycott FASEA exam

The FASEA exam does little to prove the competency of advisers and they should boycott it, according to an adviser representative group.

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Regulation, Superannuation

Work test changes to start on 1 July

work test changes

Changes lifting the ages for the work test and spouse contributions will begin from 1 July 2020 after enabling regulations were registered late last week.

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Financial Planning, Superannuation

COVID-19 changes challenge trustees, advisers

COVID-19 changes trustees

COVID-19-related legislative change has become an area of added concern for SMSF trustees and advisers, who have increased their requests for expert assistance.

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LRBA

LRBA safe harbour relief worry

LRBA safe harbour relief

Trustees are still unsure how long they will be given to repay loan relief for any limited recourse borrowing arrangements (LRBA) that have been aligned to safe harbour provisions.

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Pensions

Segregated method changes baffling trustees

Segregated method trustees

SMSF trustees are still unsure how to respond to whether their fund can use the segregated method when calculating the tax status of pension income.

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ASIC

Adviser banned for blanket LRBA advice

adviser banned LRBA

ASIC has banned a former representative of Spectrum Wealth Advisers after he gave LRBA and SMSF advice that was inappropriate to client needs.

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FASEA

COVID-19 hits exam numbers

FASEA adviser exam

Financial advisers shied away from the first online sitting of the FASEA exam, but registrations for the second iteration are building strongly.

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