Articles by Jason Spits

Financial Planning

SMSF advice group shuts doors

MyPlanner Professional Services

An advice group offering licensing and SMSF advice services to planners and accountants that was under ASIC scrutiny has shut down.

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FASEA

FASEA exam bill at a political impasse

FASEA exam bill

Moves to extend the time frame for advisers to complete the FASEA exam remain caught up in parliament due to further amendments to an enabling bill.

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ATO, Tax

NALI action won’t void RPL rules

NALI RPL LRBA

SMSFs with LRBAs through a related party lender should stay within NALI provisions despite the ATO taking a no-action position until mid-2021.

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ASIC, Financial Planning

Henderson charged with dishonest conduct

Sam Henderson dishonest conduct

A banned financial adviser who was the subject of scrutiny at the financial services royal commission will face charges related to misrepresenting his qualifications to give advice.

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Documentation

SIS BDBN provisions unreliable

SIS BDBN provisions

SMSFs relying on SIS provisions regarding binding death benefit nominations (BDBN) may find them unreliable and unable to withstand a legal challenge

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Documentation

Govt move eases electronic document execution

electronic document execution

Issues around the electronic execution of SMSF documents have been simplified with temporary federal regulations removing different state-based requirements.

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Administration

Administrator offers data-matching portal

SMSF Alliance data-matching

SMSF Alliance has upgraded it portal, offering a data-matching service for trustees that can be used by advisers to generate new sources of fee income.

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Superannuation

SMSFs soft target for relief cash

SMSFs COVID-19 relief

SMSFs and self-funded retirees are soft targets for tax increases designed to replenish government funds spent on COVID-19 relief.

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ATO, Superannuation

ATO tells SMSFs to ignore off-target letters

ATO SMSFs letters

SMSFs that have received a letter requiring them to report claims for a contribution deduction should ignore them as they do not apply.

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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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