Articles by Jason Spits

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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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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