Articles by Jason Spits

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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Pensions

Market downturn may suit new pension starts

SMSF pension

The current market downturn may benefit SMSF members looking at starting a pension as fund balances come under restrictive limits.

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ATO, Documentation

ATO offers new commutation assistance service

commutation authority assistance

A new ATO service will allow trustees issued with a commutation authority to make direct contact with the regulator to resolve any problems.

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Auditing, Financial Planning, Superannuation

Auditors on early access notice

auditors early access

Auditors have been called upon to report attempts to rort the early access scheme, while advisers have been warned not to promote services that provide access.

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ATO, Superannuation

Super payment delays likely due to SMSF issues

early access SMSF

SMSFs unable to secure early access to their funds are likely to have issues within their funds including outstanding returns, according to the ATO.

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ATO, Pensions

Minimum pensions must be paid

low income pensions

Trustees drawing pensions based off low-returning assets will still have to draw the minimum amount and cannot sidestep that requirement, the ATO has said.

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