Articles by Jason Spits

Business News, Financial Planning

AFCA extends dispute timeframes

AFCA dispute timeframes

The Australian Financial Complaints Authority (AFCA) has provided more time for financial advice businesses to respond to complaints as part of its response to COVID-19.

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Documentation

SMSF documents likely to fail legal test

SMSF legal documents

Many SMSF documents are likely to fail future legal challenges and advisers should consider the source of the documents they use, according to an SMSF legal expert.

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ATO, Superannuation

In-house asset relief has limits

in-house asset

Trustees looking to correct an in-house asset breach from 2019 should take whatever action necessary to rectify it as the ATO will still be taking a look at any issues in that area.

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Property, Superannuation

Rent relief still unclear for 13.22c trusts

rent relief 13.22c trusts

SMSFs holding property via 13.22c unit trusts should hold off on providing rent relief until confirmation has been provided the measures will extend to these arrangements.

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LRBA, Superannuation

LRBA guarantees may trap the unwary

SMSF guarantees LRBA

SMSF members with personal guarantees for an LRBA should be aware any COVID-19-driven payments may be considered as contributions unless properly recouped from the fund, according to a legal expert.

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Education, FASEA

One quarter of all advisers pass FASEA exam

FASEA exam

The latest FASEA exam results show a further 1800 advisers have passed, increasing the total number to more 25 per cent of all advisers.

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Investments

Downturn not deterring investors yet

downturn investors

Retail investors have chosen to ride out the recent market downturn, but remain less than optimistic about long-term growth and government debt.

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Superannuation

Bankruptcy preferable to illegal early release

bankruptcy illegal early release

Trustees looking to raid their SMSFs to prop up a small business would be better off facing bankruptcy than the consequences of illegal early release, according to a legal expert.

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Investments

Asset allocations must stay true to fund strategy

asset allocations investment strategy

Trustees can make changes to their investments in response to the recent market downturn, but they should be consistent with the SMSF’s investment strategy.

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Documentation

Print trust deed until all states go electronic

paper trust deeds

NSW has moved ahead of other states and territories with electronic trust deeds, but trustees should still opt for paper until the move is universal.

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