Articles by Jason Spits

Retirement, Superannuation

Work test definition not decided by clients

Work test definition

Advisers abusing the definition of gainful employment under work test rules for their clients’ benefit will find themselves outside the law, according to an SMSF advice specialist.

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Insurance, Superannuation

Member death can benefit SMSF tax position

member death smsf tax

A new private binding ruling has shown SMSFs can make tax deductions off the back of insurance premiums paid on behalf of a deceased member.

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Strategy

Plan for end of SMSF at its start

SMSF wind-up

SMSF advisers should consider how an SMSF will be wound up at the time of its establishment and hold those discussions with clients to avoid any future difficulties.

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Superannuation, Tax

Actions outside SMSF can impose NALI burden

SMSF NALI

SMSFs need to be careful about non-arm’s-length actions outside the fund, which can still create a later NALI burden inside the fund.

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Investments, Retirement

Allianz Retire+ adds retirement portfolio tool

Allianz Retire+ retirement income

Allianz Retire+ has added a portfolio modelling tool to its retirement income product to predict a range of outcomes for those invested in it.

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Financial Planning

Reforms putting pressure on cost of advice

reforms cost of advice

Ongoing reforms from the Hayne royal commission will increase the cost of advice and reduce the time in which financial planners can provide it, according to the FPA.

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Appointments

Class appoints new tech officer

Class technology officer

Class has announced its first new appointment since the completion of its recent NowInfinity acquisition.

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Appointments

SuperConcepts names new chair

SuperConcepts board chair

SuperConcepts has named a former ATO superannuation assistant deputy commissioner as the new independent chair of its board.

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ATO, Superannuation

NCC breaches on ATO radar

Deliberate NCC breaches

Calculated efforts to game the non-concessional contributions (NCC) cap to reduce tax are known to the ATO, which will consider them as tax evasion.

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Tax

TPB warns lax agents on obligation failures

TPB ATO debt

The TPB has called on tax agents, including those in the SMSF sector, to disclose any failures to pay debts or lodge documents with the ATO if they want to avoid facing an ethics breach.

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