Articles by Jason Spits

SMSFA

New insurance partnership formed

SMSF Association BizCover Numerisk Partnership

The SMSF Association has joined with a broker and specialist insurance business to offer targeted cover to its members.

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ASIC, Superannuation

Super sector in ASIC’s sights

ASIC superannuation Corporate plan SMSF Establishment advice

The superannuation sector’s handling of retirement outcomes will be an area of focus for ASIC, which has also committed to review SMSF establishment advice.

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Compliance, Retirement, SMSF

Query reasons for trustee transactions

SMSF Self-managed superannuation Tim Miller SuperGuardian Smarter SMSF sole purpose test related party transaction

Questioning the motives of trustees will often reveal why they are undertaking a transaction and if it will pass the sole purpose test.

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Appointments, Business News

SMSF Association adds policy manager

SMSF Assocation Policy manager Keddie Waller Appointment

The SMSF Association has hired a new policy manager, who joins the body after more than a decade working with another industry organisation.

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Death benefits

View death benefits as ancillary purpose

SMSF Self-managed superannuation Smarter SMSF SuperGuardian Tim Miller Death benefits Sole purpose test

SMSF trustees should view the payment of death benefits as an ancillary purpose rather than a core purpose of the fund to ensure it remains compliant with the sole purpose test.

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Compliance, Superannuation

Incapacity definition has dual purpose

Incapacity Superannuation Industry Supervision Act Condition of release

SMSFs can use a single definition of permanent incapacity to meet a condition of release and gain a tax concession, but should document and retain that definition to avoid breaching super and tax laws.

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Investments, Superannuation, Tax

Associations call for Division 296 change

JAWG Joint Associations Working Group Division 296 tax Unrealised capital gains Deeming rate Better Targeted Super Concessions Bill

A group of 11 industry bodies representing advisers, stockbrokers and accountants has called for the Division 296 tax calculations to be reopened for further consultation.

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Compliance, financial advice, Tax

Tax agent code consultation non-existent

Joint Bodies Tax Agent Services (Code of Professional Conduct) Determination Tax Practitioners Board Stephen Jones Matthew Addison SMSF Association

A group of 10 industry bodies has rejected claims by the government that it consulted with the sector over changes to the tax agent code of conduct.

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Auditing, Compliance, SMSF

Routine work an audit independence risk

Auditor independence standards In-house audit APES 110 SMSF auditors

It remains highly unlikely in-house SMSF audits conducted by a firm that also provides routine non-audit services will not be a breach of auditor independence standards.

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Legislation, Tax

Div 296 progress remains shaky

Division 296 tax SMSF Association Unrealised capital gains

The SMSF Association has reported support for the Division 296 tax bill in the Senate is not definite as the body continues to push for it to be scrapped or amended.

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