Articles by Jason Spits

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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Administration, Platforms

Lockdown has propelled technology change

lockdown technology SMSF Class

The COVID-19 lockdown and rush to work from home has pushed forward the use of technology in the SMSF sector by up to 10 years.

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Education, FASEA

ASIC may hold key to stalled exam extension

ASIC adviser exam extension

ASIC can grant an exemption to professional standards legislation that would extend the adviser exam timetable if legislation aimed at doing so is cannot be passed before the end of the year.

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Administration

SMSFA seeking member input on SAR review

SMSFA annual return review

The SMSF Association has called on members to provide input on how the SMSF annual return (SAR) can be improved.

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Accounting

Advice fee cap not absolute

early release advice fee

Advisers should not view the capped fee of $300 for advice covering the early release of super benefits as being absolutely definitive for all client discussions on this topic, an SMSF Association board member has said.

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FASEA

AFA examining other means of exam extension

AFA FASEA exam extension

The AFA is examining alternative methods to secure an extension to the FASEA exam timetable as legislation that would introduce the change appears to have stalled due to a late amendment.

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FASEA, Financial Planning

AFA urges ALP to pass exam extension bill

FASEA exam extension

The AFA has called on the ALP to pass a bill that will extend the FASEA exam timetable after the party added an amendment at the eleventh hour.

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Investments, Property

Trustees must look beyond dividends, property

SMSF share dividends property

SMSF trustees reliant on franking credits and rental income need to shift to new sources of investment growth as a result of the COVID-19 downturn.

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Retirement

Retirement models create false impressions

retirement planning models

Current retirement planning tools create false impressions about retirement balances as they do not factor in spending and lifestyle considerations.

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