Articles by Jason Spits

Property, Superannuation

Source of downsizer contributions questioned

Source of downsizer contributions

Questions have been raised about the source of downsizer contributions, with suggestions other funds have been used to take advantage of lower tax rates.

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Retirement, Superannuation

Retirement review looking beyond remit

Retirement Income Review

The Retirement Income Review may cover more ground than its remit, based on the questions asked in its recently released consultation paper.

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Accounting, Financial Planning

Govt minister supports accountants advice push

accountants advice SMSFs

The push for accountants to be allowed to provide incidental advice on SMSFs has received support from a senior government minister.

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Accounting, Financial Planning

SMSFA confirms licensing discussions

SMSFA licensing

The SMSF Association has confirmed it is taking part in discussions with accounting and advice bodies to reduce complexity in the adviser licensing regime.

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Accounting, Financial Planning, Superannuation

Advice bodies join accountant licensing discussion

accountant licensing SMSF advice

The major accounting and advice bodies have entered into joint discussions on reforming the licensing regime for financial advice related to SMSFs, according to the Institute of Public Accountants.

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ATO, Superannuation

Personal use provisions can address NALE costs

personal use NALE

Existing tax rules around the private use of business resources could offer a simple solution to non-arm’s-length expenses inside an SMSF.

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ATO, Investments

ATO cannot scrutinise chosen investments

SMSF investment strategies

The ATO does not have powers to assess investments but trustees need to ensure they match documented strategies, an SMSF service provider has warned.

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ASIC, FASEA

ASIC will not enforce FASEA Code of Ethics

ASIC FASEA code

ASIC will not enforce the FASEA Code of Ethics in the absence of a government approved compliance scheme citing it was not empowered to do so under law.

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Retirement

Review to unpack retirement adequacy issue

retirement adequacy review

The lack of consensus around the adequacy of retirement income will be examined by the Retirement Income Review which also noted there was no agreed way to assess it.

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Pensions, Retirement, Superannuation

Review queries retirement system understanding

retirement system purpose

The Retirement Income Review has raised the issue of whether consumers understand the end purpose of the retirement system and if more needs to be done to make it clearer.

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