Articles by Jason Spits

Practice Management

WealthO2 adds digital meeting facility

online meeting

WealthO2 has incorporated online meeting tools into its platform with users also planning to use it after COVID-19 lockdown.

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Administration, Business News

SuperConcepts reports ongoing outflows

SuperConcepts outflows

SuperConcepts has reported an ongoing decline in assets under management in the first quarter of 2020, continuing a trend seen across 2019.

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ATO, Documentation

ATO defers SAR lodgement date

ATO SAR lodgement

The lodgement date for SMSF annual returns has been automatically pushed out to 30 June for all funds in the latest COVID-19 relief measure from the ATO.

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Pensions

SMSFs must consider all super for ECPI

ECPI calculation super

SMSFs should be considering their total superannuation holdings when calculating exempt current pension income to avoid using the wrong method.

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Documentation

DBA rolls out no-witness BDBN

BDBN witnesses

SMSF trustees will be able to execute a BDBN without the presence of witnesses under a new offering from an SMSF legal firm.

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Financial Planning

Pandemic driving interest in advice

COVID-19 financial advice

The interest in financial advice from new clients has spiked in recent weeks, alongside growing concerns from advisers about their own long-term survival.

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Superannuation

SMSFs face COVID-19 relief raids

SMSF assets COVID-19 relief

The government will look to the large sums held by SMSFs and concessions available to funds as a source of money to repay borrowings related to COVID-19 relief measures.

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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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