Articles by Jason Spits

Strategy

Trustees need contribution date awareness

contribution date

Trustees need to be made aware different dates apply to when contributions can be made and birthdates are not always key markers for actions.

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Education

FASEA names hotspots as more pass exam

FASEA exam

Increasing numbers of advisers are passing the FASEA exam, but many are stumbling over a few key areas, leading to failure.

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FASEA, Financial Planning

Test ethical judgments through questioning

financial advisers professional judgement

Financial advisers can show their professional judgement is also ethical by viewing their actions from the point of view of an impartial third-party.

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Financial Planning, Regulation

ASIC unveils new dispute framework

internal dispute resolution

Financial advisers will fall under a new internal dispute resolution system from late 2020 that requires quick, but detailed, responses to complaints.

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FASEA

FASEA code does not prevent action

FASEA code of ethics

Advisers should not regard the FASEA Code of Ethics as restricting behaviour, but instead as providing a framework around the actions that need to be taken.

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LRBA

Property development with LRBAs tricky

property development LRBA

SMSFs looking to use an LRBA to develop property can do so, but only using a complex trust structure that requires arm’s-length arrangements.

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Financial Planning

AMP advisers begin BOLR class action

AMP BOLR

AMP advisers have started an open class action against their licensee after the latter changed the terms of a buyer-of-last-resort arrangement.

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ASIC

Court winds up unlicensed SMSF scheme

unlicensed SMSF scheme

Three former advisers and an unlicensed SMSF scheme have been barred from taking client funds by the Federal Court following an ASIC investigation.

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Estate Planning, Tax

Trust change improves tax position for minors

testamentary trust death benefit

A recent change to tax law will prevent the misuse of death benefit testamentary trusts but has also clarified that minors will not be excessively taxed on income from the trust.

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LRBA

Disclosure critical to avoid LRBA asset trap

intermediary LRBA inhouse asset

SMSFs looking to use an intermediary LRBA must tell lenders they are using a holding trust or risk the possibility of breaching in-house asset rules.

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