Articles by Jason Spits

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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Investments, Superannuation

SMSFs look beyond mainstream allocations

SMSF international alternative

The low interest rate environment is driving SMSF investors into offshore and alternative assets in greater numbers compared to their retail superannuation peers.

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ATO, Retirement, Tax

ATO seeks help on tax avoidance

ATO retirement schemes tax

The ATO has flagged a number of retirement planning schemes that may be involved in tax avoidance and has asked trustees and advisers to report their promotion.

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Retirement, Superannuation

SMSF Party renews calls for supporters

SMSF Party Grant Abbott

The SMSF Party has called for supporters to formally sign up so its registration can proceed within the next few weeks.

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ATO, Property

Fractional investments okay post Aussiegolfa

ATO fractional investments SMSF

The ATO will consider the use of fractional property investments inside SMSFs, but will require providers to seek its approval first.

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Superannuation, Tax

Review should examine super tax concessions

retirement tax concessions superannuation

The retirement income review should consider if tax concessions for superannuation are ultimately being used to fund housing in retirement.

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