Articles by Jason Spits

Financial Planning, Retirement

Retirees should look beyond cash

Retirees should look beyond cash investment income

Retirees with declining income from cash investments should be encouraged to move from traditional models in that space and look to other high-returning liquid assets.

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Accounting, ASIC

ASIC rejects return of accountants’ exemption

ASIC accountants’ exemption

ASIC has not backed the return of the accountants’ exemption, noting the quality of advice from accountants is not higher than that of financial planners.

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Administration, Regulation

Unsuitable trustees should be replaced

SMSF members trustee replaced

Not all SMSF members should be trustees and can be replaced by their legal representative using an enduring power of attorney.

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Accounting, Regulation

Accountants’ exemption no longer supported

accountants’ exemption

Three major accounting bodies will work together to create a simplified financial advice model, but will not consider a return to the limited licensing regime.

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Superannuation

Action needed on Division 7A loans

Division 7A loans SMSFs

Despite changes to Division 7A loans not starting until mid-2020, SMSFs should aim to pay them off rather than be saddled with a more restrictive regime.

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ATO, Property

DomaCom gets sole purpose guidance from ATO

DomaCom sole purpose ATO

DomaCom has received guidance from the ATO on how SMSFs can satisfy the sole purpose test when a property investment is rented by a related party of the fund.

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Financial Planning, Retirement

Ex-planner opens equity release advice business

Ex-planner opens equity release advice business

The growth of the equity release sector has prompted a former planner to open an advice and brokerage service for retirees.

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ATO, Superannuation

TBAR should be lodged when pension rolled over

TBAR pension rollover

Advisers assisting clients with a pension rollover to an APRA fund should make a TBAR at same time to avoid an ATO breach notice.

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Pensions, Superannuation

Transfer balance transactions trap for unwary

transfer balance transactions

Trustees should be aware that not all transactions aimed at reducing a transfer balance will actually do so and can leave a fund open to excess taxes.

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ATO, Financial Planning

ATO letters highlight value of advice

ATO letters value of advice

The letters sent by the ATO to SMSFs with a high concentration to a single asset or asset class were a “brutal” approach to compliance, but have highlighted the value of advice, an SMSF expert has claimed.

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