Articles by Jason Spits

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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Property, Superannuation

Rent relief still unclear for 13.22c trusts

rent relief 13.22c trusts

SMSFs holding property via 13.22c unit trusts should hold off on providing rent relief until confirmation has been provided the measures will extend to these arrangements.

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LRBA, Superannuation

LRBA guarantees may trap the unwary

SMSF guarantees LRBA

SMSF members with personal guarantees for an LRBA should be aware any COVID-19-driven payments may be considered as contributions unless properly recouped from the fund, according to a legal expert.

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