Articles by Jason Spits

ASIC

ASIC revokes authorisations of ‘doubly registered’ licensees

Fifty eight licensees who were authorised with another licensee have fallen foul of ASIC which has revoked their authorisations.

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Administration, ATO

ATO updates guidance on fund error disclosure

The ATO has requested that funds making voluntary disclosures over errors disclose how they may have occurred, who was responsible and what had been done to tackle the problem.

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Financial Planning, Pensions

End-of-year pension planning too late

Advisers looking at pension planning for the current financial year may have left it too late and should shift it to the start of the new year.

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Financial Planning

No advice gap created by departure of ‘deadwood’

Exit sign for adviser leaving their jobs

An advice gap is unlikely to occur with the departure of some financial advisers as they were ‘non-productive’ already, a consulting firm has claimed.

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Strategy, Superannuation

Fund balance questions overlook pooling advantage

Small wooden figures illustrating a pool of people and fund balances in an SMSF

Concerns about member balances in SMSFs overlook the fact many funds are set up with multiple members boosting the fund balance, according to Class Super.

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LRBA, Tax

LRBA benchmark failures will create NALI dangers

Out of date LRBA loan rates may result in an SMSF being considered as receiving non-arms length income and taxed accordingly by the ATO.

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ATO, Tax

June 2019 creates contribution allocation trap

SMSF contributions for the 2019 financial year should be made as early as possible to avoid allocation errors that may result from a calendar oddity, according to a sector expert.

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Superannuation, Tax

Franking credits feature in first election debate

Tax refund, SMSF, franking credit,

The Prime Minister and opposition leader traded barbs over franking credits but neither gave ground on the issue during the first televised election debate.

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Retirement, Superannuation

Workers still not hitting self-funded benchmark

An annual survey has shown more people are heading into retirement without sufficient assets to be self-funded and will be forced to rely on government benefits.

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Superannuation, Tax

Balance limits a solution to franking credit issue

SMSF balances, franking credits, refunds, trustees

Limits on the size of SMSF balances, and grandfathered changes to franking credit refunds, would reduce high levels of refunds without hurting smaller trustees.

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