Articles by Jason Spits

Administration, Compliance

Offshore control of SMSFs possible, but limited

SMSF overseas control

SMSF trustees can exercise control over their funds while overseas, but recent ATO rulings have emphasised the need for major decisions to take place in Australia.

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ATO, Superannuation, Tax

Trustees unaware of ENCC repayment options

trustees excess contribution

Trustees may be unaware they could pay too much to the ATO when responding to excess non-concessional contribution determinations and need to review the options presented to them.

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Administration, Compliance

Past offences a barrier to trustee role

SMSF trustee eligibility

Potential SMSF trustees should be encouraged to disclose any past dishonesty offences to avoid committing a further offence if they take on the role.

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ETFs

BetaShares unveils new diversified ETFs

betashares diversified ETFs

Betashares has launched a new range of low-cost, multi-asset diversified ETFs on the ASX.

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ATO

Regulator scrutiny good for SMSF sector

ATO scrutiny SMSF sector

The ATO’s close examination of the SMSF sector has been crucial to its ongoing growth and success and will be required to maintain that into the future.

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FASEA

Govt appoints advice rep to FASEA board

FASEA board

The government has filled a vacancy on the FASEA board for an advice representative four months after it was opened by the resignation of a former member.

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Accounting, Financial Planning

NALE may hit pro-bono work

pro-bono SMSFs NALE

Pro-bono advice and non-advice services provided to SMSFs may also be trapped under non-arm’s-length expenses (NALE) arrangements.

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LRBA, Tax

LRBA loans drive SMSFs to safe harbour

LRBA SMSFs safe harbour

SMSFs relying on related-party loans may be forced to user higher safe harbour interest rates to prevent income being taxed at 45 per cent.

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Accounting, Superannuation

TSB key to catch-up contribution benefits

TSB catch-up contributions

Accountants will need to keep a greater watch on Total Super Balances (TSB) to make the most of new catch-up contributions, but will be assisted by ATO data.

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Property, Superannuation

Source of downsizer contributions questioned

Source of downsizer contributions

Questions have been raised about the source of downsizer contributions, with suggestions other funds have been used to take advantage of lower tax rates.

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