Articles by Jason Spits

Accounting

BDO signs on with SuperMate

SuperConcepts SuperMate BDO Partnership Paul Rafton Andy Forbes

Accounting and advisory firm BDO will use the SuperMate platform to manage its client SMSFs under a new partnership agreement.

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Compliance, Documentation, SMSF

Advice doesn’t negate strategy obligations

SIS Act SMSF Self-managed superannuation Investment strategy Mailene Wheeler Vincents

SMSF trustees receiving professional advice should be reminded action does not remove their obligation to create and execute an investment strategy for their fund.

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financial advice, Superannuation

Contributions lead end-of-year concerns

Contributions Personal deductible Catch-up concessional Death benefit Superannuation AMP Advice TapIn John Perri

Super contributions was the key area of concern for many advisers in the lead-up to the end of the financial year as clients sought to use the catch-up provisions.

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Investments, Property, Regulation, SMSF

Local law limits overseas property exposure

Direct property SMSF Self-managed superannuation Overseas property 13.22C entity In-house assets

While SMSFs can invest in property overseas, Australian laws may consider such an action a breach of trustee obligations and caution should be exercised.

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Insurance, SMSF, Tax

Tax restricts insurance advantages

Life insurance SMSF Self-managed superannuation

The advantages of holding life insurance inside super are offset by the limits as to who can receive benefits and the tax they may pay as a result of the payment.

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NALI/NALE

NALE rules of limited significance

non-arm’s length expenditure non-arm’s length income NALI NALE materiality Treasury Laws Amendment (Support for Small Business and Charities and Other Measures) Act 2023 SMSF Alliance David Busoli

The newly implemented NALE rules should not overly concern advisers and trustees as their application will not be considered where reasonable efforts are made to avoid breaching them.

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financial advice, Regulation

FAAA cautious about ASIC levy

adviser levy ASIC Cost Recovery Implementation Statement FAAA Financial Advice Association Australia Sarah Abood

The Financial Advice Association Australia has noted the latest proposed figure for the ASIC adviser levy is only an estimate and is still too high given the income the regulator generates from penalties each year.

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Compliance, financial advice

SMSFA supports call to revise ASIC funding

SMSF Association Peter Burgess ASIC Financial adviser levy industry funding model Senate Economics References Committee

A Senate inquiry recommendation for the ASIC funding model to be less reliant on levies should be implemented to prevent advisers facing higher costs each year.

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ASIC, financial advice

Adviser levy to increase by $60

Financial adviser levy ASIC Cost Recovery Implementation Statement

The financial adviser levy will increase by around 2 per cent this year, its smallest rise since it was first introduced in the 2018 financial year.

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Auditing, Investments

Avoid cutting corners with strategies

SMSF self-managed superannuation investment strategy back-dated template Vincents Mailene Wheeler

SMSF trustees should go by the book when creating investment strategies, avoiding backdated or template documents.

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