Articles by Jason Spits

Pensions

Transaction timing can boost ECPI

transaction timing ECPI

SMSF trustees can boost their exempt current pension income (ECPI) by timing when they make fund transactions, according to an actuarial services provider.

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ATO, Superannuation

Illegal early release still area of concern for ATO

SMSFs illegal early release

The ATO has flagged an increase in the number of SMSFs being used for illegal early release of superannuation funds.

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Documentation, Superannuation

Inflexible residency test should be dumped

SMSFs residency test

The residency test for SMSFs is easy to fail and offers no incentives for trustees to re-comply when they don’t pass it, the Tax Institute has claimed in a letter to Treasury.

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ATO, Auditing

ATO to ramp up SAN misuse scrutiny

ATO SAN misuse

The ATO will review the use of SANs each year after finding a high number of possible breaches by hundreds of tax agents.

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Estate Planning

Topdocs upgrades estate planning capability

Topdocs estate planning

Topdocs has improved the range and content of its estate planning documentation and partnered with a legal service to connect advisers with legal firms.

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Compliance, Investments

LEI deadline closes at end of the month

LEI SMSF trustees

A legal entity identifier will need to be obtained by SMSF trustees wanting to invest in offerings such as contracts for difference after 30 September this year.

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Appointments

SuperGuardian names new education manager

SuperGuardian education manager

SMSF administrator SuperGuardian has appointed a well-known sector educator and consultant to a new education role.

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Administration, Business News

SuperConcepts opens new SA office

SuperConcepts Adelaide office

SuperConcepts will expand its presence in South Australia after opening a new office, with plans to increase the operational staff based in the location.

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Residential Property

Residential property can be transferred to an SMSF

SMSF residential property

Residential property may be held in an SMSF if it is being used as part of a business, but trustees need to tread carefully when implementing such a strategy.

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ATO, Investments

SMSFs receive ATO letters querying investment strategy

SMSFs ATO letters investment

SMSFs have begun to receive letters from the ATO seeking clarification over their investment strategy and also flagging penalties for any lack of action on the issue.

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