Articles by Jason Spits

Investments, Superannuation

Early bond exit undoes benefit

beneficiary, investment bonds, withdrawals, BT, Tim Howard, estate planning, 125 per cent rule

Investment bonds can be a useful tool to direct assets to beneficiaries, but accessing them early will heavily reduce any tax advantages they offer.

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Retirement

Cost of living rises marginally

cost of living, retirees, Association of Superannuation Funds of Australia, Retirement Standard, comfortable retirement, superannuation returns, Mary Delahunty

Retirees experienced a very small increase in the cost of living in the December quarter 2024, with the price of goods and services falling and superannuation returns pushing past 10 per cent.

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ATO, Auditing, SMSF, Superannuation

Share registry valuations questionable

SMSF members should not rely on old valuations sourced from a share registry when valuing stocks that will form part of an in-specie contribution.

SMSF members should not rely on old valuations sourced from a share registry when valuing stocks that will form part of an in-specie contribution.

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ATO, Auditing

Detail evidence provided to ATO

Administrative Review Tribunal, ATO, audit evidence, audit files, Bryce Figot, burden of proof, DBA lawyers, SMSF auditors, soft copy

Audit evidence provided to the ATO should be done in soft copy with a complete list of all documents to prevent loss and mistakes impacting its decisions.

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Auditing, Property

Title search primacy confirmed

Title search, SMSF, property, ART, SMSF auditor, Administrative Review Tribunal, asset ownership, DBA Lawyers, Bryce Figot, Murphy and ASIC, Terence Murphy, ASIC

The status of a title search as the central document to prove an SMSF owns property has been confirmed in a recent ART case involving an auditor.

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financial advice, Financial Planning, Tax

Trustees obliged to approve advice payments

SMSF trustees, financial advice, superannuation, tax, IPFA, Institute of Financial Professional Australia, Natasha Panagis,Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024, financial advice fees, tax deduction, ATO, draft practical compliance guideline

Trustees should be reminded advice fees can now be charged back to an SMSF, but they will need to examine and sign off each time a member requests this type of payment.

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Documentation, In-house assets

Loan evidence can refute early-access claim

The intention behind a loan to a related party by an SMSF is central in defending against any claims the fund allowed the illegal early access to take place.

The intention behind a loan to a related party by an SMSF is central in defending against any claims the fund allowed the illegal early access to take place.

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LRBA

LRBA and release conditions warning

The combination of certain conditions of release and an LRBA may close off an SMSF to future contributions.

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NALI/NALE, Retirement

Pension-phase advice fees a NALE danger

An SMSF in pension phase can still breach the NALE rules if its members pick up the tab for advice fees that should be paid for by the fund.

An SMSF in pension phase can still breach the NALE rules if its members pick up the tab for advice fees that should be paid for by the fund.

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Administration, financial advice, SMSFA, Tax

ATO information access essential

ATO, SMSF Association, client data, SMSF administrators, client information, Treasury, review of the tax regulator secrecy exceptions, qualified tax relevant providers, tax (financial) advice, superannuation

The SMSF Association has urged the government to give advisers and administrators access to client data held by the ATO, given the law obligates them to operate with correct information.

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