Articles by Jason Spits

LRBA, Property

Property usage must be clear

The shift to limit LRBAs to business real property means current and future investors must understand the correct use of those assets.

The shift to limit LRBAs to business real property means current and future investors must understand the correct use of those assets.

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Education, SMSFA

Association awards scholarships

The SMSF Association has continued to award scholarships to members seeking to build their skills and attain its specialist accreditations.

The SMSF Association has continued to award scholarships to members seeking to build their skills and attain its specialist accreditations.

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AML/CTF, AUSTRAC

AML/CTF processes needed immediately

Advice and accounting firms should not be interpreting AUSTRAC's lenient approach to AML/CTF enforcement as a reason for inaction.

Advice and accounting firms should not be interpreting AUSTRAC’s lenient approach to AML/CTF enforcement as a reason for inaction.

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ATO, Contributions, Documentation, SMSF

ATO affirms establishment cost claim rules

The ATO has affirmed trustees can pay for SMSF set-up costs, but has noted the limits as to when that will be viewed as a member contribution.

The ATO has affirmed trustees can pay for SMSF set-up costs, but has noted the limits as to when that will be viewed as a member contribution.

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Artificial Intelligence, Education, Financial Advice, Investments

SIAA unveils AI-powered training tools

The Stockbrokers and Investment Advisers Association will use AI as a key component of a new tool to train and develop advisers.

The Stockbrokers and Investment Advisers Association will use AI as a key component of a new tool to train and develop advisers.

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LRBA

Joint call to allow new-build LRBAs

Five housing bodies have joined the SMSF Association in calling for residential property LRBAs to be allowed where a new build is involved.

Five housing bodies have joined the SMSF Association in calling for residential property LRBAs to be allowed where a new build is involved.

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AML/CTF, Compliance, Financial Advice

Promote AML/CTF compliance as value add

The introduction of AML/CTF compliance requirements can be promoted as added protection for clients and a sign of professionalism.

The introduction of AML/CTF compliance requirements can be promoted as added protection for clients and a sign of professionalism.

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LRBA, NALI/NALE

LRBA repayments need review

Repayments to a related-party LRBA should be routinely examined to ensure they don’t breach NALI provisions, particularly if cash flow is tight.

Repayments to a related-party LRBA should be routinely examined to ensure they don’t breach NALI provisions, particularly if cash flow is tight.

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SMSF, Trusts

Keep bare trust arrangements separate

Practical rather than legal considerations are the key reason to avoid using a single bare trustee for multiple trust structures.

Practical rather than legal considerations are the key reason to avoid using a single bare trustee for multiple trust structures.

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SMSF, Trusts

SMSF membership rules overlooked

SMSF trustees and auditors are being caught out by state-based rules on who can be part of a multi-member fund.

SMSF trustees and auditors are being caught out by state-based rules on who can be part of a multi-member fund.

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