Articles by Jason Spits

financial advice, Financial Planning

New adviser class insulting to sector

Financial advice qualified advisers Stephen Jones QAR IFPA

A proposal to create a new class of financial adviser is an insult to those who have attained high-level qualifications and the government should reconsider its plan.

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Legislation, NALI/NALE, Superannuation, Tax

Last chance to alter $3m soft cap bill

Division 296 tax NALE Superannuation earnings tax Senate

A review by a Senate committee will give the SMSF sector a final chance to put forward its case that the proposed superannuation earnings tax is poor policy and should be refined.

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SMSF, SMSFA, Tax

Div 296 tax impact on farms refuted

SMSF Association ASFA farms $3 million superannuation earnings tax

The SMSF Association has rejected claims few farms in SMSFs will be affected by the proposed superannuation earnings tax as the assertion is based on incorrect ATO data.

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financial advice, Financial Planning

Govt to create new advice class

Quality of Advice Review QAR financial advice qualified advisers Stephen Jones Angus Taylor

In an effort to meet the need for financial advice, the government will allow financial institutions to provide it through in-house advisers with lower education standards than those in the current advice regime.

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Contributions

Remind clients of deduction timing

personal superannuation contributions tax deduction notice of intent to claim

SMSF advisers should not leave the work of reminding clients about when to claim a contribution tax deduction to a tax agent given they were involved in creating the strategy.

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Estate Planning, Legislation, Regulation

EPOA system needs national rules

Enduring power of attorney EPOA elder abuse Estate planning FAAA

The use of enduring powers of attorney needs to be standardised across the country to prevent elder abuse and ensure attorneys are fit and proper persons.

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Retirement

Expand retirement funding model

three-pillar retirement funding Actuaries Institute

The three-pillar retirement funding model should be expanded to factor in the increased longevity of retirees and their access to income sources after finishing full-time work.

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Crypto Assets, Cryptocurrency, Regulation, SMSFA

Crypto assets must be regulated

Cryptocurrency Digital assets Regulation

The SMSF Association has flagged gaps in ownership information, risk of fraud and inappropriate advice as key reasons the crypto-asset space should be more tightly regulated.

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Retirement

Retirement income consultation welcomed

retirement income products services review consultation

Two advocacy groups have welcomed the government’s plans to review the retirement income product market and have called for end-users to be the driver behind any changes.

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Retirement, Superannuation

Govt to examine SMSF retirement income role

Superannuation Retirement

The government will examine how superannuation is being used in retirement and has asked how SMSFs are managing risks and maximising income for members.

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