Articles by Jason Spits

ATO, Compliance, financial advice, SMSF, Superannuation

Early release needs wider examination

SMSF Superannuation Illegal early release Early access CAANZ Chartered Accountants

The early release of superannuation should be addressed by looking at who is providing advice, but also reforming the rules to prevent inappropriate access.

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Investments, Platforms

OpenInvest adds another Melbourne firm

OpenInvest Lanteri Partners

OpenInvest has continued to partner with advice firms in providing online investment solutions, assisting Lanteri Partners to deliver five portfolio options to clients.

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Legislation, Tax

Better Div 296 model is available

Division 296 Unrealised capital gains Earnings calculation Total superannuation balance

The government can implement an additional super earnings tax, but do so without taxing unrealised gains by adopting a simpler method of calculating earnings.

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Estate Planning, Superannuation

Intestacy rules may prevent will dispute

Superannuation Estate planning Will Intestacy State rules

Superannuants should have a will, but state-based intestacy rules may sometimes deliver the same intended outcomes and avoid any disputes.

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Legislation, Tax

New super tax will hit farmers hard

Farms Division 296 tax

Farms held within SMSFs will be heavily impacted by the Division 296 tax due to shifts in the value of underlying assets, with many viewing the impost as an attack on primary producers.

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Contributions

Contribution caps to increase

Superannuation Contribution caps Concessional Non-concessional Bring forward Total superannuation balance

Contribution caps will increase from the start of the new financial year, but other related thresholds will see a small decrease, creating potential traps for superannuants.

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ATO, SMSF, Superannuation

Illegal access nets $637 million

illegal early access superannuation SMSF ATO

An ATO review of illegal early access to superannuation via SMSFs has found an estimated $637 million left the system over a two-year period.

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ASIC, financial advice

ASIC to review SMSF advice

ASIC SMSF establishment Financial advice Review Information Sheet 274

ASIC will conduct a review of SMSF advice with a particular focus on how advisers are meeting their obligations under guidance released in late 2022.

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Auditing, Technology

SuperMate adds ASF Audits integration

SuperMate SuperConcepts ASF Audits integration

SuperMate users will be able to send funds to audit with a new automated process via a new integration with ASF Audits.

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LRBA, SMSF

Specialist lender to offer SMSF loans

RedZed SMSF loans LRBA limited recourse borrowing arrangement

A small business and self-employed-focused lender has announced it will offer SMSF loans for the purchase of residential and commercial properties.

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