Articles by Jason Spits

Investments, LRBA

Check share holdings with LRBA

SMSF LRBA shares portfolio single acquirable asset

SMSFs using an LRBA to purchase shares should be certain they are considered a single asset to ensure the holdings don’t breach ATO loan rules.

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Auditing, Contributions

Contribution mistakes more likely

SMSF auditors non-concessional contributions work test

Changing the non-concessional contribution regime to operate on an age-based criteria means more mistakes are probable and auditors will be less likely to be able to help rectify them.

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Auditing, Compliance

Audit shopping checks still required

Auditor shopping compliance record engagement letter

Auditors must check the compliance record of any potential clients with professionals the trustee has previously engaged prior to servicing them.

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Tax

Consultation skipped on tax agent reporting

tax agents TPB breach reporting consultation false allegations

Six advice and tax bodies have called for the government to consult on a requirement for tax agents to report potential breaches they say lacks protections to deal with false allegations.

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ATO, Compliance, Death benefits, Documentation, Regulation

Benefit review reinforced by ruling

Death benefit Incapacity Benefit payments Documentation

The need to have up-to-date SMSF documents related to incapacity and benefit payments has been brought to the fore by a recent ATO private ruling on benefit payments after the death of a member.

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ATO, Superannuation

No compassionate release shortcut

SMSF accessing superannuation compassionate grounds ATO guidance

New guidance on accessing superannuation on compassionate grounds has been released by the ATO, which has noted SMSFs must still follow a specific process for early release.

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Legislation, Superannuation

Super objective bill enters parliament

objective of superannuation bill Superannuation (Objective) Bill 2023

The bill to enshrine the objective of superannuation has entered parliament, with the central wording unchanged since first proposed earlier this year.

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Legislation, SMSF, Superannuation

Govt has taken sides in super wars

NALE $3 million superannuation earnings tax Angus Taylor

The government’s legislative agenda has reignited the superannuation wars and clearly shows it has sided against the SMSF sector.

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financial advice, Legislation

QAR bill needs rapid action

QAR Quality of Advice Review recommendations legislation

The bill to implement Quality of Advice Review recommendations needs to progress rapidly through parliament if the changes are to be of any benefit to the advice sector.

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Contributions, Legislation, Superannuation

Use payday super to fix SG payments

Superannuation guarantee charge Payday super

The introduction of payday super would be an opportune time to address and repair problems with the current superannuation guarantee payment system.

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