Articles by Jason Spits

Compliance, Documentation

EPOA role is more than a proxy

SMSF trustee SMSF director EPOA enduring power of attorney The Auditors Institute Graeme Colley Superannuation Industry (Supervision) Act

The role of a person acting under an enduring power of attorney for an incapacitated trustee can be misunderstood, with many seeing them acting as a proxy, which runs counter to the law.

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ASIC

Alleged SMSF scammers face court

ASIC SMSF scam fraud proceeds of crime

Two Victorian men have been charged with fraud and dealing with the proceeds of crime after an ASIC investigation into an alleged SMSF scam.

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ATO, Contributions, SMSFA, Superannuation, Tax

Contribution deduction process can be fixed

Tax deduction Notice of intent Contributions SMSF Association SMSF

The process to lodge a notice of intent to claim a tax deduction on personal superannuation contributions can be streamlined, with industry bodies calling for change.

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Retirement

Retirement assumptions may be wrong

Retirement income Challenger Capital Preferences Superannuation annuity

A new study has found retirement income choices and preparedness are highly individualised and government modelling of cohorts may lead to inaccurate outcomes.

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ATO, Legislation, Regulation, SMSFA

SIS changes raise oversight concerns

SMSF Association ATO Oversight Regulations SIS Act

The SMSF Association has questioned the long-term outcomes of proposed changes to the fund registration process that move oversight from superannuation legislation to regulations.

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Accounting, Education, Superannuation

Super literacy low for cash-strapped

Financial literacy Superannuation Ecstra Foundation

Financial literacy around superannuation is poor for many lower-income people, who still question why they can’t access their funds until retirement age.

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Contributions, Superannuation

TBC to remain at $1.9m

Transfer balance cap Superannuation contributions non-concessional contribution concessional contributions bring forward contributions

The general transfer balance cap will stay at the current level for the next financial year, but contribution cap changes will add confusion to bring-forward thresholds

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Administration, ATO, SMSF

Don’t ignore ATO contact

SMSF registration process Establishment ATO contact Trustee declaration

Trustees of new SMSFs should be aware the ATO may contact them and it is vital they respond to ensure their fund is registered with the regulator.

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financial advice, Superannuation, Tax

Double standard must end

SMSF Association pre-budget submission superannuation financial advice fees tax deductibility

The double standard in the treatment of SMSFs compared to APRA-regulated funds must end, including in regards to the deductibility of financial advice fees.

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Contributions, Superannuation

Make general TBC a threshold standard

Transfer balance cap proportionate indexation Superannuation The Tax Institute Institute of Financial Professionals Australia

The general transfer balance cap should be applied to all super fund members and used as the basis for setting and raising other thresholds.

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