Articles by Jason Spits

Contributions, Pensions, Superannuation

Commutation notice can be preconfigured

SMSF members can use a prepared notice to inform their fund that withdrawals from their pension will be treated as commutations, avoiding the risk they will be regarded as payments.

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Pensions, Retirement

TRIS forgotten hero for recontribution

transition to retirement income stream TRIS pension SMSF

Transition-to-retirement income stream pensions have been overlooked, but offer SMSF trustees an easy-to-execute method to start recontributions before retirement.

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Estate Planning, financial advice, Financial Planning

Need for wealth transfer help common

wealth transfer financial legacy

Many Australians who have yet to retire are actively looking at how they can pass on money to their successors, with the lack of information creating opportunities for advice.

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Auditing, Property

Annual valuation requirement clear

SMSF annual audit auditor property asset valuation

Regulations outlining the requirement for the annual valuation of an asset are clear cut and should not lead to confusion around what auditors are required to do.

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ATO, Auditing, Compliance

Auditor independence still targeted

SMSF auditors independence ATO

The ATO has identified a number of auditors who are still failing to meet independence requirements and will engage in targeted reviews and compliance action.

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Compliance

Valuations validate related-party transfers

SMSF related party transactions valuation arm's length

While not required to do so, SMSFs should seek valuations when disposing of assets to a related party to prove the transactions were at arm’s length.

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Compliance, Investments, Regulation

Acquisition error not reversible

SMSF related party acquisition breach

SMSF trustees who purchased an asset from a related party in error cannot reverse the breach but only manage the problem with the ATO.

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Compliance, Investments

Wholesale thresholds need fixing

wholesale investors SMSF assets test income

The definition of a wholesale investor in an SMSF context must be redefined with regard to the thresholds applied to the asset and income tests.

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ATO, Auditing

Asset charge warning not new

ATO SMSF auditor asset charge

The obligation for auditors to check for charges on SMSF assets has existed since 2019 and the ATO’s position on the requirement has not changed.

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ATO, NALI/NALE

Ruling shows NALE application

NALE SMSF trustee capacity non-arm's length expenditure

The ATO has indicated financial services professionals who act on behalf of their own fund must do so in a trustee capacity only to avoid being hit with NALE taxes.

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