Articles by Jason Spits

LRBA

Unreviewed LRBA can drag on whole fund

LRBA

SMSFs looking to service an LRBA with high interest rates may find the fund’s total income being used to service a loan that is expensive compared to other offerings.

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Cryptocurrency, LRBA

Borrowing for crypto not viable in SMSF

SMSF LRBA cryptocurrency

The use of LRBAs to invest in cryptocurrency inside an SMSF is practically impossible given the current lending market and superannuation laws.

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financial advice, Regulation

Experience pathway passes through parliament

Financial adviser experience pathway

The government has passed laws allowing experienced advisers to practice without further education and penalising executives who breach accountability obligations.

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Administration, Insurance, Management, SMSF

Older policies can trap benefits

Temporary incapacity insurance SMSF

SMSF members with temporary incapacity insurance may find the benefits trapped in the fund if the policy has not been reviewed or funded through the right channels.

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SMSF, Superannuation

SMSFs lead in satisfaction ratings

Roy Morgan Superannuation satisfaction

The level of contentment of SMSF fund members with their choice of superannuation vehicle continues to remain high despite an overall decline in super satisfaction.

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Administration, Appointments, Platforms

Class names new operations manager

Class Kate Anderson

Class has recruited an experienced financial services executive from an advice firm to head up its operations team.

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Superannuation

TSB can be reduced via tax law

TSB total superannuation balance reduction

SMSF members concerned about the proposed $3 million earnings tax can use additional book-keeping steps to reduce the total super balance that appears in their member statements.

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ATO, Compliance

Illegal access leading trustee failure

Illegal access ATO SMSF

The ATO has identified illegal access to superannuation as a key area where SMSF trustees are not meeting their obligations, noting it has led to an increase in disqualifications.

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Investments, Platforms

OpenInvest adds admin platform data feed

OpenInvest BGL data feed

OpenInvest will begin providing a data feed into BGL’s SMSF, investment portfolio, accounting and tax software offerings, with plans to do the same with other administrators.

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Documentation, Superannuation

Notice failure will lock contribution status

superannuation contribution notice

A failure to properly lodge contribution notices will result in them being treated as non-concessional, with even the ATO restricted in making changes to their status.

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