Articles by Jason Spits

ATO, Death benefits, Pensions

Commutation delays may alter benefit

ATO private ruling commutation member benefit

SMSF trustees who fail to promptly action a request for a pension commutation may cause it to be treated differently by the ATO if the member’s circumstances change.

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Auditing, Crypto Assets, Cryptocurrency

Crypto wallet may cause audit failure

cryptocurrency wallet SMSF audit

SMSF members holding cryptocurrency in offline wallets may find themselves unable to prove either the ownership or existence of the asset to a level that satisfies an auditor.

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Compliance, LRBA, NALI/NALE, SMSF

Dual LRBAs feasible but complex

Related-party commercial LRBA NALI ATO SIS

SMSFs can use commercial and related-party LRBAs to purchase an asset, but may struggle to get past lending criteria and the NALI safe-harbour provisions.

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Investments, Technology

Netwealth posts record profit

Netwealth profit annual results

Investment platform Netwealth, which offers SMSF administration and investment services, has posted a record profit ahead of a relaunch of an upgraded core offering.

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ATO, Tax

Check determinations for errors

ATO determinations errors SMSF

SMSF practitioners should check ATO determinations issued to clients are correct as there are no guidelines for recontributing money withdrawn due to an incorrect determination.

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LRBA, SMSF

Rate impact not yet seen in LRBA market

LRBA interest rates

SMSFs with related-party LRBAs have yet to respond to the rise in the safe-harbour interest rate as their peers search for better terms following successive moves by the Reserve Bank of Australia.

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ATO, NALI/NALE, Tax

NALI case shows exact evidence need

AAT NALI evidence

SMSFs gathering evidence to prove arrangements do not breach NALI provisions have been shown the level of detail needed to defend a challenge in a recent AAT case.

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Documentation, Investments, SMSF

Segregated assets need well-defined rules

segregated assets SMSF

SMSF members can segregate investments within their fund, but without specific rules, returns, tax and death benefits may be allocated incorrectly.

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Auditing, Compliance, Documentation

ATO issues early audit reminder

SMSF auditor reminder

The ATO has reminded SMSFs of the need to appoint an auditor in the lead-up to lodging annual returns, noting practitioners may be busy during these peak periods.

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Administration, Compliance, Regulation, SMSF, Trusts

Lost deeds undermine trust functions

Lost trust deed

A lost trust deed can bring into question the ability of trustees to carry out their duties and cast doubts over the operations of the trust.

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