Articles by Jason Spits

Insurance, SMSF, Superannuation

SMSF-funded insurance may be illegal access

SMSF life insurance premium APRA fund

SMSFs paying for life insurance in an APRA-regulated fund may find the payments are considered to be illegal early access rather than premiums.

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Education, financial advice, Financial Planning, SMSFA

Specialisation can meet advice demand

SMSF Association specialist education financial advice

The SMSF Association has called for more advisers to consider specialist training to take advantage of the growth in the sector and the related demand for advice.

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ETFs, Investments, Technology

Global X unveils US top tech ETF

Global X NASDAQ N100 ETF

Global X has added to its suite of ETFs focused on the technology sector with a new fund covering the leading 100 stocks on the Nasdaq.

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Cryptocurrency, SMSF

Avoid sole purpose bias on crypto

SMSF cryptocurrency sole purpose auditor

SMSF auditors are prone to negatively apply the sole purpose test to cryptocurrency investments, but doing so may be inconsistent with superannuation rules.

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ASIC, Compliance

ASIC acts over super fee concerns

ASIC David Valvo

ASIC has frozen the assets and restricted the travel of a former adviser and comedian in regards to concerns over superannuation fees charged to clients.

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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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