Articles by Jason Spits

ASIC, financial advice, Financial Planning, SMSF

Poor SMSF advice leads to $11m penalty

A licensee that provided cookie cutter advice about property investments via SMSFs has received a multi-million dollar fine.

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Education, Retirement, SMSF, Superannuation

Downsizer not sole home sale benefit

Smarter SMSF, education, SuperGuardian,Tim Miller, 

SMSF members who can make downsizer contributions before retirement can use those funds in more than one way apart from a lump sum addition to super.

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ATO, SMSF

ATO urges SMSFs to go paperless

SMSF trustees have been encouraged to lodge activity statements using the ATO’s paperless, online system, which gives them more time to submit documents.

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ATO, SMSF, Superannuation, Tax

Tax agents must review SMSF skills

ATO, The Auditors Institute, Deloitte, SMSF, Liz Westover,

Tax agents who do small numbers of SMSF returns may want to reconsider if they have retained the skills and experience to continue this work.

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Business News, Investments, Technology

Selfwealth to delist after sale

Selfwealth, Craig Keary, Samantha Horton, Dhruv Arora,

Investment platform Selfwealth will shift into private ownership after shareholders agreed to a cash sale to an Asian firm operating a similar business model.

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financial advice, SMSF, Superannuation

TSB key to contribution decisions

total super balance, TSB, SuperGuardian, Tim Miller,

The size of someone’s total super balance will be the first factor in determining whether they can deploy a contribution strategy and may limit the options open to them.

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ATO, Regulation, SMSF, Superannuation

Payday super tweak needed for SMSFs

Institute of Financial Professionals Australia, IFP, Natasha Panagis, ATO, payday superannuation payments, Treasury,

Consideration will need to be given to the status of SMSFs under any payday super regime to ensure employer contributions can go to a fund that is temporarily unable to receive them.

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Tax

CGT relief limited in SMSF split

CGT relief, capital gains tax, SMSF, self managed super, separation, split, DBA Lawyers, William Fettes, asset rollover, inherited cost base

Only one partner in an SMSF will be able to access CGT relief if they move an asset to another fund during a separation, raising the need for carefully structured arrangements.

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Accounting, Regulation, SMSF, Superannuation

Opposition advice commitment welcomed

Compensation Scheme of Last Resort, CSLR, Financial Advice Association Australia, FAAA, Chartered Accountants Australia and New Zealand, CAANZ, Sara Abood, advice levy, Susan Franks, financial advisers, access to financial advice

Opposition plans to reduce the cost of the Compensation Scheme of Last Resort and rebuild the advice sector have been welcomed by advice bodies.

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Contributions, Strategy, Superannuation

TBC rise could unlock NCC bring forward use

transfer balance cap, TBC, SuperGuardian, Tim Miller, Education, SMSF,

A NCC bring forward strategy bogged down by total super balance limits may be unlocked when the general transfer balance cap is indexed on 1 July.

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