Articles by Jason Spits

Administration, Technology

SuperConcepts cuts staff numbers

SuperConcepts staff

SuperConcepts has made changes to its staff numbers in an effort to reduce the cost base of the business under its new ownership and management team.

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SMSF, Technology

Caution needed in adopting AI tools

SMSF AI ChatGPT

SMSF practitioners should recognise the limits and dangers of using AI tools and vet the information provided before making use of them.

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SuperStream

SuperStream still a mystery to clients

superstream

SMSF practitioners will still need to guide clients through the SuperStream process which remains new to them after more than 18 months of operation.

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NALI/NALE

NALE bill can’t fix broken model

NALE draft bill

The draft bill to alter the NALE provisions is building on a flawed model, creating more problems, with a collective of industry bodies unwilling to support it.

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NALI/NALE

NALE fix involves fair value proof

NALE market value expenses

The government’s draft bill to implement a NALE tax regime will force SMSFs to prove their expenses are at market value.

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ATO, Compliance, Superannuation

ATO issues scam alert

Early superannuation release schemes

The ATO has continued to warn SMSF members of schemes and promoters that target their funds to engage in activities that breach superannuation laws.

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Compliance, NALI/NALE, Regulation, SMSF, SMSFA

Repeal NALE or fix related issues

NALE

The SMSF Association has called on the government to repeal the NALE provisions or provide solutions to further problems they will create.

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Auditing

SMSF Auditors Association rebrands

The SMSF Auditors Association of Australia has changed its name to provide support to and represent auditors outside the SMSF sector.

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NALI/NALE, Property

Undervalued trust units a NALI risk

trust NALI

SMSFs purchasing low value stakes in interposed entities to develop property will need to prove they were at market value to avoid breaching NALI provisions.

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ATO, Property

Home purchase schemes a concern

ATO residential property scheme SMSF

Schemes promoting the use of an SMSF to purchase a residential home for use by fund members have been flagged by the ATO as likely breaching a number of superannuation laws.

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