Articles by Jason Spits

Ban on Mayfair director overturned

September 15, 2022

A court imposed ban on Mayfair 101 director James Mawhinney has been overturned, but injunctions restraining his actions have been reimposed.

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Insurance

Deductions hit by premium rollovers

September 14, 2022

Jason Spits

Rolling money from one super fund to pay insurance premiums in another will reduce the the level of tax deductions available for personal contributions.

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Investments

CSLR exclusion ignores recommendations

September 14, 2022

Jason Spits

The exclusion of managed investment schemes (MIS) from a compensation scheme of last resort (CSLR ) ignores Hayne Royal Commission recommendations.

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Documentation

SMSFA issues call to action on director IDs

September 13, 2022

Jason Spits

The SMSF Association has called on its members to remind their clients to apply for a director ID number and has provided guidance on the steps to make that happen.

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SuperStream

Three-day rollovers may hinder family SMSFs

September 13, 2022

Jason Spits

The three-day rollover rule under SuperStream may cause troubles for SMSFs that have admitted their children to boost balances for asset purchases.

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SuperStream

Clock ticking on SuperStream exemption

September 12, 2022

Jason Spits

The ATO exemption to allow an SMSF to make a rollover outside of SuperStream is likely to be withdrawn soon due to low levels of usage.

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Administration

Nil balance allowable, but risky

September 12, 2022

Jason Spits

An SMSF can have members will nil-balances but avoiding those is a better compliance option.

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Compliance, Regulation

TBAR change to compress reporting dates

September 8, 2022

Jason Spits

The shift to quarterly transfer balance account reporting will compress a number of annual reporting dates into a single day not related to a fund’s annual return lodgement.

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Financial Planning