Articles by Jason Spits

LRBA

Keep flow-through loans separate

SMSF flow-through loans

An SMSF can borrow from another entity that has also borrowed money as long as each arrangement is kept separate from the other.

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Business News, Trusts

Equity Trustees to buy AET

Equity Trustees AET

Equity Trustees will acquire Australian Executor Trustees, with the combined operations to exit the SMSF space after the conclusion of the deal.

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SuperStream

SuperStream window needs education push

SuperStream education

Trustees need to be informed of the work required to complete a SuperStream rollover before it is requested to ensure it is completed on time.

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Retirement

Petrol drives up cost of living

retiree cost of living

Increases in the prices of petrol and health insurance were key drivers in a rise in the cost of living for retirees in the June quarter.

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ATO, Compliance

Disclosure must accompany action

SMSF Voluntary disclosure action

SMSFs making a voluntary disclosure regarding a breach should also have evidence of work undertaken to fix the problem and prevent more issues occurring.

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Property

Late-stage property timing mismatch

property sole purpose

Property purchases during the latter part of the life cycle of an SMSF may not meet the sole purpose test.

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LRBA

Total LRBA contract needs checking

LRBA contract

SMSFs seeking evidence a related-party LRBA interest rate is on commercial terms should also check the entire borrowing contract falls under the same standard.

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Retirement, Superannuation

Retirees want pension help from funds

retirees pension support superannuation

Retirees want help in seeking the age pension with nearly three quarters looking to their superannuation fund to provide assistance.

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NALI/NALE

NALE a worst-case regulation

NALE property

The application of NALE provisions to property is a worst-case response to people who have been abusing in-specie transfer rules.

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Cryptocurrency

NFT status, value remain unclear

NFT status SMSF

The status of an NFT inside an SMSF is still unclear and issues remain with proving their value from an audit perspective each year.

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