Articles by Jason Spits

BDBNs

No requirement to approve BDBN

BDBN approval

The Hill v Zuda case has confirmed SMSF members are not required to get trustee approval to make or change their BDBN.

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Retirement

Retirement projection tool upgraded

mSmart retirement tool

mSmart has updated its retirement modelling tool to factor in the impacts of downsizing, reverse mortgages and broken work patterns.

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Accounting, Financial Planning

Accountants well qualified to give advice

accountants SMSF advice

Qualified accountants should be able to provide limited SMSF advice having already met the standards needed to do so.

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Property, Retirement

Reverse mortgage milestone passed

Pension Boost reverse mortgage

A specialist firm that helps pensioners access reverse mortgages has passed a milestone in approvals from a scheme run by the government.

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Financial Planning

Industry push for advice regime change

Industry bodies advice review

A group of 12 industry bodies has recommended the Quality of Advice Review focus on making advice easier to deliver by enabling the professionalism of practitioners

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Regulation

DDO regime should include carve-out

SMSFs DDO

SMSFs should be exempt from design and distribution obligations as they are not products, but personalised structures used by members to access products.

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Investments

Pooled investments favoured

SMSF pooled investments

SMSFs are using pooled structures for around one-third of their investments, according to an analysis of underlying funds from an administration provider.

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ASIC, Education

Exam pass rate stays low

ASIC adviser exam

The pass rate for the penultimate adviser exam has remained low, with many of those taking the exam resitting it for at least a second time.

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Accounting

New reporting timeframe for commutations

pension commutation reporting

SMSF members with commuted pensions must pay attention to new reporting dates to ensure any tax is correctly calculated.

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Financial Planning, Regulation

Specialist SMSF advice training a must

SMSF specialist advice training

SMSF advice should only be given by those with specialist training and this should be a mandatory requirement under any further advice reforms.

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