Articles by Jason Spits

Contributions

Dual funds key part of recontribution strategy

SMSF recontribution strategy

SMSF looking to cash out and recontribute funds to reduce the taxable component of their balance should use a second SMSF to park their tax-free savings.

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Contributions

Rule changes a nirvana for members

superannuation contributions changes

A range of contribution rule changes has created an ideal situation for super fund members, but the correct implementation order needs to be followed to maximise the benefits.

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ASIC

ASIC claims crypto lender was unlicensed

cryptocurrency lender unlicensed

ASIC has commenced legal action against a cryptocurrency lender it claims was operating without a credit licence.

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NALI/NALE

NALE resolution should not drag on

NALE resolution

A resolution to industry concerns around NALE has taken too long and raises questions as to the aims of the provisions.

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ATO, Auditing

Tax agent may provide access to ACR

SMSF auditors ACR

SMSF auditors unable to access lodged ACRs may be able to request copies via their clients’ tax agents.

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ATO

Trustee disclosures considered whistleblowing

SMSF ATO whistleblower

SMSF trustees making a voluntary disclosure about problems with their fund will be considered whistleblowers, allowing the ATO to contact third parties if required.

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Documentation

Know location, content of trust deeds

SMSF trust deed location

The location and content of SMSF trusts should be known by trustees in order to resolve disputes if a document is lost or misplaced.

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Business News

SISFA members agree to TSA merger

SISFA TSA merge

SISFA will merge with Tax and Super Australia after its members unanimously agreed to the move at a recent general meeting.

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ECPI

Consider both ECPI methods despite changes

ECPI calculating

New methods of calculating ECPI should not be used if they override planning opportunities via the use of the existing methods.

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Auditing

Strong evidence key to private equity valuations

private equity SMSF

Private equity assets inside an SMSF should have layers of evidence to prove their value and that they are not breaching in-house asset rules.

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