Articles by Jason Spits

Auditing, Property

Title search primacy confirmed

Title search, SMSF, property, ART, SMSF auditor, Administrative Review Tribunal, asset ownership, DBA Lawyers, Bryce Figot, Murphy and ASIC, Terence Murphy, ASIC

The status of a title search as the central document to prove an SMSF owns property has been confirmed in a recent ART case involving an auditor.

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financial advice, Financial Planning, Tax

Trustees obliged to approve advice payments

SMSF trustees, financial advice, superannuation, tax, IPFA, Institute of Financial Professional Australia, Natasha Panagis,Treasury Laws Amendment (Delivering Better Financial Outcomes and Other Measures) Bill 2024, financial advice fees, tax deduction, ATO, draft practical compliance guideline

Trustees should be reminded advice fees can now be charged back to an SMSF, but they will need to examine and sign off each time a member requests this type of payment.

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Documentation, In-house assets

Loan evidence can refute early-access claim

The intention behind a loan to a related party by an SMSF is central in defending against any claims the fund allowed the illegal early access to take place.

The intention behind a loan to a related party by an SMSF is central in defending against any claims the fund allowed the illegal early access to take place.

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LRBA

LRBA and release conditions warning

The combination of certain conditions of release and an LRBA may close off an SMSF to future contributions.

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NALI/NALE, Retirement

Pension-phase advice fees a NALE danger

An SMSF in pension phase can still breach the NALE rules if its members pick up the tab for advice fees that should be paid for by the fund.

An SMSF in pension phase can still breach the NALE rules if its members pick up the tab for advice fees that should be paid for by the fund.

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Administration, financial advice, SMSFA, Tax

ATO information access essential

ATO, SMSF Association, client data, SMSF administrators, client information, Treasury, review of the tax regulator secrecy exceptions, qualified tax relevant providers, tax (financial) advice, superannuation

The SMSF Association has urged the government to give advisers and administrators access to client data held by the ATO, given the law obligates them to operate with correct information.

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ASIC

Breach reporting relief feedback closing

Australian Securities and Investments Commission, ASIC, SMSF Association,

Advice licensees have limited time to respond to an ASIC proposal that will remove the need to report low-level breaches of misleading conduct provisions.

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LRBA

Refinanced LRBA usage limited

LRBA, SIS Act, Heffron, Leigh Mansell, 

SMSFs using a refinanced LRBA for costs unrelated to the loan will breach the very narrow borrowing provisions that apply to these arrangements.

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Accounting, financial advice, Financial Planning, SMSF

AML changes capture accountants

SMSF advice, Anti-Money Laundering/Counter Terrorism Funding , AML/CTF, accountants, SMSF Association, Keddie Waller, designated services, SMSF set-up, registered post office, AUSTRAC

Changes to anti-money laundering laws will capture SMSF advice provided by accountants, who have been left with limited time to comply with the new measures.

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ATO, Pensions

TR 2013/5 relief not a free kick

ATO, compliance resources, SMSF, minimum pension payment, Heffron, Leigh Mansell, Taxation Ruling 2013/5, TR 2013/5, payment standards

The ATO’s plans to not review minimum pension payment breaches in the past year should not be viewed as a free kick in regards to other contraventions.

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