Articles by Jason Spits

Superannuation

Super to be opened for abuse compensation

superannuation abuse compensation

The government will allow court-ordered release of superannuation where a child sex abuser has used it to hid assets from compensation claims.

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Pensions

CSHC changes unlock older pensions

CSHC thresholds pensions

Higher income thresholds for the Commonwealth Seniors Health Card have opened the ability to make changes to older pensions without losing the card.

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Investments

Gold okay, but collectable status debatable

Gold collectable

An investment in physical gold must be specific to be classed as a collectable and a safer option may be to invest via a listed fund.

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Investments, Regulation

Sole purpose a gatekeeper for assets

sole purpose gatekeeper

The sole purpose test should be seen as a gatekeeper to prevent SMSFs from investing in assets that are unsuitable for the fund and members’ goals.

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Auditing

Auditors reminded to report SAN misuse

auditors SAN misuse

SMSF auditors have been reminded to alert the ATO to any misuse of their auditor number before the middle of next month.

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Contributions

Contribution splitting a slow-burn strategy

spouse contribution splitting

Spouse contribution splitting strategies can be useful for couples, but their impact is not immediate and can take several years to be seen.

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Trusts

Tread carefully on overpaid present entitlements

SMSF overpaid present entitlement

SMSFs receiving an overpaid present entitlement must step carefully to prevent it being treated as a borrowing and breaching superannuation law.

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ATO

ATO warns against asset protection scheme use

asset protection scheme

The ATO has warned SMSF trustees to avoid using schemes that offer to protect assets within their fund via the use of an external trust.

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financial advice

Advice practices focused internally to survive

advice practices improvements

Improvements to the operation of their own business has helped advice practices to survive regulatory change, according to a new survey.

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Property

Future value of property needs disclosure

SMSF future value

SMSFs purchasing property earmarked for development should have it valued for its future worth to prevent breaching acquisitions valuation rules.

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