Articles by Jason Spits

Financial Planning

Experience pathway must have end date

advisers experience pathway

An experience pathway for existing financial advisers must contain a sunset clause ending in 10 years, with advisers able to swear they have clean records.

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Contributions, Pensions

Commutations can derail recontributions

commutations recontributions

Incorrectly commuted pensions can create transfer balance cap problems and derail a recontribution strategy.

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Accounting, Financial Planning

Advice shift should include accountants

principles-based advice accountants

A move to principles-based advice should consider the inclusion of accountants as providers of limited advice.

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NALI/NALE, Strategy, Tax

In-specie traps within related-party deals

in-specie related party

Related-party acquisitions must be worked through carefully to avoid contribution and tax problems connected to in-specie transfers.

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ATO, Compliance

ATO disqualifies 250 trustees in past year

ATO disqualified trustees

More than 160 SMSF trustees were disqualified in the second half of the last financial year, with more than 250 disqualified across the whole year.

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Contributions

Partial property sales eligible for downsizer

Partial sales downsizer

Partial property sales can be used to make a downsizer contribution, but carving up land for the same purposes will not create eligible contributions.

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Auditing

Next SAN misuse mail-out in October

SAN misuse mail-out

The ATO will continue its work on clamping down on SMSF auditor number misuse with its next mail-out to auditors starting next month.

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Pensions

TBC rise may be frozen

Budget pressures may head off any increase to the transfer balance cap with the government imposing a freeze to recoup some tax savings.

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Appointments

SMSFA expands tech services

SMSF Association technical services

The SMSF Association has added new material to its technical content library and another member to it technical services team.

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ATO, Tax

Do hours first to meet work test

work test hours

SMSF members should do the actual work required to meet the work test before claiming any contribution deductions that may rely on passing it.

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