Articles by Jason Spits

Education

Specialist education will improve SMSF advice

specialist SMSF education

Specialised education for SMSF advisers will shield the sector from spruikers and advisers without proper knowledge, according to the SMSF Association.

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ATO, Compliance

Check breach occurred before self-reporting

breach reporting

SMSF trustees should be certain a breach, and not a disagreement between members, has occurred before any voluntary disclosure to the ATO.

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Contributions

Deduction variations limited to lower amounts

personal deductible contributions variation

A notice of intent for personal deductible contributions can only be varied downwards and revised timeframes may apply.

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ASIC, Investments

Ban on Mayfair director overturned

ban Mayfair Mawhinney

A court imposed ban on Mayfair 101 director James Mawhinney has been overturned, but injunctions restraining his actions have been reimposed.

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Insurance

Deductions hit by premium rollovers

Contributions deductions rollovers

Rolling money from one super fund to pay insurance premiums in another will reduce the the level of tax deductions available for personal contributions.

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Investments

CSLR exclusion ignores recommendations

CSLR MIS exclusion

The exclusion of managed investment schemes (MIS) from a compensation scheme of last resort (CSLR ) ignores Hayne Royal Commission recommendations.

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Documentation

SMSFA issues call to action on director IDs

SMSF Association director ID

The SMSF Association has called on its members to remind their clients to apply for a director ID number and has provided guidance on the steps to make that happen.

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SuperStream

Three-day rollovers may hinder family SMSFs

rollover family SMSF

The three-day rollover rule under SuperStream may cause troubles for SMSFs that have admitted their children to boost balances for asset purchases.

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SuperStream

Clock ticking on SuperStream exemption

SuperStream exemption

The ATO exemption to allow an SMSF to make a rollover outside of SuperStream is likely to be withdrawn soon due to low levels of usage.

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Administration

Nil balance allowable, but risky

Nil balance SMSF

An SMSF can have members will nil-balances but avoiding those is a better compliance option.

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