Articles by Jason Spits

Compliance, Regulation

TBAR change to compress reporting dates

TBAR annually reported

The shift to quarterly transfer balance account reporting will compress a number of annual reporting dates into a single day not related to a fund’s annual return lodgement.

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Financial Planning

FPA adopts principles-based conduct code

FPA principles conduct code

The FPA has reworked its code of conduct, dropping thousands of words and adopting a principles-based model rather than lengthy rules.

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Annuity

Challenger offers new annuity rate

Challenger annuity rate

Challenger has released a new guaranteed fixed term annuity rate reflecting a 3 per cent increase for retirees over the past 12 months.

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Contributions

Recontribution strategies good for pensioners

Recontribution SMSF pension

SMSF members drawing a pension can still use recontribution strategies to reduce tax within their fund and for future beneficiaries.

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Pensions, Regulation

SMSFA outlines key changes for govt

SMSFA budget submission

A legacy pension amnesty and extension of the temporary absence rule are critical measures the government should introduce. 

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SuperStream

Rollovers no longer in members’ hands

smsf rollovers

The introduction of SuperStream means SMSF members should no longer trigger their own rollovers but seek help from an SMSF practitioner or administrator.

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Accounting

Asset valuation date fluid in split

Asset valuation split

SMSF members have some leeway in deciding when to value an asset that will be split as part of a divorce and are not locked into the splitting order date.

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Property

New SMSF loan offer released

Bluestone SMSF loan

A specialist residential property lender has released a new product offering loans of up to $1.5 million to corporate trustee SMSFs.

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Financial Planning

Self-licensing seen as better option

Self-licensed advisers

Many advisers are still viewing being self-licensed as their preferred business model as the costs of compliance and providing advice increase.

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Education

Half pass last existing-adviser exam

last adviser exam

Only around half of the candidates sitting the last adviser exam have passed, but ASIC has indicated unsuccessful examinees may take a shorter path back into practice.

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