Articles by Jason Spits

ECPI

ECPI calculation switchable year-on-year

ECPI calculation

SMSFs are not locked in to using the same exempt current pension income (ECPI) calculation method each year and can freely switch as it suits them.

read more
Property

Agency agreement central for building work

SMSFs related-party builder

SMSFs can use a related-party builder for construction work, but must have clear arrangements around the purchase of materials and terms of the contract.

read more
ASIC

Adviser banned for early release advice

Adviser banned early release

ASIC has banned an adviser who recommended clients use an SMSF to gain illegal early access to their superannuation.

read more
SuperStream

Simple SuperStream errors avoidable

SuperStream compliance errors

SMSFs are breaching SuperStream compliance rules for simple avoidable reasons stemming from a lack of understanding of the rollover process.

read more
Administration, SuperStream

Flagging SuperStream breaches vital

SuperStream breaches

SMSFs should document why outgoing rollovers may not be compliant with SuperStream rules to mitigate the possibility of penalties.

read more
Investments

Trustee expertise must fit under rules

trustee investment expertise

Trustees can use their own expertise to formulate an investment strategy, but still have to provide reasons for any large positions they may hold.

read more
Appointments

SMSF Association CEO to move on

SMSF Association chief executive

SMSF Association chief executive John Maroney will step down in 2023, with his deputy set to succeed him.

read more
Documentation, Estate Planning

Special rules can protect ageing members

special rules SMSF

The increase in the wealth of some SMSF members may require special deed rules to protect their interests as they get older.

read more
Accounting

Hardship access is fund responsibility

hardship access superannuation

Super funds have been reminded they are responsible for deciding if a member can access funds early due to financial hardship, but the criteria is very limited.

read more
Superannuation

Preserved components create opportunities

preserved benefits superannuation

The preserved nature of superannuation benefits creates planning opportunities for members receiving a split from their former spouse.

read more

Copyright © SMS Magazine 2024

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.