Articles by Jason Spits

Documentation, Pensions

Guardian an alternative to BDBN or pension

SMSF death benefit guardian

SMSF trustees are not restricted to binding nominations or reversionary pensions when planning to direct a death benefit and can name a guardian to oversee that process.

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FASEA

FASEA has right words, wrong form for conflicts

FASEA conflicts

FASEA has the found the right words to address conflicts of interest in its Code of Ethics but has mangled their delivery, claims one industry body.

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Accounting, Estate Planning, Financial Planning

Wealth transfer body to formally launch

SAPEPAA launch

The Succession, Asset Protection and Estate Planning Advisers Association (SAPEPAA) will formally launch this week about a year after its formation was first flagged.

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Documentation

EPOAs not automatic solution

EPOA SMSF trustee incapacity

An enduring power of attorney is the best way to address the incapacity of an SMSF trustee, but they are powerless unless applied correctly.

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Estate Planning

Courts focus on BDBN form over substance

courts BDBN form

The wording of a BDBN, rather than its intention, will be what is tested in court in the event there is a dispute about the outcome of the nomination.

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Investments

Private debt a cash replacement

private debt SMSF

Access to private debt markets may be a suitable replacement for cash investments for funds unable to access the direct property market.

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Documentation

BDBN substitutes need same result

BDBN alternatives

Alternatives to a binding death benefit nomination must achieve the same outcomes for members if they are based on a trust bound agreement between trustees and members.

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Pensions

Plan for legacy pension switch now

legacy pension conversion

SMSF advisers should be speaking with clients about legacy pension conversions so they can take action and avoid a large tax bill for their estate.

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Contributions, Property

Time to alert clients about downsizer changes

downsizer contribution

Clients approaching their 60th birthday should be alerted to pending changes to downsizer contributions and the need to reconsider the timing of any property transactions.

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Auditing, NALI/NALE

Discounts create NALE audit concern

SMSF fees NALE audit

SMSF auditors still need more information regarding discounted fees and are cautious about their treatment under the NALE provisions.

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