Articles by Jason Spits

Death benefits

Trustees face BDBN obligation risks

trustees BDBN obligation

Trustees must examine all options when paying a death benefit even where a binding nomination seems clear cut and not open to a challenge.

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financial advice

Adviser registration requirement postponed

Advisers registered postponed

A requirement for licensees to register financial advisers by 1 January 2023 has been pushed back so ASIC can improve the registration process.

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Trusts

13.22C relief tested during COVID

13.22C relief

Regulatory and compliance relief for 13.22C breaches could be introduced after they were given a live test as part of COVID-19 relief measures.

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Appointments

FPA adds SMSF specialists to board

FPA SMSF specialist board

Following recent elections, the FPA has announced two new additions to its board, both of whom are specialist SMSF advisers.

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Compliance

Penalty units slated for two increases in 2023

penalty units

The planned increase in penalty units in the budget is to offset bad debts and will be one of two increases planned for next year.

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Investments, Technology

OpenInvest partners with advice firm

OpenInvest Peak

OpenInvest has joined with an advice firm working with high net worth clients to offer online investments to those still building their wealth.

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Pensions, Superannuation

TBC Indexation highly likely

TBC indexation

The budget has flagged ongoing high levels of inflation will continue into 2023 and will drive the transfer balance cap up to $1.9 million.

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Retirement

Budget should prompt CSHC reassessment

Budget CSHC

Budget changes to the income threshold for the Commonwealth Seniors Health Card may allow more self-funded retirees access to it.

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ETFs

Vanguard improves ETF offering

Vanguard ETF fees

Vanguard has upgraded its ETF offering by dropping certain fees and will soon release an automatic investment capability to this business arm.

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Pensions

Use current laws to release legacy pensions

laws legacy pensions

The lack of action in regards to an amnesty for legacy pensions may require SMSF members to use current laws allowing for an exit from market-linked pensions.

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