Articles by Jason Spits

Retirement, Superannuation

Retirees want pension help from funds

retirees pension support superannuation

Retirees want help in seeking the age pension with nearly three quarters looking to their superannuation fund to provide assistance.

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NALI/NALE

NALE a worst-case regulation

NALE property

The application of NALE provisions to property is a worst-case response to people who have been abusing in-specie transfer rules.

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Cryptocurrency

NFT status, value remain unclear

NFT status SMSF

The status of an NFT inside an SMSF is still unclear and issues remain with proving their value from an audit perspective each year.

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Property

Tax status key to property retention

tax SMSF property

The tax-free status of an SMSF may be the key to deciding whether to retain a property asset inside the fund when a member dies.

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AFCA

SMSF complaints rise at AFCA

SMSFs complaints AFCA

The increased use of SMSFs has led to a rise in complaints to the industry dispute body according to one of its leading ombudsman.

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Superannuation

ASFA measures impact of COVID super relief

COVID superannuation relief

Industry analysis has shown the initiative to allow people to access their superannuation early as a COVID-19 financial hardship measure was a success.

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Property

Property work most likely to cause NALE issue

SMSF property NALE

Property improvements carried out within an SMSF are most likely to be the place where NALE breaches occur as trustees make mistakes about what actions they can take.

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Insurance

Premium payment timing may impact deduction

Premium payment deduction

SMSFs claiming a future service deduction on life insurance benefits should make premium payments regularly to ensure the deduction remains available.

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Education

Govt to review education standards, exam

review adviser education exam

The government has asked Treasury to open consultation on changes to the education requirements and exam applied to financial advisers.

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LRBA, Trusts

Unit trust LRBAs lose safe harbour protection

unit trust LRBA

Safe harbour provisions applied to real property LRBAs are not mirrored if the arrangement is set up within a unit trust.

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