Articles by Jason Spits

Investments

NFT risks raise questions on SMSF use

NFTs investment

The risks inherent in NFTs will be a chief consideration as to whether they should be included in an SMSF investment portfolio.

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Pensions

Commutation changes not yet locked in

pension excess transfer balance

Regulations allowing the commutation of a market-linked pension without creating an excess transfer balance are operational but open for debate.

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Auditing

Auditors following independence standards

SMSF auditors independence

SMSF returns are showing auditors have complied with independence standards and are moving away from prohibited behaviour.

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Contributions

Dual funds key part of recontribution strategy

SMSF recontribution strategy

SMSF looking to cash out and recontribute funds to reduce the taxable component of their balance should use a second SMSF to park their tax-free savings.

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Contributions

Rule changes a nirvana for members

superannuation contributions changes

A range of contribution rule changes has created an ideal situation for super fund members, but the correct implementation order needs to be followed to maximise the benefits.

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ASIC

ASIC claims crypto lender was unlicensed

cryptocurrency lender unlicensed

ASIC has commenced legal action against a cryptocurrency lender it claims was operating without a credit licence.

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NALI/NALE

NALE resolution should not drag on

NALE resolution

A resolution to industry concerns around NALE has taken too long and raises questions as to the aims of the provisions.

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ATO, Auditing

Tax agent may provide access to ACR

SMSF auditors ACR

SMSF auditors unable to access lodged ACRs may be able to request copies via their clients’ tax agents.

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ATO

Trustee disclosures considered whistleblowing

SMSF ATO whistleblower

SMSF trustees making a voluntary disclosure about problems with their fund will be considered whistleblowers, allowing the ATO to contact third parties if required.

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Documentation

Know location, content of trust deeds

SMSF trust deed location

The location and content of SMSF trusts should be known by trustees in order to resolve disputes if a document is lost or misplaced.

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