Articles by Jason Spits

Investments

OpenInvest signs third trading firm partnership

OpenInvest Market Matters

OpenInvest will partner with a Sydney trading firm in the rollout of online portfolios for retail investors.

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Pensions

Tax promise should include reserves

pension reserves tax

An election promise of no new taxes on superannuation may lead to legacy pension reserves being untaxed when commuted under a proposed amnesty.

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Contributions, Superannuation

Super access for homes promised

superannuation first home

A re-elected Morrison government will grant access to superannuation to buy a first home and will further reduce the eligibility age to make downsizer contributions.

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Contributions

Downsizer changes create NCC clash

downsizer non-concessional contributions

SMSF members may choose to postpone downsizer contributions to a later time if they impact NCCs in the short term.

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ATO, Auditing

ATO to tell auditors about disqualifications

ATO SMSF auditors disqualification

The ATO will inform SMSF auditors of the disqualification of trustees or directors of a corporate trustee, but has urged them to review the status of all clients.

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Investments

Lack of detail not a free hand

SMSF deed investment

A lack of details in an SMSF trust deed does not imply trustees have a free hand when considering what makes an acceptable investment.

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ATO

No leniency for late returns

SMSF lodgements extension

The ATO is not considering a general extension for late lodgements for SMSF annual returns, but has encouraged people to contact it directly to seek assistance with any problems.

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Estate Planning, Property

Limited consideration of property at death

SMSF property death benefit

Non-specialist SMSF advisers are not considering how to treat property as a death benefit.

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Pensions

Act now on enacted legacy pension changes

legacy pension budget

Legacy pension holders should not wait for proposed budget measures that may not eventuate, but take advantage of recent changes to exit those products.

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Investments

Ignore NFT novelty to focus on fundamentals

NFT superannuation

An increase in the supply and value of NFTs should not override superannuation regulations and trustees’ duties to adhere to their investment strategy.

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