Articles by Jason Spits

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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ASIC, Financial Planning

ASIC funding model review starts

ASIC funding model review

Five years after its implementation, Treasury will lead a review into the industry funding model used to pay for the work of ASIC.

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Contributions

Govt moves to further reduce downsizer age

downsizer age reduction

Legislation to further reduce the eligibility age to make downsizer contributions has been introduced into parliament only weeks after a similar change commenced.

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NALI/NALE

Trustee actions in unit trusts may be NALE

SMSF unit trust NALE

SMSF trustees provided services in a unit trust may be breaching NALE provisions and should consider using third parties to act for them.

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Accounting

LightYear Docs expands service offering

LightYear human resources

LightYear Group has expanded with the inclusion of We Love Group, which has already provided a suite of human resources documents for clients.

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ECPI

Rule of thumb useful in choosing ECPI method

ECPI method

SMSF actuaries are unlikely to recommend a preferred method for calculating exempt current pension income so practitioners should use a rule of thumb to make that call.

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