Articles by Jason Spits

Compliance, Financial Planning

Compo scheme must include products to be fair

compensation scheme products

The exclusion of product manufacturers from the compensation scheme of last resort will unfairly shift costs and blame to advisers.

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Insurance, Tax

Insurance death benefits have tax traps

insurance death benefit SMSF

The tax treatment of a lump sum death benefit from an insurance policy held by an SMSF will vary and cannot be applied to all beneficiaries.

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Superannuation

Six members mainly topic of discussion

six-member SMSFs

Six-member SMSFs remain more of a topic of discussion than a superannuation vehicle for families.

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Documentation

Lost trust deeds can erase fund outcomes

lost trust deeds

Losing a trust deed can cancel any intended outcomes for a trust and open trustees to claims they have not carried out their duties.

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LRBA

LRBA risks still not evident

LRBA lending

The move by major banks away from the LRBA lending space was a business decision unrelated to risk, which has rarely been an issue.

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ETFs

Avoid borrowing to invest in geared ETFs

borrowing geared ETF

Despite the popularity of ETFs, advisers should heavily recommend people do not borrow to invest in the geared version of those products.

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ATO, Documentation

TBAR should include safe harbour provisions

TBAR safe harbour

The transfer balance account reporting system should contain a safe harbour for trustees forced to provide information based on incomplete data.

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Administration

SuperConcepts makes pitch for BT clients

SuperConcepts BT administration

SuperConcepts is aiming to attract former BT SMSF administration clients with a low-cost fee covering the entire current financial year.

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Business News

SMSFA pushes back national conference

SMSFA conference

The SMSFA will push ahead with plans for a face-to-face conference in 2022 but has postponed the date by two months.

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Property, Superannuation

Property focus for six member funds

six-member SMSFs property

The take-up of six-member SMSFs is initially coming from families looking to invest and develop in capital intense property projects.

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