Articles by Jason Spits

TBC rise may be frozen

September 20, 2022

Budget pressures may head off any increase to the transfer balance cap with the government imposing a freeze to recoup some tax savings.

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Appointments

SMSFA expands tech services

September 20, 2022

Jason Spits

The SMSF Association has added new material to its technical content library and another member to it technical services team.

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ATO, Tax

Do hours first to meet work test

September 19, 2022

Jason Spits

SMSF members should do the actual work required to meet the work test before claiming any contribution deductions that may rely on passing it.

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Education

Specialist education will improve SMSF advice

September 19, 2022

Jason Spits

Specialised education for SMSF advisers will shield the sector from spruikers and advisers without proper knowledge, according to the SMSF Association.

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ATO, Compliance

Check breach occurred before self-reporting

September 15, 2022

Jason Spits

SMSF trustees should be certain a breach, and not a disagreement between members, has occurred before any voluntary disclosure to the ATO.

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Contributions

Deduction variations limited to lower amounts

September 15, 2022

Jason Spits

A notice of intent for personal deductible contributions can only be varied downwards and revised timeframes may apply.

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ASIC, Investments

Ban on Mayfair director overturned

September 15, 2022

Jason Spits

A court imposed ban on Mayfair 101 director James Mawhinney has been overturned, but injunctions restraining his actions have been reimposed.

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Insurance

Deductions hit by premium rollovers

September 14, 2022

Jason Spits

Rolling money from one super fund to pay insurance premiums in another will reduce the the level of tax deductions available for personal contributions.

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Investments

CSLR exclusion ignores recommendations

September 14, 2022

Jason Spits

The exclusion of managed investment schemes (MIS) from a compensation scheme of last resort (CSLR ) ignores Hayne Royal Commission recommendations.

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Documentation

SMSFA issues call to action on director IDs

September 13, 2022

Jason Spits

The SMSF Association has called on its members to remind their clients to apply for a director ID number and has provided guidance on the steps to make that happen.

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