Articles by Jason Spits

Documentation, Investments

LEI costs reduced for SMSFs

SMSFs LEI

SMSFs that trade in foreign currency and derivatives can reduce their cost and administration requirements through a new multi-year identification renewal offer.

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Investments, Retirement

COVID-19 downturn not the same as GFC

COVID-19 downturn

Recent growth in investment markets after COVID-19 driven downturn is not the same as after the GFC and is obscuring increasing levels of government debt.

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Regulation

Six members still on table, ECPI move delayed

Six member SMSFs

Six-member SMSFs are still on the table for the government, which has reduced the time in which they can be introduced once legislation is passed.

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Documentation

Nationwide e-document model should be kept

electronic documents

The nationwide approach to the electronic execution of documents should be retained but state based irregularities must be removed, according to a peak law body.

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Financial Planning

Reform has pushed away advisers and clients

financial advice reform

The costs of reform have caused practitioners and consumers to abandon the financial advice sector according to two representative bodies.

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ASIC, Financial Planning

ASIC cancels licence of SMSF advice group

MyPlanner Professional Services licence

ASIC has cancelled the licence of a now-liquidated Queensland-based advice group that offered SMSF advice and services to clients.

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Tax

NALE costs will be hard to price

NALE general expenses

Putting a cost on services provided by SMSF practitioners to their own funds to resolve NALE concerns will be difficult and questions remain over who will determine those costs.

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Education, FASEA

FASEA extends CPD period by three months

FASEA CPD extension

Advisers have been given a one-off extension period in which to fulfil their CPD requirements by FASEA in recognition of the disruption caused by COVID-19.

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Auditing

ATO will examine SMSF auditor independence

SMSF auditor independence

SMSF auditors will have their work processes examined by the ATO after new guidelines were introduced governing the scope of their independence.

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Superannuation

Return targets need post-pandemic review

superannuation returns

Super funds should be resetting target returns in line with lower interest rates and downturns in global markets as current numbers are unrealistic.

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