Articles by Jason Spits

Documentation

Case law unsettled on BDBNs by attorneys

An ongoing set of legal cases in different states has yet to find common ground on whether an attorney can make a BDBN to direct super benefits on behalf of a SMSF member.

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Documentation, Investments

Liquidity will test trustee strategies

liquidity investment strategy

A failure by trustees to account for liquidity in an investment strategy may be tested by SMSF members hit by COVID-19 related losses.

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Auditing

Amended standard drives audit firm interest

auditor independence third party

The need to meet new auditor independence standards has led to an increase in interest around third-party audit services.

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Strategy

TBC indexation may mean moving thresholds

TBC indexation

Possible indexation changes to the transfer balance cap later this year will create an irregular schedule of changes to contribution caps that may affect bring forward strategies.

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ASIC

ASIC action over false promotion

ASIC action SMSF promotion

The Australian Securities and Investments Commission has taken legal action against two firms over the promotion of SMSFs to invest in property, challenging claims around returns and the legality of the advice.

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Business News

Technical manager achieves milestone

Heffron Leigh Mansell

Heffron has recognised the 20th anniversary of the recruitment of one of its key personnel noting she has become a significant force in the SMSF industry.

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Strategy, Succession Planning

Trust structures key to succession planning

SMSF succession planning

The correct wording of a corporate trustee constitution for SMSFs is essential to compensate for gaps in legislation around the succession of a trustee director.

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Education, FASEA

Another 1000 advisers sit FASEA exam

FASEA exam

The last FASEA exam for 2020 has resulted in a pass rate of about 75 per cent, a figure below the average across all exams.

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ASIC

La Trobe rejects ASIC advertising action

La Trobe ASIC action

ASIC has commenced court action regarding advertising by La Trobe Financial Asset Management, with the manager rejecting allegations it was misleading.

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Education, FASEA

FASEA awards credits for designation study

FASEA credits

Study towards a professional designation from four industry associations has been recognised by FASEA and will receive credit for prior learning.

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