Articles by Jason Spits

Division 296, SMSF, Superannuation, Tax

Div 296 will still segregate tax bills

The treatment of capital gains under the Division 296 impost will not change, with individuals unable to offset personal tax with that paid by their fund.

The treatment of capital gains under the Division 296 impost will not change, with individuals unable to offset personal tax with that paid by their fund.

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Pensions

Commutations can create pension failure

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

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financial advice, Financial Planning, SMSF

SMSFs classed as risky in new framework

A new framework has been put forward that will simplify the provision of advice, but ranks SMSFs as complex and risky.

A new framework has been put forward that will simplify the provision of advice, but ranks SMSFs as complex and risky.

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Documentation, SMSF

Wind-up documents often forgotten

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

Advisers and trustees can forget key documents when winding up an SMSF, requiring extra vigilance from auditors with these funds.

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ASIC, Compliance, Legislation

Shield, First Guardian adviser restrained

ASIC has restrained the activities of an adviser who recommended clients invest their super into the Shield and First Guardian master funds.

ASIC has restrained the activities of an adviser who recommended clients invest their super into the Shield and First Guardian master funds.

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Documentation, SMSF, Trusts

Add family members on conditional basis

SMSF trustees should admit new members on a conditional basis only to create a built-in mechanism to eject them if necessary.

SMSF trustees should admit new members on a conditional basis only to create a built-in mechanism to eject them if necessary.

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ASIC, Compliance, financial advice, Financial Planning, Investments

UGC auditor registration cancelled

An auditor linked to United Global Capital has been deregistered in the latest round of action against the investment scheme firm.

An auditor linked to United Global Capital has been deregistered in the latest round of action against the investment scheme firm.

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Auditing, Investments

Good returns should not prevent ACR

Assets that lack a market valuation may still be good investments for an SMSF, but auditors are still required to flag them via an ACR.

Assets that lack a market valuation may still be good investments for an SMSF, but auditors are still required to flag them via an ACR.

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ASIC, Compliance, financial advice, Financial Planning

ASIC bans UGC, Shield-linked adviser

An adviser who was licensed to two firms offering risky investments and using SMSFs to access them has been banned for seven years.

An adviser who was licensed to two firms offering risky investments and using SMSFs to access them has been banned for seven years.

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Auditing, Compliance, Documentation, Legislation, Regulation

Flag deed chain problems in audit

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

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