Articles by Jason Spits

Financial Planning

More claim they have unmet advice needs

unmet advice needs

More than 60 per cent of Australians have unmet advice needs as millions claims they will seek advice in coming years.

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Superannuation

DIN reluctance could lead to fund exit

corporate trustee director identification

Directors of an SMSF corporate trustee who do not obtain a director identification number may be kicked out of their fund and face ASIC action.

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ECPI, Superannuation

Actuarial certificate change savings limited

actuarial certificate

The cost savings for SMSFs no longer having to use an actuarial certificate to calculate fund income are likely to be small, not open to all funds and offset by other costs.

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Regulation

Compo scheme legislation introduced

compensation scheme legislation

Legislation to establish a compensation scheme of last resort has been introduced into parliament in line with a recommendation from the Hayne royal commission.

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Appointments

AFA names new board leadership

AFA board

The AFA board has appointed a new president, vice-president and treasurer after long-serving members announced they are stepping down.

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ATO

SuperStream errors identified

ATO SuperStream errors

The ATO has said the lack of relevant information in a number of key areas is the prime reason why SuperStream rollovers are being delayed.

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Regulation, Superannuation

Budget measures bill enters parliament

budget work test downsizer

Legislation to put in place a range of superannuation and pension changes announced in this year’s budget has been introduced into parliament.

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Financial Planning

Adviser numbers drop below 19,000

financial adviser numbers

Adviser numbers have continued to fall in the latter half of this year, despite lengthy lockdowns in Sydney and Melbourne.

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Retirement, Superannuation

Don’t overlook low-balance TBCs

low transfer balance cap

Low personal transfer balance caps should not be overlooked given the number of measures that allow SMSF members to increase balances well into retirement.

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Financial Planning, Tax

Tax adviser shift will create more complexity

tax financial advisers

Plans to streamline the registration of advisers who provide tax advice remain unclear and should be put aside so other key changes can occur.

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