Articles by Jason Spits

Documentation, Superannuation

ATO ruling has hidden influence impact

SMSFs influence

The level of influence exerted by different parties within a 50/50 unit trust structure may come under greater examination following a recent ATO ruling.

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Estate Planning, Financial Planning, Succession Planning

New body to focus on skills before size

SAPEPAA skills size

A new representative body will retain its boutique status for some time after its launch as it focuses on specialisation ahead of scale.

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Financial Planning, Regulation

Excess regulation main cause of advice decline

Excess regulation financial advice

Excess conflicting and overlapping regulation has stymied the rollout and uptake of advice, with regulators doing little to ease that burden or prevent compliance breaches, an adviser association has claimed.

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Education, Estate Planning

New body sets member standards

SAPEPAA education standards

A newly formed industry body has progressed to developing its own education standards for advice on family-related asset transfers.

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Accounting, Financial Planning, Superannuation

Drop exam, licence for limited super advice

accountants limited superannuation advice

More people could receive assistance if accountants were not subject to licensing or adviser exams in order to provide limited super advice, an industry body has said.

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Documentation

Case law unsettled on BDBNs by attorneys

BDBN case law attorney

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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