Articles by Jason Spits

ATO, Auditing, Compliance

Trustees should be proactive with breaches

Trustees who have a contravention in their fund should be proactive in providing information about the mistake, its rectification and the action they have taken to prevent a reoccurrence.

read more
Investments

Advised SMSFs see better share trades

Advised SMSFs have generated better value on their share trades as the overall number of funds trading online increases.

read more
Legislation, SMSF, Superannuation

Adviser loses ban appeal

A Melbourne-based adviser, first flagged over dishonest conduct nearly a decade ago, has lost an appeal to have his conviction and imprisonment overturned.

A Melbourne-based adviser, first flagged over dishonest conduct nearly a decade ago, has lost an appeal to have his conviction and imprisonment overturned.

read more
Death benefits, Insurance, Legislation, SMSF, Superannuation

Caution needed with terminal illness benefits

SMSF practitioners should not adopt common rollover or pension strategies with terminal illness benefits as they should probably exit the super system.

read more
Retirement, Superannuation

Super release condition decision simplified

The decision on whether a superannuant has met a retirement condition of release has been simplified with the shift of the preservation age to 60.

read more
ATO, fraud, Superannuation

ATO flags adviser role in illegal access

The ATO’s estimate of funds being illegally accessed from SMSFs has fallen, but it has identified advice telling people how to hide this behaviour using loans to members.

read more
Auditing, NALI/NALE

Audits must ring-fence NALI risk

A significant number of SMSF trustees may be adversely affected by a recent AFCA determination regarding the wholesale investor definition.

Auditors should be clear they will not be liable for any historical NALI-related issues and have that stated in all client documentation.

read more
Auditing

High audit workload questioned

SMSF auditors, ART on acceptable workloads, SMSF audits, Administrative Review Tribunal, DBA Lawyers, Bryce Figot, Islam and ASIC (2024) ARTA 88, MD Nazrul Islam, ASIC, ATO SMSF statistics

SMSF auditors reviewing hundreds of files each year may need to prove they are meeting required standards following comments from the ART on acceptable workloads.

read more
Accounting, financial advice, Financial Planning, Superannuation

Reconsider accountants advice role

Accountants, superannuation advice, New Class of Adviser, Institute of Financial Professional Australia, IFPA, Natasha Panagis, ATO portal, registered tax agent, limited licensing

The ability for the proposed new class of adviser to provide super advice has reignited calls for accountants with their higher qualifications to be able to do the same.

read more
Estate Planning, Superannuation

Intestacy may block super benefits

The lack of a will may require someone administering an estate to make their own application for super benefits given the direction of recent case outcomes.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.