Articles by Jason Spits

ASIC, Financial Planning

Record response will direct ASIC advice action

ASIC financial advice

ASIC has committed to taking steps to make the provision of limited advice easier after receiving a high level of responses from practitioners on the issue.

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Contributions

Salary sacrifice arrangements need revisiting

salary sacrifice contribution

Salary sacrifice arrangements used in SMSFs may not be consistent with new concessional contribution caps and should be revisited.

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ATO, Contributions

Don’t abuse excess charge removal

excess concessional contributions

The removal of a charge on excess concessional contributions should be seen as a favour to super fund members and not an opportunity to exploit its absence.

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ATO, Auditing

Figures show SAN misuse not rife

SAN misuse ATO

SMSF auditor number misuse remains an area of concern, but ATO figures indicate it is not a widespread problem.

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Contributions

Missed contributions not end of the road

bring forward Contributions

Missed opportunities to make bring-forward contributions may open up the possibility for larger contributions under other new rules in the coming financial year.

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ASIC, Auditing

Auditor disqualified for independence breach

SMSF auditor disqualified

ASIC has disqualified the SMSF auditor registration of a Sydney-based practitioner who was found to be lacking independence and failed to obtain evidence when required to do so.

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Compliance, Regulation

Best financial interests duty not a chore

SMSF best financial interests

SMSF trustees should have no difficulty complying with the incoming best financial interests duty as it coincides with their interests as beneficiaries.

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Documentation

Super law can still link ex-spouses

former spouse SMSF

Former spouses seeking to make financial transactions via an SMSF may still be linked under super law and thus prohibited from doing so.

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ATO

ATO issues TBAR, bank account reminders

ATO TBAR bank account

The ATO has issued eleventh-hour reminders to SMSF trustees to complete urgent housekeeping activities to ensure the smooth running of their funds.

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Auditing

Limits to sources of audit fees defined

Independence audit fees

The level of SMSF audit fees from a single source that will be considered a threat to independence has been spelt out by the APESB.

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