Articles by Jason Spits

Compliance, Regulation

Advisers have best financial interest duty role

SMSF best financial interest

The need for SMSF trustees to comply with best financial interest duties can be boosted by advisers and accountants providing greater details of their service offerings.

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Superannuation

SMSF members highly satisfied with funds

SMSF satisfaction

SMSF members are highly satisfied with their choice of superannuation fund and the sector has topped satisfaction ratings across all types of funds.

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Strategy

Strategy review should dig deeper

SMSF investment strategy review

SMSF investment strategy reviews should look into issues beyond returns within a fund to ensure they are fully compliant with trustee obligations.

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ASIC

ASIC cancels SMSF firm’s licence

ASIC SMSF licence

ASIC has cancelled the licence of an SMSF advisory business, while BT will pay $3 million in penalties for fee-for-no-service breaches.

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ASIC

ASIC levy increase unsustainable

ASIC adviser levy

A $700 increase in the ASIC adviser levy is evidence the funding model is unrealistic and unsustainable and needs urgent review.

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Financial Planning

AMP fee model ends BOLR, client ownership

AMP fee BOLR

AMP will end its buyer-of-last-resort arrangements with advisers and hand over ownership of clients as part of a new fee model to start in 2022.

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Property

Ex-property developer loses fraud appeal

SMSF investors fraud

An ex-property developer who defrauded SMSF investors has lost an appeal against his conviction.

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ATO, Superannuation

Visibility changes still need faster data

superannuation visibility

Changes to allow greater visibility of superannuation assets during a separation are positive, but faster collection and reporting of data is still required.

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Pensions, Superannuation

Paperwork key to future pension payments

SMSF pension payment

SMSF trustees can set a date to receive pension payments, but must ensure the commencement and payment dates are not switched.

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Retirement, Superannuation

Retirement covenant includes SMSFs

retirement income covenant SMSFs

The retirement income covenant will apply to all super funds, including SMSFs, and will carry similar obligations to those required for investment strategies.

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