Articles by Jason Spits

ASIC

Adviser pleads guilty to $3m misappropriation

SMSF adviser misappropriation

A Sydney-based SMSF adviser has pleaded guilty to offences related to the misappropriation of $2.9 million of client funds.

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Documentation

Avoid legal advice, but document its request

accountants legal advice

Accountants should document any assistance they give to SMSF clients to avoid claims they provided legal advice, an SMSF legal expert has warned.

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ATO, Auditing

Audit termination doesn’t negate need for ACR

Audit terminated ACR

SMSF auditors must still lodge an ACR where required even if a fund trustee has terminated the audit arrangements, the ATO has warned.

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Investments

No excuse for non-diversified portfolios

cash SMSF portfolio

SMSF trustees have no excuse for holding shares and cash in a portfolio when tools exist to help them diversify their retirement savings strategy.

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Documentation

Deeds can be physically executed remotely

trustees deeds execute remotely

Trustees who remain separated can still execute physical deeds with wet-ink signatures under temporary relief measures.

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Auditing

Audit independence deadline unlikely to move

Audit independence deadline

SMSF auditors will have no excuse for not having complied with new independence standards by mid-2021 despite the volume of work that will be required, an SMSF lawyer has claimed.

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Investments, Superannuation

COVID-19 liquidity risks threaten SMSFs

SMSFs liquidity risks

Liquidity issues within SMSFs have been exposed by COVID-19 and relief measures may not be sufficient to prevent the failure of some investments.

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ASIC

AAT knocks back SMSF adviser appeal

AAT SMSF adviser appeal

A banned SMSF adviser has failed to have the terms of his ban eased, with the AAT stating such a move would not act as a deterrent nor promote confidence in financial advice.

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Accounting

Reciprocal auditing will be under scrutiny

Reciprocal auditing arrangements

Auditors entering into reciprocal arrangements may have no way of reducing the threat to independence, the ATO has warned.

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ATO, Superannuation

Good behaviour will not cancel penalties

good behaviour SMSF penalties

The ATO will look favourably on well-behaved SMSF trustees, but they should not expect to get off scot-free when breaches occur, an SMSF expert has warned.

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