Articles by Jason Spits

Investments, LICs

Listed investment sector records bumper year

listed investment sector

The listed investment sector has increased in size by more than one-third in the past year on the back of strong markets and investor interest.

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Documentation

Paper documents better for pension disputes

paper documents SMSF

Original paper documents will have a greater impact on resolving a pension dispute compared to electronic versions whose validity is still open to debate.

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Auditing, Superannuation

Class launches auditor matching tool

SMSF accountants auditors

Class has launched a facility to link SMSF accountants with third-party auditors to allow them to meet independence guidelines.

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Compliance, FASEA

Standard 3 changes unlikely until 2022

FASEA Standard 3

Changes to Standard 3 of the FASEA Code of Ethics are unlikely to occur this year while adviser exams are still being conducted and the authority’s functions are shifting to government.

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Education, FASEA

November exam open to all advisers

FASEA November exam

FASEA has dropped the requirement for advisers to wait three months before sitting the November exam, giving all practitioners two more opportunities to pass.

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Pensions, Strategy

Indexation drives need for clear vision

indexation pension strategy

Changes due to indexation and COVID-19-related market movements require backward and forward views when setting out pension strategies.

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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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