Articles by Jason Spits

ATO, Auditing

SAN misuse reporting at new high

SAN misuse reporting

Auditors have responded positively to an ATO call for data regarding SMSF auditor number misuse, providing more insight into errors related to the annual audit process.

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ASIC, Financial Planning

ASIC releases new ongoing fee rules

ASIC ongoing fee rules

ASIC has released new rules around what consent advisers need to secure when using ongoing fee arrangements with clients.

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Superannuation

Six-member fund ideal asset holding structure

Six-member asset holding

The use of larger SMSFs as asset holding structures was overlooked in the government’s promotion of them as family super vehicles.

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LICs

LICs grow off new asset offerings

LIC assets growth

The offering of LICs on assets beyond Australian shares has resulted in sizeable growth for the sector as investors use a stable model to access new opportunities.

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Estate Planning

New body aiming to prevent advice disasters

SAPEPAA wealth transfer

Wealth transfer association, SAPEPAA, has stated its purpose was to prevent ‘the horror stories’ that result from bad advice associated with wealth transfer matters.

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Business News

SuperConcepts strengthens BDO partnership

SuperConcepts BDO

SuperConcepts and BDO have extended a partnership in which the two will offer services to each other’s clients.

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Superannuation

Minister praises SMSF sector growth

SMSF sector growth Hume

The steady growth of the SMSF sector has been highlighted by a government minister who has noted its rising place within the superannuation system.

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ATO

ATO updates alert system

ATO SMSF alert system

The ATO has expanded the alerts it will provide to SMSF trustees when changes take place within their fund.

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Documentation

Check ejection strategy before adding members

eject SMSF member

An SMSF planning to eject a member must ensure they are informed about the process from the outset and it is included in the fund’s admissions criteria.

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Insurance

ATO clarifies collectables insurance stance

SMSF collectables insurance

SMSFs must directly hold insurance for collectables, the ATO has stated after the SMSF Association sought clarity on the matter.

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