Articles by Jason Spits

Auditing, Contributions

Auditors must vet downsizer contributions

auditors downsizer contributions

Auditors should examine downsizer contributions to ensure they are made correctly, with the ATO issuing guidance about what will trigger a contravention report.

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ETFs

BetaShares launches bank hybrids ETF

betashares bank hybrids etf

Following the strong growth of its active hybrid ETF, BetaShares has launched a passive fund focused on hybrid securities issued by major banks.

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Documentation

Admin provider expands into documents

Mclowd SMSF documents

SMSF administration provider Mclowd will offer a range of SMSF documents under a new arrangement formed with a third-party provider.

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Financial Planning

Disputes lead to FPA file note guidance

FPA file note guidance

Disputes between advisers and clients have led the FPA to create new guidance about what should be recorded in a file note and new ways of capturing that information.

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Superannuation

TBC simplification possible in budget

TBC simplification budget

The confusion around the indexation of the TBC may lead to a more simplified model in this year’s budget, but the government has given nothing away so far.

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Superannuation

Extra super contributions not common

extra super contributions

Only one in five Australians make regular extra contributions into their super, with as many never having done so, according to new consumer research.

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ATO, Property, Strategy

Downsizer contribution conditions clarified

downsizer contribution funds

Downsizer contributions will not be restricted only to funds secured from a property sale, with the ATO confirming its focus is on the amount and eligibility of the contribution.

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Education, Financial Planning

FASEA’s focus did not reduce advice costs

FASEA financial advice cost

The government has admitted FASEA’s single-minded focus on education did little to reduce the cost and accessibility of financial advice.

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NALI/NALE, Tax

Auditors still have NALE reporting duties

SMSF auditors NALE report

SMSF auditors are still required to report NALE matters in their independent reports despite the ATO not taking any action on most issues until 2022/23.

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Financial Planning

Pandemic makes advice more attractive

pandemic financial advice

Consumers who have faced financial pressure in the past year are viewing the purpose and value of advice more favourably, with more planning to seek it.

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