Articles by Jason Spits

ASIC

Ex-accountant wins partial appeal

accountant partial appeal

A former accountant who recommended the use of SMSFs has successfully appealed against three charges of obtaining financial advantage by deception.

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ETFs

BetaShares to launch cloud-focused ETF

BetaShares cloud computing ETF

The ongoing expansion of cloud computing has prompted BetaShares to launch a new ETF focused on the sector for Australian investors.

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Technology

Class commits to tech spend

Class SMSF

Class will continue to move away from its SMSF administration roots, building out new business lines and exploring potential opportunities within in the estate planning sector.

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Appointments, Estate Planning, Succession Planning

Wealth transfer body names new directors

wealth transfer new directors

Three new directors have joined a fledgling association looking to represent the interests of advisers working in the wealth transfer space.

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Documentation

Validity key in avoiding rent breaches

valid documents rent relief

As rent relief measures come to an end, SMSFs have been reminded that only formal legal documents can be accepted by an auditor and the ATO when assessing the income of the fund.

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ASIC, Investments

Investment manager suspended from operations

Investment manager suspended

ASIC has suspended a niche Queensland investment manager from any action after it repeatedly failed to lodge accounts and reports on time.

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ATO, Documentation, Superannuation

TBC change needs data access

TBC indexation ato data

The SMSF sector will need access to data held by the ATO related to transfer balance caps (TBC) ahead of its indexation to prevent further confusion and errors, an administrator has claimed.

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Compliance, Regulation

Financial interest duty not penalty free

SMSF best financial interest duty

Trustees looking at not acting in the best financial interest of members may still be hit despite proposed duty changes carrying no penalty.

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Superannuation

Contribution incentives can offset early release

early release super contribution

Superannuation fund members who used COVID-19 early release measures should be given greater contribution caps and government-funded incentives to replenish their balances.

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Pensions, Strategy

Hold off on commutation reporting

revised commutation report

SMSF members looking to re-report a revised commutation value on a market linked pension may wish to see what further changes the government will make on the treatment of commutations in excess of a transfer balance account.

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