Articles by Jason Spits

Appointments

AFA names new board leadership

AFA board

The AFA board has appointed a new president, vice-president and treasurer after long-serving members announced they are stepping down.

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ATO

SuperStream errors identified

ATO SuperStream errors

The ATO has said the lack of relevant information in a number of key areas is the prime reason why SuperStream rollovers are being delayed.

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Regulation, Superannuation

Budget measures bill enters parliament

budget work test downsizer

Legislation to put in place a range of superannuation and pension changes announced in this year’s budget has been introduced into parliament.

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Financial Planning

Adviser numbers drop below 19,000

financial adviser numbers

Adviser numbers have continued to fall in the latter half of this year, despite lengthy lockdowns in Sydney and Melbourne.

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Retirement, Superannuation

Don’t overlook low-balance TBCs

low transfer balance cap

Low personal transfer balance caps should not be overlooked given the number of measures that allow SMSF members to increase balances well into retirement.

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Financial Planning, Tax

Tax adviser shift will create more complexity

tax financial advisers

Plans to streamline the registration of advisers who provide tax advice remain unclear and should be put aside so other key changes can occur.

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AFCA, Appointments

AFCA promotes seven to streamline complaints

AFCA promotions

The Australian Financial Complaints Authority has appointed seven staff to senior roles to make its decision-making more consistent and timely.

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FASEA, Regulation

Bill creating disciplinary body passes

Better Advice Bill

Legislation that will formally end the work of FASEA and create a government-run disciplinary body has passed through parliament.

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FASEA

FASEA pass rate continues to drop

FASEA exam advisers

The number of advisers sitting and passing the most recent FASEA exam has declined again, continuing a trend seen across the year.

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NALI/NALE, Superannuation

Financial interest duty unclear on NALE impact

best financial interest NALE

The best financial interest duty remains unclear as to whether SMSF trustees that trigger a NALE event inside their fund will be able to use fund assets to pay the tax bill.

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