Articles by Jason Spits

ATO, Auditing

Audit termination doesn’t negate need for ACR

Audit terminated ACR

SMSF auditors must still lodge an ACR where required even if a fund trustee has terminated the audit arrangements, the ATO has warned.

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Investments

No excuse for non-diversified portfolios

cash SMSF portfolio

SMSF trustees have no excuse for holding shares and cash in a portfolio when tools exist to help them diversify their retirement savings strategy.

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Documentation

Deeds can be physically executed remotely

trustees deeds execute remotely

Trustees who remain separated can still execute physical deeds with wet-ink signatures under temporary relief measures.

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Auditing

Audit independence deadline unlikely to move

Audit independence deadline

SMSF auditors will have no excuse for not having complied with new independence standards by mid-2021 despite the volume of work that will be required, an SMSF lawyer has claimed.

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Investments, Superannuation

COVID-19 liquidity risks threaten SMSFs

SMSFs liquidity risks

Liquidity issues within SMSFs have been exposed by COVID-19 and relief measures may not be sufficient to prevent the failure of some investments.

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ASIC

AAT knocks back SMSF adviser appeal

AAT SMSF adviser appeal

A banned SMSF adviser has failed to have the terms of his ban eased, with the AAT stating such a move would not act as a deterrent nor promote confidence in financial advice.

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Accounting

Reciprocal auditing will be under scrutiny

Reciprocal auditing arrangements

Auditors entering into reciprocal arrangements may have no way of reducing the threat to independence, the ATO has warned.

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ATO, Superannuation

Good behaviour will not cancel penalties

good behaviour SMSF penalties

The ATO will look favourably on well-behaved SMSF trustees, but they should not expect to get off scot-free when breaches occur, an SMSF expert has warned.

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FASEA

FASEA code guidance unclear for advisers

FASEA code ethics guidance

A third guidance document on the FASEA code of ethics has only added to confusion and shown the need for a drastic rewrite of the standards, two associations have claimed.

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Strategy

Indexation pause for bring forward contributions

Indexation bring forward contributions

Advisers looking at a bring forward strategy for clients may want to wait until possible indexation changes have been applied.

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