Articles by Jason Spits

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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Superannuation

Senate committee green-lights expanded funds

six members SMSFs

A Senate committee has recommended SMSFs be allowed to accommodate six members, but dissenting senators called for greater regulation around SMSF advice.

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ATO, Compliance

Proactive measures will appeal to ATO

proactive SMSF trustee

A willingness to self-correct SMSF trustee breaches, alongside a clean track record, will be well regarded by the ATO, an SMSF legal firm has advised.

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Retirement

Rate cut punishes self-funded retirees

interest rate retirees

The most recent interest rate cut will impact self-funded retirees through lower investment returns, while saddling them with a deeming rate that remains too high.

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FASEA

Submissions show FASEA conflicts push back

Recently released submissions to FASEA show concerns about conflicts of interest standards were presented to the authority more than a year ago.

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Documentation

New accounts time frames may spark document backdating

records time frame backdating

A Treasury proposal to impose a set time for the preparation of SMSF accounts may lead to funds backdating records to meet the deadline.

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Pensions

Pension reserve shifts still possible

Pension reserves SMSF account

Moving pension reserves into an SMSF member’s account is still possible as long as it is allocated correctly and the cost of switching is considered.

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