Articles by Jason Spits

Education

SMSFA builds out designation program

SMSFA Specialist Adviser designation

The SMSFA has revamped its SMSF specialist adviser designation course with more in-depth training material and extended the time frames for the completion of units within the course.

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ASIC, Auditing

ASIC reinstates disqualified auditor

ASIC disqualified auditor

ASIC has reinstated a disqualified SMSF auditor following a decision by the Administrative Appeals Tribunal, but has already made moves to appeal the ruling.

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Pensions

Don’t milk pensions for tax exemptions

pension tax exemptions

SMSF trustees should be cautious in using a deceased member’s pension to claim tax exemptions and take timely action to cash it out instead.

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ATO, Auditing

ATO reverses stance on auditor reporting

auditors reports contraventions

The ATO has asked auditors to include any contraventions within an SMSF due to COVID-19-related relief in their independent reports, reversing a position adopted earlier this year.

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Financial Planning

Tough times boost interest in advice

interest in financial advice

The level of interest in financial advice has reached record levels this year, with active advice clients also demanding higher levels of engagement with practitioners.

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Residential Property

Part sales of property eligible for downsizer

downsizer partial sale

Retirees will still be able to make downsizer contributions when selling only part of a property after an investing firm sought clarity on the issue from the ATO.

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ASIC

ASIC begins Dixon Advisory civil proceedings

ASIC Dixon Advisory

ASIC has started civil penalty action again investment, retirement and SMSF advisory firm Dixon Advisory over claims of conflict of interest and best interest failures.

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Superannuation

Six-member funds back on table

six-member SMSFs

The government has revived its plans to allow six-member SMSFs after introducing legislation into parliament to enact the change.

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Accounting

Be cautious around SMSF loan discussions

SMSF loan refinancing

Accountants have been warned to tread lightly when discussing SMSF loan refinancing in the coming months and be certain to keep their advice within tight limits.

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Education, FASEA

FASEA offers credits for postgraduate study

FASEA postgraduate

FASEA plans to recognise postgraduate qualifications and historical courses offered by professional bodies under new amendments to its course list.

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