Articles by Jason Spits

Investments

Collectables squeezed out by insurance

SMSFs collectable assets

The holding of collectable and personal-use assets inside an SMSF has dropped away significantly due to strict restrictions about insuring the items.

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ATO, Pensions

ATO extends commutation assistance service

ATO commutation assistance

The ATO has extended the time for trustees issued with a commutation authority to make direct contact and seek assistance with any problems.

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Superannuation

Super changes still being bedded down

superannuation changes

Sweeping changes to superannuation in 2017 are still not fully understood and further changes are unlikely in the near future, according to a government minister.

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Technology

Fintech signs deal with large advice firm

Fintech Padua Findex

Fintech business Padua has signed a back-office service provision deal with advisory firm Findex.

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ATO, Superannuation

Most SMSF early access legitimate

SMSF early access

The ATO has found most applications for early release from SMSFs was legitimate, but is taking a closer look at 2000 claims.

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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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