Articles by Jason Spits

Financial Planning

SMSF advice falls as need grows

SMSF financial advice

The number of SMSFs using a financial adviser has dropped relative to the size of the sector, even as the scope and intensity of advice needs have increased.

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Documentation

EPOA risks can be managed via trust deed

Enduring powers of attorney SMSF

Enduring powers of attorney can create risks for SMSF trustees, but these can be managed by limiting attorney powers within a trust deed.

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ASIC, Auditing

ASIC disqualifies 36 SMSF auditors

ASIC disqualification SMSF auditors

A failure to maintain SMSF audit experience has resulted in disqualification for 36 auditors and conditions being imposed on a further six practitioners.

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Auditing

Audit rules to drive fund moves

SMSF auditors independence

New independence requirements for SMSF auditors will drive hundreds of thousands of funds to seek a new auditor as the ATO seeks greater separation of services.

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Retirement

Retirement debate overlooks taxpayer funding

retirement income

The debate on how to fund retirement income needs to focus on adequacy issues first, while keeping in mind it is wholly funded by taxpayers.

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Investments, Superannuation

SMSF early access spike refuted

SMSF early release

Early release of superannuation from SMSFs was not unexpected, but trustees are likely to draw on much less money than recently predicted, according to the SMSF Association.

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Documentation, Platforms

Class acquires documentation provider

Class documentation

Class has acquired a second compliant documentation provider as part of a plan to boost its presence in that market.

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ATO, Auditing

Part A qualifications off ATO radar

Part A qualifications

SMSFs with Part A qualifications in their annual return should check why they occurred as not all issues need to be reported to the ATO, a technical expert has said.

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Superannuation

Legislation gap creates recontribution window

super recontributions

The lack of alignment between changes to the work test for voluntary concessional contributions and superannuation preservation age has created a gap where those in the first stages of retirement may be able to make super recontributions unavailable to them before age 65. Heffron managing director Meg Heffron said if bring-forward contribution rule changes currently […]

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ATO, Superannuation

SuperStream compliance date pushed out

SuperStream

Super funds have been given a six-month grace period in which to comply with requirements to accept SMSF rollovers via SuperStream, with a failure to do so not considered a breach during that period.

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