Articles by Jason Spits

Auditing

ATO will examine SMSF auditor independence

SMSF auditor independence

SMSF auditors will have their work processes examined by the ATO after new guidelines were introduced governing the scope of their independence.

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Superannuation

Return targets need post-pandemic review

superannuation returns

Super funds should be resetting target returns in line with lower interest rates and downturns in global markets as current numbers are unrealistic.

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Investments

SMSFs failing to renew trading identifier

legal entity identifier

SMSFs are failing to renew an important identification number required for international trades of non-equity investments, according to an issuer of the number.

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ATO, Superannuation

ATO watching early release claims

superannuation early release

The ATO has repeated warnings it will act against people abusing the early release scheme and has informed them they are being tracked.

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ATO, Superannuation

Wind-ups peak but growth continues

SMSF wind-ups

New ATO data shows the level of SMSF wind-ups peaked in 2017/18, but the size of the SMSF sector continues to grow steadily.

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Pensions

Time to review commuted pension reporting

commuted market-linked pension

The passing of a recent omnibus bill has restarted the clock for SMSFs to report when members have commuted a market-linked pension.

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Pensions, Regulation

Exam bill brings other changes

pension death benefit

The welcome news of a longer time frame to complete the adviser exam has overshadowed necessary changes to lingering death benefit and pension issues.

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FASEA

Industry applauds passing of exam extension

FASEA exam

The passing of a bill extending the deadline for advisers to complete the FASEA exam has been widely welcomed by the financial advice sector.

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ETFs

SSGA model portfolio ETFs added to HUB24

SSGA ETF HUB24

Four ETF model portfolios from State Street Global Advisors will be available to financial advisers through the Hub24 platform.

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ATO, Tax

Not all NALI is off ATO radar

ATO NALI provisions

The ATO’s recent ‘no-action’ stance on some non-arm’s-length income (NALI) positions has overshadowed the fact that other provisions have applied since 2018.

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