Articles by Jason Spits

Regulation

Six members still on table, ECPI move delayed

Six member SMSFs

Six-member SMSFs are still on the table for the government, which has reduced the time in which they can be introduced once legislation is passed.

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Documentation

Nationwide e-document model should be kept

electronic documents

The nationwide approach to the electronic execution of documents should be retained but state based irregularities must be removed, according to a peak law body.

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Financial Planning

Reform has pushed away advisers and clients

financial advice reform

The costs of reform have caused practitioners and consumers to abandon the financial advice sector according to two representative bodies.

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ASIC, Financial Planning

ASIC cancels licence of SMSF advice group

MyPlanner Professional Services licence

ASIC has cancelled the licence of a now-liquidated Queensland-based advice group that offered SMSF advice and services to clients.

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Tax

NALE costs will be hard to price

NALE general expenses

Putting a cost on services provided by SMSF practitioners to their own funds to resolve NALE concerns will be difficult and questions remain over who will determine those costs.

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Education, FASEA

FASEA extends CPD period by three months

FASEA CPD extension

Advisers have been given a one-off extension period in which to fulfil their CPD requirements by FASEA in recognition of the disruption caused by COVID-19.

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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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