Articles by Jason Spits

Superannuation

Super risks deterring contributions

Superannuation risks deterring contributions

Legislative risks in relation to super may be deterring younger people from topping up their balances during the current low interest rate environment.

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Administration, ATO

Real-time data case not strong

ATO real-time data SMSF

The high number of non-lodgers of SMSF annual returns has been noted as a key area impeding the rollout of real-time reporting, according to the ATO.

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Retirement, Superannuation

Small contribution can shift retirement view

super contributions retirement

A small increase in super contributions can affect how people see their retirement prospects, shifting them from negative to positive.

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ATO, Auditing

ATO still finding issues with auditors

ATO SMSF auditors

An ongoing review of SMSF auditors has continued to find concerns with their practices, with some being referred to ASIC for further action.

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ATO, Investments

ATO regrets tone but not intent of letters

ATO investment letters

The ATO will continue to take a proactive stance in contacting trustees about matters of concern, despite admitting it erred in its communication on investment strategies.

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ATO, Compliance

ATO toughens breach stance

ATO trustees breaches

The ATO will give fewer warnings but more penalties to SMSFs that breach their obligations under a recalibrated enforcement model.

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ATO

Non-lodgement numbers remain high

annual return non-lodgement

The ATO will ask thousands of SMSFs why they should not be ruled non-compliant as the numbers that have not lodged an annual return remain high.

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ATO, Auditing

Auditors slow to respond on SAN misuse

SAN misuse

SMSF auditors have been slow in coming forward about the misuse of their auditor numbers, but the ATO has increased action on reported cases.

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ATO, Tax

Sector won’t win NALE battle

NALE SMSF

Change to non-arm’s length expenses (NALE) provisions are unlikely but better guidance on its application will be forthcoming, according to an SMSF technical expert.

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Education, FASEA

AFA designation holders get FASEA credit

FASEA credit for AFA designation

FASEA has given AFA members one credit for education undertaken to attain the association’s FChFP designation.

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