Articles by Jason Spits

Financial Planning

Reforms putting pressure on cost of advice

reforms cost of advice

Ongoing reforms from the Hayne royal commission will increase the cost of advice and reduce the time in which financial planners can provide it, according to the FPA.

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Appointments

Class appoints new tech officer

Class technology officer

Class has announced its first new appointment since the completion of its recent NowInfinity acquisition.

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Appointments

SuperConcepts names new chair

SuperConcepts board chair

SuperConcepts has named a former ATO superannuation assistant deputy commissioner as the new independent chair of its board.

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ATO, Superannuation

NCC breaches on ATO radar

Deliberate NCC breaches

Calculated efforts to game the non-concessional contributions (NCC) cap to reduce tax are known to the ATO, which will consider them as tax evasion.

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Tax

TPB warns lax agents on obligation failures

TPB ATO debt

The TPB has called on tax agents, including those in the SMSF sector, to disclose any failures to pay debts or lodge documents with the ATO if they want to avoid facing an ethics breach.

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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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