Articles by Jason Spits

FASEA

COVID-19 hits exam numbers

FASEA adviser exam

Financial advisers shied away from the first online sitting of the FASEA exam, but registrations for the second iteration are building strongly.

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Pensions

Market downturn may suit new pension starts

SMSF pension

The current market downturn may benefit SMSF members looking at starting a pension as fund balances come under restrictive limits.

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ATO, Documentation

ATO offers new commutation assistance service

commutation authority assistance

A new ATO service will allow trustees issued with a commutation authority to make direct contact with the regulator to resolve any problems.

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Auditing, Financial Planning, Superannuation

Auditors on early access notice

auditors early access

Auditors have been called upon to report attempts to rort the early access scheme, while advisers have been warned not to promote services that provide access.

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ATO, Superannuation

Super payment delays likely due to SMSF issues

early access SMSF

SMSFs unable to secure early access to their funds are likely to have issues within their funds including outstanding returns, according to the ATO.

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ATO, Pensions

Minimum pensions must be paid

low income pensions

Trustees drawing pensions based off low-returning assets will still have to draw the minimum amount and cannot sidestep that requirement, the ATO has said.

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Administration, Platforms

Lockdown has propelled technology change

lockdown technology SMSF Class

The COVID-19 lockdown and rush to work from home has pushed forward the use of technology in the SMSF sector by up to 10 years.

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Education, FASEA

ASIC may hold key to stalled exam extension

ASIC adviser exam extension

ASIC can grant an exemption to professional standards legislation that would extend the adviser exam timetable if legislation aimed at doing so is cannot be passed before the end of the year.

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Administration

SMSFA seeking member input on SAR review

SMSFA annual return review

The SMSF Association has called on members to provide input on how the SMSF annual return (SAR) can be improved.

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Accounting

Advice fee cap not absolute

early release advice fee

Advisers should not view the capped fee of $300 for advice covering the early release of super benefits as being absolutely definitive for all client discussions on this topic, an SMSF Association board member has said.

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