Articles by Jason Spits

Financial Planning, Regulation, Tax

Review calls for TPB rego on opt-out basis

TPB registration advisers

Financial advisers will automatically fall under the oversight of the TPB unless they opt-out under a recommendation put forward by Treasury.

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Retirement

Lack of alignment over annuity products

annuity products

The absence of new annuity products reflects a lack of alignment with the needs of retirees from products providers.

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ASIC, Superannuation

Property developer sentenced for SMSF fraud

Property developer SMSF fraud

A former Queensland property developer has been sentenced to five years’ imprisonment for defrauding SMSF investors.

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Superannuation

Foreign transfers need clear reporting

foreign pension transfers

SMSFs can receive funds from foreign pension schemes, but must ensure they report the transaction correctly at both ends, an SMSF administrator has advised.

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Strategy, Superannuation

Control is driver for fund set-ups

Control SMSF establishment

A new survey has confirmed control over retirement income investments is the chief reason for the establishment of SMSFs.

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Accounting, Financial Planning, Superannuation, Tax

Advice use could inject $600b into economy

advice economic boost

Widespread use of professional financial, superannuation, tax and accounting advice could provide billions in economic benefits to the nation, according to new research.

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Documentation, Strategy

Members must track contributions

smsf trustees contributions

SMSF members must track their ongoing contributions to ensure they can fully use bring-forward measures without creating an unexpected excess contribution.

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ATO, Superannuation

Accounts deadline for ATO only

SMSF financial accounts ATO

A proposed deadline for the finalisation of SMSF accounts will only increase the penalties the ATO can apply and do nothing for SMSFs, industry bodies have claimed.

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ASIC

Court action over SMSF advice EU

accountant SMSF advice

ASIC has returned to court to force an accountant to comply with the terms of an enforceable undertaking relating to a banning for SMSF advice.

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Retirement

Self-funded retirees welcome review report

Self-funded retirees review

Self-funded retirees have welcomed the Retirement Income Review final report as a necessary, fact-based appraisal useful for creating new policies.

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