Articles by Jason Spits

Documentation, Superannuation

Corporate trustee needs standalone company

SMSF corporate trustee

SMSFs looking to set-up a corporate trustee should use dedicated companies for the task as pre-existing vehicles may breach the law.

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Compliance, Documentation

Documentation leading cause of compliance failure

trustees documentation compliance

Documentation compliance continues to be a key issue for SMSFs with many trustees ignorant of their obligations and requiring adviser assistance to educate them.

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Regulation, Tax

Accountants split on tax advice oversight

Accountants split on planner tax advice oversight

Accounting and tax bodies have taken a number of differing stances on which regulator should oversee tax advice provided by financial planners, with one calling for no regulation at all.

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Accounting, Financial Planning

Accounting bodies cold on advice exemption return

limited advice exemption accountants

Two major accounting bodies have recommended the advice exemption for accountants should not be introduced, but rather a wider review of the tax advice system should take place.

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Accounting, Financial Planning

Support exists for accountants’ exemption rebirth

Accountants could play a role in satisfying the current unmet financial advice needs of Australians if an “extended accountants’ exemption” was introduced, according to a major accounting body.
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Accountants could play a role in satisfying the current unmet financial advice needs of Australians if an “extended accountants’ exemption” was introduced, according to a major accounting body.

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Accounting

CFSGAM renamed as First Sentier

CFSGAM First Sentier

The acquisition of Colonial First State Global Asset Management by Mitsubishi UFJ Trust and Banking Corporation has been reflected in the business being rebranded as First Sentier.

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ATO, Auditing

Auditors in frame for SMSF investment strategy

auditors investment strategy ATO

Auditors may be held responsible for the absence of an investment strategy, with recent letters from the ATO showing they had a gatekeeper role.

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ATO, Residential Property

Funds given push on first home savings scheme

First Home Super Saver

The ATO will contact superannuation funds that have lagged in their efforts to release funds to first home buyer members who have requested their savings.

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Pensions

Transaction timing can boost ECPI

transaction timing ECPI

SMSF trustees can boost their exempt current pension income (ECPI) by timing when they make fund transactions, according to an actuarial services provider.

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ATO, Superannuation

Illegal early release still area of concern for ATO

SMSFs illegal early release

The ATO has flagged an increase in the number of SMSFs being used for illegal early release of superannuation funds.

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