Articles by Jason Spits

ASIC, Education, financial advice

ASIC issues qualification checking reminder

ASIC AFS licensees Adviser qualifications Approved degrees determination

ASIC has told advice licensees they must check the qualifications of all advisers under their banner even when they have previously worked for another organisation.

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Legislation, Superannuation, Tax

Use $3m tax to boost low balances

Division 296 tax LISTO Low income superannuation tax offset Deeming rate ASFA Association of Superannuation Funds of Australia

ASFA has called for some of the revenue to come from the proposed Division 296 tax to be used to boost the super balances of low-income earners.

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financial advice

Inquiry needed into actions of Dixon owners

Financial Advice Association Australia FAAA Phil Anderson Dixon Advisory, Compensation Scheme of Last Resort CSLR E&P Financial Group Evans & Partners

The FAAA has questioned how the parent company of Dixon Advisory was able to abandon it without penalty and is now operating a new firm with many of the same staff and clients.

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SMSF, Tax

Don’t confuse Div 296 calculations

SMSF Association Peter Burgess Tech Summit 2024 Division 296 Self-managed superannuation Total super balance TSB earnings

SMSF advisers and trustees should look closely at how the Division 296 tax calculations work as any confusion may result in them not using withdrawals to manage the impost’s impact.

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Compliance, Legislation, Regulation, Tax

Tax agent code change consultation opens

Consultation Tax agent Tax Practitioners Board TPB SMSF Association Tax Agent Services (Code of Professional Conduct) Determination 2024 Code of conduct

Consultation on changes to the code of conduct for tax agents has opened, with the TPB looking to have finalised guidance released by November.

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Legislation, NALI/NALE, SMSFA

NALE laws create new cap

NALE NALC non-arm’s-length component non-arm’s-length expenditure SMSF Association Peter Burgess Taxable income Superannuation guarantee

The NALE laws have introduced a new cap that limits the application of penalties to ensure they do not exceed an SMSF’s taxable income.

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Administration, Business News, Technology

SuperConcepts adds further partnership

SuperConcepts The Principals' Community SuperMate Matthew Rowe Kon Costas

SuperConcepts will provide software and administration services to a community of self-licensed advisers under its third partnership announced in the past two months.

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financial advice

CSLR removes legal action incentive

compensation scheme of last resort CSLR Financial Advice Association Australia FAAA Sarah Abood Administrators Subrogation rights Legal action

The incentive to take legal action against financial advice firms that act dishonestly has been heavily impacted by low-risk payments coming from the Compensation Scheme of Last Resort.

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ASIC, Compliance, Documentation

ASIC action highlights director ID necessity

SuperCentral director ID Director Identification Number self-managed superannuation SMSF ASIC

SMSF corporate trustees must hold a director identification number as recent ASIC action has shown no grace will be shown to those who have failed to meet this binding obligation.

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ASIC, Compliance, Regulation, Superannuation

Mercer hit with $11.3m greenwashing penalty

Federal court ASIC Greenwashing Mercer Superannuation

The Federal Court has ordered Mercer Superannuation to pay a multi-million-dollar penalty after misleading members over the nature of its sustainable investment options.

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