Articles by Jason Spits

LRBA

SMSF loans available, but heavily scrutinised

smsf loans

SMSFs are still able to find lenders willing to provide loans for a range of purposes, but borrowing arrangements are being closely examined by those offering the funds.

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ASIC

ASIC bans Sam Henderson for three-years

ASIC bans Sam Henderson

ASIC has banned former high profile Sydney financial adviser Sam Henderson for three years after he failed to act in the best interest of clients and provide them with appropriate advice.

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Superannuation

SMSF balances highlight need for TBC

SMSFs transfer balance cap

SMSFs drawing high levels of tax free income in the past have been held up by a superannuation body as a reason for the introduction of the transfer balance cap in 2017.

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Accounting, Estate Planning

Estate planning ripe for accountant involvement

accountants estate planning

SMSF accountants should consider offering estate planning services to clients as few other groups are currently meeting their need for advice.

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ASIC, Auditing

ASIC disqualifies auditors in crackdown

ASIC disqualifies auditors

ASIC has moved against 17 SMSF auditors, disqualifying some and placing additional conditions on others following concerns they were not meeting professional obligations.

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Accounting, Education, FASEA

FASEA exam offers licensing window for accountants

FASEA exam accountants

Accountants who are not licensed to provide SMSF advice should complete the FASEA exam to prevent having to requalify from scratch in the future.

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ATO, Pensions

ATO prompts funds, members to report income streams

SMSF income streams report

SMSF members receiving a defined benefit income stream have been reminded of their reporting duties to the ATO, which has given them about a month to lodge an annual report.

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Investments

Russell launches new suite of managed accounts

Russell Investments managed accounts

Russell Investments has launched multi-asset managed accounts centred around Australian equities and matched to common investor risk profiles.

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Documentation, Estate Planning

Trustee dispute underlines need for deed certainty

SMSF deed power of attorney

Trustees appointed under an enduring power of attorney (EPOA) will remain in the role unless the SMSF trust deed terminates their role, meaning they can direct death benefits to any party including themselves, an SMSF legal expert has warned. Hill Legal principal and senior lawyer Chris Hill gave the warning in the wake of the […]

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Auditing

ATO to identify auditors who report contraventions

auditor contravention reporting

New laws to protect whistleblowers will actually identify auditors who flag problems with an SMSF to the trustees of the fund, the ATO has warned.

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