Articles by Jason Spits

ASIC, Compliance, financial advice, Financial Planning

Adviser convicted for dishonesty

Financial adviser, superannuation, dishonest conduct, David Mario Valvo, Downing Centre District Court, Your Financial Freedom, ASIC, Wealthtrac

A former adviser who accessed clients’ superannuation accounts using false documents has been convicted of dishonest conduct and forced to repay his clients.

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ATO, SMSF, Superannuation

Trustee disqualification affirmed

SMSF trustee, disqualification, self managed super, self managed superannuation, Administrative Review Tribunal, ART, ATO, Omibiyi and Commissioner of Taxation, Oladokun Omibiyi, loan to members, SIS Act, contravention

An SMSF trustee who made more than 100 withdrawals from his fund has failed to have his disqualification overturned on appeal.

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Legislation, Pensions, SMSF, Superannuation

Legacy pension may force Div 296 strategy

Legacy pension, Division 296 tax, SMSF, self managed super, self managed superannuation, lump sum, $3 million, Heffron, Meg Heffron, complying lifetime pension, complying life expectancy pension, flexi pension, commutation, reserve allocation, total super balance, pension commutation

SMSF members with legacy pensions may need to act before 30 June this year to avoid being caught by the Division 296 tax.

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ATO, Compliance, Regulation

Penalties highlight member loan flaw

Smarter SMSF, education, Tim Miller, ATO, The Auditors Institute,

Advisers viewing financial assistance to members as a lesser issue than illegal access should examine the related penalties and cease recommending it.

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Appointments

New financial services minister appointed

A former Victorian politician who moved into federal parliament in 2019 has been named as the new financial services minister.

A former Victorian politician who moved into federal parliament in 2019 has been named as the new financial services minister.

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SMSF, Superannuation

CMC safe-harbour needs proactivity

Trustees must be cautious about who will run their fund while they are overseas for an extended period and should act on this before departing.

Trustees must be cautious about who will run their fund while they are overseas for an extended period and should act on this before departing.

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Legislation, Tax

Revenue will drive Div 296 progress

$3 million, CFS, Craig Day, deemed earnings, Division 296, Division 296 tax, Earnings calculation, indexation, revenue, Total super balance, unrealised capital gains, self managed superannuation, self managed super, SMSF

The revenue that will come from the Division 296 tax is too significant for the government to drop the proposed measure, which will be used to fund its election promises.

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