Articles by Jason Spits

ASIC, Investments

Mayfair director arrested for dishonest conduct

ASIC James Mawhinney Mayfair 101 IPO Wealth Fund dishonest conduct

Following a day of court action to strike out parts of an ASIC case against him, Mayfair 101 managing director James Mawhinney has been charged with dishonest conduct.

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financial advice, Superannuation

Super advice fee change urgent

Superannuation Financial advice Joint Associations Working Group JAWG Advice fees Trustees

A group of 12 industry bodies has called on the government to change the proposed process by which advice fees from super are approved, claiming it will add more cost and complexity.

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ASIC

Mayfair seeks to strike out ASIC case

ASIC Mayfair 101 James Mawhinney Federal Court Michael Pearce

Mayfair 101 has moved to strike out part of ASIC’s case against its managing director and has rejected attempts to drop key evidence related to his overturned 20-year ban.

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Administration, ATO, Compliance, SMSF

CM&C critical for fund status

Residency SMSF Central management and control test ATO

The ATO has ruled that an SMSF with an inactive member living overseas and unable to meet the central management and control test themselves was still a complying fund for concessional taxation purposes.

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Administration, Investments, LRBA, SMSF

Legacy LRBAs forgotten by lenders

LRBA SMSF Refinancing Legacy LRBAs Lending Loans

LRBAs from banks and lenders who have exited the SMSF space are most likely being under-serviced and advisers and accountants should be encouraging clients to review them to gain the best interest rates available.

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Administration, SMSF, Superannuation

Clearing house accounts limited

Small Business Super Clearing House SMSF SBSCH Superannuation Guarantee SMSF account

SMSFs using the Small Business Super Clearing House will be limited to nominating only one bank account, but a workaround is possible for funds with a separate account for each member.

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Compliance, Education, SMSF

ATO education course takes shape

ATO Justin Micale SMSF trustee education illegal early access

The ATO will soon release the next stage of its SMSF trustee education material and has asked practitioners to reinforce its messages around preventing illegal early access.

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Property, SMSF

Property development rules laid out

SMSF Property development SMSFRB 2020/1 Mark Ellem Accurium

SMSF trustees cannot claim they are unaware of the rules around property development, but ongoing advice may be helpful in ensuring they are properly applied.

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Cryptocurrency, Investments, Regulation

Crypto growth needs firm regulation

Cryptocurrency Regulation Cryptocurrency exchanges Digital assets Caleb & Brown

Strong protections need to be in place to cope with the increasing demand for cryptocurrency investments coming from individual and SMSF investors.

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ATO, Auditing, Compliance, Investments

ATO flags concerns over asset values

Asset valuation SMSF ATO Auditors Asset classes

The ATO has put SMSFs that have reported unchanged asset valuations over a number of years on notice, stating it is watching compliance with valuation requirements this year.

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