Articles by Jason Spits

financial advice, Tax

Treat Div 296 as blank slate with client

SMSF Self-managed superannuation Division 296 tax $3 million Financial advice Deloitte Liz Westover The Tax Institute

SMSF practitioners should tell clients to forget what they know about the Division 296 tax as many are concerned about misconceptions and help them reset their understanding of the measure.

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Legislation, Tax

Govt maintains super tax is fair

Stephen Jones Self-managed superannuation funds Division 296 tax

The Minister for Financial Services has told APRA funds and investment managers its plans to lift taxes on high super balances are fair and part of a wider agenda around equity in the system.

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financial advice, Legislation

Limit new advice class to existing products

Delivering better outcomes Financial adviser Scope of advice Advice reforms

The government’s proposed new class of advisers should operate under a very limited scope and only be authorised to speak about products already held by a consumer.

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Appointments, SMSFA

SMSF Association names new board members

SMSF Association Board Appointment Meg Heffron Lachlan Sue Brett Griffiths Meg Heffron

The SMSF Association has named Meg Heffron as one of three new board members as Deborah Ralston stands down after six years.

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financial advice, Financial Planning

FAAA mulls new adviser support

Financial Advice Association Australia FAAA Sarah Abood New class of adviser Delivering Better Financial Outcomes Fiduciary duty

Financial Advice Association Australia members are split as to whether their industry body should support the proposed new class of advisers, but agree they should not be called that.

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Accounting, Legislation, SMSFA

AML rules should exempt SMSF addresses

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 Counter-terrorism financing Anti-money laundering SMSF Corporate trustee Accountants Address

The anti-money laundering provisions should not view SMSFs using the address of an accountant in its official records as suspicious.

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AFCA

SMSF complaints to AFCA fall

Australian Financial Complaints Authority AFCA Financial advice complaints SMSF Self-managed superannuation

There has been an overall decline in advice-related complaints received by the Australian Financial Complaints Authority, including those involving SMSFs.

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financial advice, SMSF

CSLR flags SMSF advice

SMSF advice Self-managed superannuation CSLR Compensation Scheme of Last Resort AFCA Australian Financial Complaints Authority claims

The Compensation Scheme of Last Resort has found more than 40 per cent of claims it has received so far relate to SMSF advice, noting some poor practices are still occurring.

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ATO, SMSF, SuperStream

Push to use SuperStream needed

SuperStream Rollovers SMSF self-managed superannution ATO ASF Audits Shelley Banton ACIS

Auditors are finding SMSF trustees are still not using SuperStream for rollovers out of their fund and the failure to do so will be reported as a breach to the ATO.

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Compliance, Regulation

Online banking driving Reg 4.09A breaches

online banking separation of assets breaches SIS regulation 4.09a SMSF Self-managed superannuation Shelley Banton ASF Audits ACIS

SMSF auditors are finding more trustees are breaching the separation of assets rules, with the rise of online banking a key driver behind the errors.

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