Articles by Jason Spits

ASIC, Compliance, Legislation

Shield, First Guardian adviser restrained

ASIC has restrained the activities of an adviser who recommended clients invest their super into the Shield and First Guardian master funds.

ASIC has restrained the activities of an adviser who recommended clients invest their super into the Shield and First Guardian master funds.

read more
Documentation, SMSF, Trusts

Add family members on conditional basis

SMSF trustees should admit new members on a conditional basis only to create a built-in mechanism to eject them if necessary.

SMSF trustees should admit new members on a conditional basis only to create a built-in mechanism to eject them if necessary.

read more
ASIC, Compliance, financial advice, Financial Planning, Investments

UGC auditor registration cancelled

An auditor linked to United Global Capital has been deregistered in the latest round of action against the investment scheme firm.

An auditor linked to United Global Capital has been deregistered in the latest round of action against the investment scheme firm.

read more
Auditing, Investments

Good returns should not prevent ACR

Assets that lack a market valuation may still be good investments for an SMSF, but auditors are still required to flag them via an ACR.

Assets that lack a market valuation may still be good investments for an SMSF, but auditors are still required to flag them via an ACR.

read more
ASIC, Compliance, financial advice, Financial Planning

ASIC bans UGC, Shield-linked adviser

An adviser who was licensed to two firms offering risky investments and using SMSFs to access them has been banned for seven years.

An adviser who was licensed to two firms offering risky investments and using SMSFs to access them has been banned for seven years.

read more
Auditing, Compliance, Documentation, Legislation, Regulation

Flag deed chain problems in audit

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

Auditor obligations to ensure a deed is executed correctly should extend to checking it remains compliant if old or amended.

read more
ASIC, Compliance, Investments, Legislation

Seventh Shield-linked adviser banned

A financial adviser from a licensee that has had six practitioners banned has met the same fate over advice to invest in the Shield Master Fund.

A financial adviser from a licensee that has had six practitioners banned has met the same fate over advice to invest in the Shield Master Fund.

read more
Auditing, Compliance

Don’t avoid review recommendation

SMSF auditors should take seriously the recommendation to review client files where a large part of their referrals come from a single source.

SMSF auditors should take seriously the recommendation to review client files where a large part of their referrals come from a single source.

read more
Auditing, Insurance

Auditor PI should cover all action

Auditors should check if their PI insurance covers legal action from both clients and regulators as some policies limit their claims.

Auditors should check if their PI insurance covers legal action from both clients and regulators as some policies limit their claims.

read more
ATO, Auditing, Compliance, Legislation, Regulation

Breach leniency contrasts audit focus

The ATO has supposedly been far more lenient with trustees who have breached super laws than with the auditors who have identified the problems.

The ATO has supposedly been far more lenient with trustees who have breached super laws than with the auditors who have identified the problems.

read more

Copyright © SMS Magazine 2025

ABN 80 159 769 034

Benchmark Media

WordPress website development by DMC Web.