Articles by Jason Spits

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.

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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.

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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.

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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.

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Auditing, Compliance, Legislation, Regulation

All audit relationships need scrutiny

Auditors who engage with a non-financial services business and also audit the proprietor’s SMSF might breach auditor independence rules.

Auditors who engage with a non-financial services business and also audit the proprietor’s SMSF might breach auditor independence rules.

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Compliance, Division 296, Investments, Legislation, Tax

Revised tax may change asset choice

Changes to the Division 296 tax may make high-growth assets more attractive over income-producing investments for SMSF members.

Changes to the Division 296 tax may make high-growth assets more attractive over income-producing investments for SMSF members.

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Division 296, Legislation, Superannuation, Tax

New Div 296 issues emerge

While changes to the Division 296 tax have been welcomed, the shift has raised new questions on its altered operation and application.

While changes to the Division 296 tax have been welcomed, the shift has raised new questions on its altered operation and application.

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Compliance, Pensions, Retirement

In-specie pensions not possible

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

SMSFs facing liquidity issues cannot use property to fund a pension via in-specie transfers and need to consider an asset exit strategy.

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Division 296, Superannuation, Tax

Revised impost creates multi-tax system

Three levels of tax will apply to earnings in super if revisions to the Division 296 measure are adopted and enacted.

Three levels of tax will apply to earnings in super if revisions to the Division 296 measure are adopted and enacted.

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Division 296, Superannuation, Tax

Accountants united in support for changes

The three major accounting bodies have backed the changes to the Division 296 tax and have called for it to be implemented quickly.

The three major accounting bodies have backed the changes to the Division 296 tax and have called for it to be implemented quickly.

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