Articles by Jason Spits

Legislation, NALI/NALE, SMSFA

NALE laws create new cap

NALE NALC non-arm’s-length component non-arm’s-length expenditure SMSF Association Peter Burgess Taxable income Superannuation guarantee

The NALE laws have introduced a new cap that limits the application of penalties to ensure they do not exceed an SMSF’s taxable income.

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Administration, Business News, Technology

SuperConcepts adds further partnership

SuperConcepts The Principals' Community SuperMate Matthew Rowe Kon Costas

SuperConcepts will provide software and administration services to a community of self-licensed advisers under its third partnership announced in the past two months.

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financial advice

CSLR removes legal action incentive

compensation scheme of last resort CSLR Financial Advice Association Australia FAAA Sarah Abood Administrators Subrogation rights Legal action

The incentive to take legal action against financial advice firms that act dishonestly has been heavily impacted by low-risk payments coming from the Compensation Scheme of Last Resort.

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ASIC, Compliance, Documentation

ASIC action highlights director ID necessity

SuperCentral director ID Director Identification Number self-managed superannuation SMSF ASIC

SMSF corporate trustees must hold a director identification number as recent ASIC action has shown no grace will be shown to those who have failed to meet this binding obligation.

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ASIC, Compliance, Regulation, Superannuation

Mercer hit with $11.3m greenwashing penalty

Federal court ASIC Greenwashing Mercer Superannuation

The Federal Court has ordered Mercer Superannuation to pay a multi-million-dollar penalty after misleading members over the nature of its sustainable investment options.

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Compliance, Tax

Tax agent code change pushed back

Tax Practitioners Board TPB Code of Professional Conduct Tax Agent Services (Code of Professional Conduct) Determination 2024 Stephen Jones SMSF Association Chartered Accountants Australia and New Zealand

New additions to the code of conduct for registered tax agents will now apply from two dates in 2025 and not from 1 August following a late change by the government.

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Auditing, Contributions

Contributions not an audit matter

SMSF auditors The Actuaries Institute Graeme Colley Contributions caps

Contributions are no longer a consideration for auditors, who have been reminded their treatment no longer resides under super law.

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Superannuation

General TBC will rise to $2 million

transfer balance cap TBC superannuation Inflation CPI Craig Day Colonial First State

Inflation has risen enough to indicate the general transfer balance cap will increase again at the start of the of 2026 financial year.

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Auditing, SMSF

Document long-standing audit relationships

SMSF auditors Independence Self-managed superannuation The Auditors Institute Steven Russo

Long-standing SMSF audit arrangements should be routinely examined to ensure they do not hamper a practitioner’s independence and documented to prove their suitability.

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ATO, SMSF, Tax

Deeming rate acceptable for Div 296

SMSF Association Division 296 Peter Burgess Earnings calculation Proxy Deeming rate 90 day bank bill rate

The use of a deeming rate as a proxy for actual taxable earnings when calculating the Division 296 tax is acceptable to the SMSF Association, which stated it was better than the proposed model.

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