Articles by Jason Spits

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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Division 296, SMSF, Tax

Div 296 changes announced

The government will change the proposed Division 296 tax to only apply to realised earnings, but will add a second threshold at a higher rate.

The government will change the proposed Division 296 tax to only apply to realised earnings, but will add a second threshold at a higher rate.

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ATO

ATO guidance akin to law

Guidance issued by the ATO can carry a force similar to that of the law and so requires practitioners to be aware of any changes.

Guidance issued by the ATO can carry a force similar to that of the law and so requires practitioners to be aware of any changes.

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ATO, Auditing, Valuations

Check valuation challenge assumptions

Trustees can push back against an ATO challenge to the valuation of an asset, but should be able to prove why they believe the regulator is wrong.

Trustees can push back against an ATO challenge to the valuation of an asset, but should be able to prove why they believe the regulator is wrong.

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SMSF, Trusts

Ensure trustee company status maintained

The difficulty in reinstating a deregistered trustee company increases where a director is absent and can be avoided by an annual review.

The difficulty in reinstating a deregistered trustee company increases where a director is absent and can be avoided by an annual review.

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