Articles by Jason Spits

Compliance, Payday Super

Call for greater Payday Super relief

Greater discretion should apply to the transitional rules for Payday Super which could be strictly applied regardless of circumstances.

Greater discretion should apply to the transitional rules for Payday Super which could be strictly applied regardless of circumstances.

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AML/CTF, Documentation

Digital ID must cover all govt interaction

Any digital ID used to verify the credentials of advisers and their clients must work across all levels and agencies of government to be useful.

Any digital ID used to verify the credentials of advisers and their clients must work across all levels and agencies of government to be useful.

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Administration, Compliance, Documentation

Appeal denied for lodgement failures

An SMSF trustee has lost an appeal against his failure to lodge fund returns by blaming his accountant for the problem.

An SMSF trustee has lost an appeal against his failure to lodge fund returns by blaming his accountant for the problem.

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ASIC, Financial Advice, Financial Planning

FAR info failure leads to advice block

Around 130 advisers failed to provided ASIC with accurate qualification information, leading to one-fifth being unable to practice as a result.

Around 130 advisers failed to provided ASIC with accurate qualification information, leading to one-fifth being unable to practice as a result.

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CSLR, Financial Advice, Financial Planning

CSLR levy jumps by another $60 million

A further revision has blown out the CSLR levy on advisers by $60 million, making the total rise since last year more than twice that figure.

A further revision has blown out the CSLR levy on advisers by $60 million, making the total rise since last year more than twice that figure.

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CSLR, Financial Advice, Financial Planning, SMSFA

Levy blowout renews call for action

Financial advice bodies have decried the ballooning size of the CSLR levy, stating it is representative of the scheme’s structural problems.

Financial advice bodies have decried the ballooning size of the CSLR levy, stating it is representative of the scheme’s structural problems.

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Accounting, Division 296, Tax

Division 296 status must be reported

SMSF accountants and tax agents with a full knowledge of a member’s super balances will be obliged to report if they will be assessed for Division 296.

SMSF accountants and tax agents with a full knowledge of a member’s super balances will be obliged to report if they will be assessed for Division 296.

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Payday Super

Payday Super will boost balances

More frequent payments of contributions under Payday Super will boost member balances as those monies gain faster exposure to markets.

More frequent payments of contributions under Payday Super will boost member balances as those monies gain faster exposure to markets.

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SMSF, Superannuation

SMSFs outpaced in future growth

The SMSF sector will be relatively smaller in 20 years, but will ride the wave of an overall expanding superannuation system.

The SMSF sector will be relatively smaller in 20 years, but will ride the wave of an overall expanding superannuation system.

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LRBA

LRBA ban addresses past problems

A 10-year-old recommendation, which has since been addressed, should not have been the basis for changes to the LRBA rules.

A 10-year-old recommendation, which has since been addressed, should not have been the basis for changes to the LRBA rules.

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