Articles by Jason Spits

ATO, Documentation

ATO changes ABN registration process

ATO ABN registration

The ATO has changed the ABN registration process for SMSFs, requiring certain information to be provided through different channels.

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Trusts

Automated trusts address service, staff issues

Automated trust management

The use of automated trust management services can boost service levels and address staff shortages for accounting and advisory businesses.

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ASIC

Balance change a breakthrough for SMSFs

SMSF starting balance

The removal of references to a specific starting balance for an SMSF in ASIC guidance is a key shift for the sector, the SMSF Association has claimed.

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ATO, Compliance

Trustee disqualifications hit peak

SMSF trustees disqualified

More than 250 SMSF trustees have been disqualified in a single quarter, with that number exceeding the total for the financial year.

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Education, financial advice

Exam pass rate improves

adviser exam pass rate

The number of advisers passing the ASIC exam, which no longer includes existing advisers, has increased to its highest point in a year.

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ASIC, Superannuation

ASIC guidance drops balance figures

ASIC SMSF guidance

New ASIC guidance for the provision of SMSF advice has dropped references to specific minimum balances, noting it was not the driving factor of suitability.

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Superannuation, Tax

Balance caps are retrospective fix

cap superannuation balances

The introduction of a cap on superannuation balances would only be trying to prevent events that have happened and will never be repeated.

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Compliance, Documentation

Assets without a market raise questions

SMSF assets market

The ATO has indicated assets without a ready market may not be suitable investments for SMSFs, particularly if they cannot produce growth or income.

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ETFs

Global X unveils uranium ETF

Global X uranium ETF

Global X ETFs Australia has launched a new fund focused on the mining and processing of uranium for use in nuclear power plants.

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Downsizer

Don’t waste downsizer ‘last resort’

downsizer last resort

Downsizer contributions are a last resort move to get large sums into superannuation so trustees should consider waiting rather than acting on pending changes.

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