Articles by Jason Spits

Compliance, Regulation, Tax

Tax agent code changes finalised

Code of professional conduct for tax agents Tax Agent Services (Code of Professional Conduct) Amendment (Measures No 2) Determination 2024

The proposed changes to the code of professional conduct for tax agents will be tabled in parliament after the government and industry agreed to a final round of changes.

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Pensions, Regulation, SMSF

Pension exit improvements proposed

Legacy pensions Commutations Reserve allocations Contribution cap

Draft plans to allow SMSF members to exit legacy pensions can be improved by removing any timeframes and allowing partial commutations without contribution caps being applied.

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Auditing, Investments

Most complex audit files targeted

Unlisted entities SMSF Auditors ATO

The ATO will home in on the most difficult files created by an auditor, especially where unlisted assets are involved, ramping up the evidence that should be on file.

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Contributions, SMSF, Strategy

Revaluations can allow carry forward rule use

Concessional contribution Unused concessional contribution Total super balance

Revaluing the assets of an SMSF can ensure the members will be able to utilise the carry forward concessional contributions provisions.

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financial advice, Financial Planning, Technology

AI to free up client servicing

SMSF Self-managed superannuation administration SMSFAI Olivia Long artificial intelligence

Artificial intelligence will take over routine work in the SMSF space but practitioners should prioritise their focus on its client outcomes.

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financial advice, Financial Planning

Advice only for wealthy myth dispelled

FAAA Financial Advice Association Australia David Sharpe Financial advice Cost of advice Value of advice

The FAAA has released research that refutes claims financial advice is a service that only delivers benefits for wealthy Australians.

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Compliance, Contributions

Strategic classification can null NCC issues

SMSF Self-managed superannuation Heffron Lyn Formica non-concessional contributions personal super contribution bring forward period

An accidentally triggered non-concessional contribution bring forward provision may be reversed by following a particular course of action.

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SMSF, Technology

Tech will bolster SMSF servicing

SMSF Self-managed superannuation Auditors Technology ASF Audits Shelley Banton

The ongoing growth of the SMSF sector can be met by the relatively static pool of practitioners through the adoption and use of technology.

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Death benefits

Six month payment timing a myth

Superannuation Death benefit Payment timing Business Depot Neal Dallas

Super funds are not required to make death benefit payments within 180 days and claims that is the case are an urban myth based on unrelated laws.

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Business News

Hub24 buys into private equity firm

Hub24 Reach Alternative Investments

Hub24 has taken a minority stake in Reach Alternatives and will partner with it to release new products offering access to private equity investments.

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