Articles by Jason Spits

ASIC, Commercial Property

ASIC wraps up last action against Westpoint

After 19 civil actions, ASIC has wrapped up its financial recovery efforts related to the failure of WA-based property group Westpoint in 2005.

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ASIC, Superannuation

SMSF adviser cops 10-year sentence over conduct

An adviser banned by ASIC has also been sentenced to 10 years’ imprisonment on eight counts of engaging in dishonest conduct.

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Education, Financial Planning

FASEA to fast-track diploma, bridging course approval

Graduate diplomas and bridging courses will receive priority assessment from FASEA, which has announced it will begin accrediting education courses and providers.

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Administration, Auditing

Audit caution more likely with unlisted assets

Recent court cases are likely to temper how auditors view unlisted assets inside an SMSF portfolio.

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Tax

CGT, franking credit changes to reduce share gains

Proposed changes to franking credit refunds and capital gains tax will reduce the long-term gains from equities for those already paying high rates of tax.

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Accounting, ATO, Documentation

Accountants should use peers for SMSF paperwork

Accountants should consider using their peers to produce financial statements for their own SMSFs to avoid raising flags with the ATO.

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Investments, Markets

Franking credits hit record levels

Strong market returns and special dividends have pushed franking credits to a record level.

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Investments, Markets

SMSFs under pressure to register for OTC activity

SMSFs using over-the-counter investment instruments have less than three weeks to secure a new fund identification code that will allow their continued use after 1 April.

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Strategy, Superannuation

Advisers seeking more information on early access

Access to superannuation benefits was a key issue for financial advisers during February, according to AMP.

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Insurance, Superannuation

SMSF members warned about life insurance opt-in changes

SMSF members with life insurance within APRA-regulated funds have been warned they may lose it if they fail to opt-in to cover under new legislative changes.

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