Articles by Jason Spits

ASIC, financial advice

Case against Dixon director dismissed

Dixon Advisory and Superannuation Services E&P Operations insolvency ASIC Paul Ryan Federal Court

A case brought by ASIC against a Dixon Advisory director alleging a breach of duties in regards to decisions about the insolvency of the advice group has been dismissed.

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Pensions

Legacy pension exit a rational choice

Legacy pensions SMSF Self-managed superannuation Townsends Business and Corporate Lawyer Michael Hallinan

Proposed laws to allow exits from legacy pensions are a gift from the government and in most cases there would be few good arguments not to use them.

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Auditing, LRBA, NALI/NALE

Non-commercial LRBAs too risky for auditors

Related-party NALI non-arm's length income LRBA Limited recourse borrowing arrangement Auditor

Related-party LRBAs without evidence proving they are on commercial terms are unlikely to receive approval from SMSF auditors due to NALI risk.

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ATO, Platforms

Check pension payment exemption usage

SMSF Self-managed superannuation Minimum pension ATO Exemption BDO Peter Crump

In the event of a minimum pension not being met, SMSF practitioners must establish whether a trustee has previously used the self-determination exemption.

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financial advice, Tax

Treat Div 296 as blank slate with client

SMSF Self-managed superannuation Division 296 tax $3 million Financial advice Deloitte Liz Westover The Tax Institute

SMSF practitioners should tell clients to forget what they know about the Division 296 tax as many are concerned about misconceptions and help them reset their understanding of the measure.

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Legislation, Tax

Govt maintains super tax is fair

Stephen Jones Self-managed superannuation funds Division 296 tax

The Minister for Financial Services has told APRA funds and investment managers its plans to lift taxes on high super balances are fair and part of a wider agenda around equity in the system.

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financial advice, Legislation

Limit new advice class to existing products

Delivering better outcomes Financial adviser Scope of advice Advice reforms

The government’s proposed new class of advisers should operate under a very limited scope and only be authorised to speak about products already held by a consumer.

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Appointments, SMSFA

SMSF Association names new board members

SMSF Association Board Appointment Meg Heffron Lachlan Sue Brett Griffiths Meg Heffron

The SMSF Association has named Meg Heffron as one of three new board members as Deborah Ralston stands down after six years.

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financial advice, Financial Planning

FAAA mulls new adviser support

Financial Advice Association Australia FAAA Sarah Abood New class of adviser Delivering Better Financial Outcomes Fiduciary duty

Financial Advice Association Australia members are split as to whether their industry body should support the proposed new class of advisers, but agree they should not be called that.

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Accounting, Legislation, SMSFA

AML rules should exempt SMSF addresses

Anti-Money Laundering and Counter-Terrorism Financing Amendment Bill 2024 Counter-terrorism financing Anti-money laundering SMSF Corporate trustee Accountants Address

The anti-money laundering provisions should not view SMSFs using the address of an accountant in its official records as suspicious.

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