Articles by Jason Spits

ATO, Auditing, Compliance

Auditors reminded to check trustee status

The status of SMSF trustees needs to be checked at each audit, with the ATO finding some auditors are still not carrying out this requirement.

The status of SMSF trustees needs to be checked at each audit, with the ATO finding some auditors are still not carrying out this requirement.

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Education, financial advice, Financial Planning

Allow associations to provide education

Adviser education must be maintained at a bachelor-degree level, but professional associations should be allowed to supply relevant training.

Adviser education must be maintained at a bachelor-degree level, but professional associations should be allowed to supply relevant training.

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Appointments, Business News

Senior staffers depart IFPA  

Two key figures at the Institute of Financial Professionals Australia have stepped down from their leadership roles with the body.

Two key figures at the Institute of Financial Professionals Australia have stepped down from their leadership roles with the body.

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ATO, Auditing, Compliance

ATO monitoring auditor workload

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

The ATO is monitoring the volume of audits carried out by a shrinking pool of practitioners, but notes they are compliant in a key practice area.

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ATO, Technology

Improve tax agent portal communications

Greater transparency and better communications with tax agents are key areas of improvement that should be made to the ATO's online service portal.

Greater transparency and better communications with tax agents are key areas of improvement that should be made to the ATO’s online service portal.

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Property, SMSF

Locked-in lease agreements acceptable

Lease agreements with a related party that lock in terms are unlikely to cause compliance problems if they reflect conditions offered to third parties.

Lease agreements with a related party that lock in terms are unlikely to cause compliance problems if they reflect conditions offered to third parties.

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ART, ATO

ART backs ATO’s trustee disqualification

The ART has backed the ATO’s disqualification of a trustee over breaches of the sole purpose test, noting it was their duty to comply with the law.

The ART has backed the ATO’s disqualification of a trustee over breaches of the sole purpose test, noting it was their duty to comply with the law.

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Auditing, Compliance, Property

Rent a related-party lease failure flag

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

An auditor has flagged rent payments as a key issue that often indicates a related-party lease is not compliant with super law.

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ASIC, Compliance, financial advice, Superannuation

Two advisers banned over rollover advice

Two advisers, working for separate licensees, have received bans related to inappropriate advice to roll over into the First Guardian Master Fund.

Two advisers, working for separate licensees, have received bans related to inappropriate advice to roll over into the First Guardian Master Fund.

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