Articles by Jason Spits

Compliance, Documentation, Property

Long-term record-keeping recommended

SMSF property development record keeping ATO NALI audit

Lengthy retention of records related to property development by an SMSF is recommended given the ATO’s increased focus on the past actions of some funds.

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NALI/NALE, Property

NALI used to identify property issues

SMSF property development NALI ATO Sladen Legal Phil Broderick

A legal expert has identified the ATO is using NALI compliance to target property development in SMSFs while hardening its stance on penalties.

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ETFs

US approves bitcoin ETFs

Securities and Exchange Commission SEC Spot bitcoin ETF Exchange traded fund Global X Betashares

The US financial regulator has approved the use of ETFs that invest directly into bitcoin cryptocurrency, with the decision hailed as a sign of confidence in the asset.

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Accounting, financial advice

Opposition looking at accountants advice

Quality of Advice review QAR accountants financial advice Angus Taylor

The opposition is looking at how accountants can be included in the provision of financial advice after noting their absence from industry reforms.

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Death benefits, Estate Planning, SMSF, Superannuation

Trustee awareness key in benefit payments

superannuation member benefit death benefit ATO SMSF

The ATO has further affirmed its treatment of a superannuation benefit paid after the death of a member will depend on the trustee’s awareness of that event.

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NALI/NALE, Property, SMSF

Cheap finance creates NALI trap

NALI NALE Property development Unit trusts family trusts SMSF

SMSFs drawing on cheap sources of finance for property developments are likely to breach the NALI rules, costing them many times more than the interest saved.

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financial advice

Initial compensation levy tops $240m

Compensation Scheme of Last Resort CSLR levy

The estimated cost of unpaid compensation for past financial misconduct to be paid by banking and insurance groups has been released, but still requires government approval.

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Auditing

Average audit cost too low

Auditing costs SMSF auditors ATO

The average cost of an SMSF audit appears to be too low and not representative of the value an approved auditor brings to the work.

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Superannuation

Govt names consumer super advocate

Super Consumers Australia Consumer advocate Superannuation Choice

The government has named its preferred superannuation consumer advocacy group and will allocate funding to it for the next five years.

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ASIC, FASEA, financial advice, Legislation

Adviser exam pushed back

ASIC Financial adviser exam

The first ASIC adviser exam of 2024 will be pushed back by more than a month as the regulator implements changes to its content and eligibility criteria.

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