Articles by Jason Spits

Regulation

ABN rules may lock out late lodgers

ABN SMSF trustees

Proposed changes to the Australian business number (ABN) system may lock late-lodging trustees out of their funds until they submit required information.

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ASIC, Auditing

ASIC wins appeal to disqualify auditor

ASIC disqualification auditor

ASIC has won the latest round in a series of actions regarding the disqualification of an SMSF auditor, with a final determination yet to be made.

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Retirement

Household Capital buys home equity specialist

Household Capital home equity

Household Capital has purchased a home equity specialist expanding its funding offering to cover the government’s home equity access scheme.

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ATO, SuperStream

ESA non-disclosure breaches obligations

withheld ESA

SMSF practitioners must disclose the electronic service address of a fund when dealing with the ATO as not doing so will create a breach for their trustee clients.

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ASIC, financial advice

Online-only adviser exam dates released

online adviser exams

ASIC has released the dates on which it will conduct adviser exams in 2023, noting they will only be offered remotely.

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Insurance

Evidence central to incapacity claim

incapacity condition of release

Trustees should seek strong medical evidence a member is incapacitated before allowing them to access benefits.

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Documentation

Director ID application window extended

Director ID extended

The ATO will not penalise company directors who did not meet today’s deadline to apply for a director ID if they apply by mid-December.

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ASIC, Auditing

ASIC acts against six SMSF auditors

ASIC SMSF auditors

ASIC has taken action to remove five SMSF auditors from practice and imposed conditions on another auditor following referrals from the ATO.

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Accounting

Downsizer reduction passes parliament

Downsizer reduction

A further reduction in the eligibility age to make downsizer contributions has passed through parliament and may take effect by the start of next year.

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financial advice

QAR reforms to benefit millions

QAR benefit

The Quality of Advice Review proposals will by 2040 benefit 2 million retirees and boost retirement spending by billions.

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