Articles by Jason Spits

ATO, Compliance

Voluntarily disclose unfixable problems

SMSF voluntary disclosure

SMSF trustees should not hide unfixable problems with their fund, but via voluntary disclosure inform the ATO before it finds the problem.

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Downsizer, Pensions

Downsizer may clash with asset test

downsizer asset test

A number of changes related to downsizer contributions and asset test exemptions may reduce pension entitlements if used incorrectly at the same time.

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ATO, SuperStream

ATO highlights corporate trustee benefits

ATO corporate trustee

The ATO has highlighted the difference between SMSF trust structures and emphasised a corporate trustee has key advantages over individual trustees.

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Pensions, Strategy

Consider CSHC test with pension change

CSHC income test pension

SMSF practitioners should be cautious about pension changes that could negatively interact with new thresholds for the CSHC.

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financial advice, Tax

ATO to review tax deductibility of advice

ATO tax deductibility advice

The ATO will review the tax deductibility of financial advice fees and revise its 27-year-old stance on the matter, a move that has been welcomed by the FPA.

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Documentation, Downsizer

Late applications still open for director IDs

director ID extension

SMSF trustees who have not yet applied for a director ID have been encouraged to do so by requesting an extension of time from the ATO.

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Business News, financial advice

FPA, AFA release draft merger constitution

FPA AFA merger constitution

The FPA and AFA have entered a second round of consultation regarding a merger sending members a draft constitution for a single association.

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ETFs

Global X launches carbon ETF

Global X carbon ETF

Global X ETFs Australia has expanded its ETF product suite with the release of a carbon allowance fund focused on emission trading schemes.

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ATO, Documentation

ATO changes ABN registration process

ATO ABN registration

The ATO has changed the ABN registration process for SMSFs, requiring certain information to be provided through different channels.

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Trusts

Automated trusts address service, staff issues

Automated trust management

The use of automated trust management services can boost service levels and address staff shortages for accounting and advisory businesses.

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