Articles by Jason Spits

ASIC

Licensee of Mayfair representatives shut down

mayfair licensee

ASIC has cancelled the licence of a group that authorised Mayfair 101 representatives and banned its director for eight years.

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Administration, Superannuation

New SMSFs unlikely running by 1 July

SMSF set up

The likelihood of a new SMSF being set up by 1 July is very low due to the extra steps added into the process.

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Contributions

Contribution changes packaged for clients

contributions changes SMSF

The SMSF Association has condensed the contribution changes taking place into a new white-label document for use with advice clients and fund members.

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ASIC, Financial Planning

ASIC not seeking compliance perfection

ASIC compliance perfection

ASIC has recognised the high level of complexity in financial services legislation and is not expecting advisers to meet those standards every time.

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Documentation, Technology

E-signature changes not yet practical

E-signature changes

Recent changes to allow electronic signing of trust deeds must be accompanied by similar changes to a wide range of SMSF documents to be useful.

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Retirement, Superannuation

Retirement income education campaign needed

Retirement income program

The incoming federal government should create an education program around the operation and use of superannuation and retirement income.

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Contributions

Contribution safety nets removed

work test removal

SMSF trustees will receive minimal guidance and no red flags about voluntary contributions after the removal of the work test.

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Superannuation

Super gender gap smallest in a decade

superannuation gender gap

The gender gap in superannuation has narrowed further, but is still 20 years from being closed.

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Investments

OpenInvest signs third trading firm partnership

OpenInvest Market Matters

OpenInvest will partner with a Sydney trading firm in the rollout of online portfolios for retail investors.

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Pensions

Tax promise should include reserves

pension reserves tax

An election promise of no new taxes on superannuation may lead to legacy pension reserves being untaxed when commuted under a proposed amnesty.

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