Articles by Jason Spits

NALI/NALE

Current penalties sufficient for NALE

tax penalty NALE

The current tax penalty regime can address breaches of the NALE provisions without the outsized penalty model put forward by the government.

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Education

Heffron releases entry level SMSF course

Heffron SMSF course

Heffron has released a new course aimed at accountants, auditors and advisers moving into the SMSF space building on its previous education offerings.

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Contributions

Indexed TBC may shift after late reporting

indexation TBC reporting

The final status of personal transfer balance caps after indexation may not be settled until all late or retrospective reporting by funds is completed.

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financial advice

Industry bodies back QoA Review advice shift

Industry associations QAR

Industry bodies have backed a Quality of Advice Review final report recommendation to reconsider who can provide financial advice.

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financial advice

QoA good advice duty follows Hayne call

QAR good advice duty

A Quality of Advice Review recommendation to widen the definition of advice is consistent with calls made by the Hayne royal commission.

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Contributions, Superannuation

Contribution caps based on past mistakes

contribution caps past

The level of superannuation contribution caps is not based on the current needs of Australians but on the advantages gained by a few in the past.

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financial advice

QoA Review recommends wider advice definition

QAR advice definition

The Quality of Advice (QoA) Review report has called for a wider definition of financial advice but recognised the unique work of advisers.

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BDBNs, Estate Planning

Ensure estate plans match BDBN intent

estate planning BDBN

The certainty about the operation of a BDBN means SMSF advisers should ensure related estate planning matches the intent of the nomination.

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Auditing

Auditors should question related-party status

auditors related party

Auditors should check if third parties linked to an SMSF are a related party, but funds can clarify this by mapping out these arrangements.

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financial advice

Former FPA, AFA leaders back merger

FPA AFA merger

Former chief executives and heads of the boards of the FPA and AFA have urged members to back the proposed merger of the two advice bodies.

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