Articles by Jason Spits

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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ASIC

Balance change a breakthrough for SMSFs

SMSF starting balance

The removal of references to a specific starting balance for an SMSF in ASIC guidance is a key shift for the sector, the SMSF Association has claimed.

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ATO, Compliance

Trustee disqualifications hit peak

SMSF trustees disqualified

More than 250 SMSF trustees have been disqualified in a single quarter, with that number exceeding the total for the financial year.

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Education, financial advice

Exam pass rate improves

adviser exam pass rate

The number of advisers passing the ASIC exam, which no longer includes existing advisers, has increased to its highest point in a year.

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ASIC, Superannuation

ASIC guidance drops balance figures

ASIC SMSF guidance

New ASIC guidance for the provision of SMSF advice has dropped references to specific minimum balances, noting it was not the driving factor of suitability.

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Superannuation, Tax

Balance caps are retrospective fix

cap superannuation balances

The introduction of a cap on superannuation balances would only be trying to prevent events that have happened and will never be repeated.

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