Articles by Jason Spits

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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Documentation

Director ID extension likely

Director ID extension

An extension to apply for the director ID is likely due to the process involved and the large numbers of people yet to meet the deadline.

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Property

Review business real property status

business real property status

The status of business real property is not set once, but will vary dependent on use and should be reviewed annually.

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LRBA

Time right for LRBA refinancing

LRBA refinancing

SMSF practitioners should be looking at the interest rates on clients’ LRBAs as many may be suitable for refinancing at lower rates.

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ATO, Documentation

ATO encourages early reporting

ATO early reporting

SMSFs should make early reports of events that impact a member’s transfer balance account which creates more clarity around the fund’s status.

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financial advice

Question complex client requests

complex SMSF plans

Advisers should ask clients to provide context for complex SMSF plans where they appear to be seeking approval for their actions.

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Documentation

A million directors still to apply for ID

director ID deadline

One million company directors have yet to apply for a director ID a week before the deadline to do so expires.

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