Articles by Jason Spits

Auditing

High audit workload questioned

SMSF auditors, ART on acceptable workloads, SMSF audits, Administrative Review Tribunal, DBA Lawyers, Bryce Figot, Islam and ASIC (2024) ARTA 88, MD Nazrul Islam, ASIC, ATO SMSF statistics

SMSF auditors reviewing hundreds of files each year may need to prove they are meeting required standards following comments from the ART on acceptable workloads.

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Accounting, financial advice, Financial Planning, Superannuation

Reconsider accountants advice role

Accountants, superannuation advice, New Class of Adviser, Institute of Financial Professional Australia, IFPA, Natasha Panagis, ATO portal, registered tax agent, limited licensing

The ability for the proposed new class of adviser to provide super advice has reignited calls for accountants with their higher qualifications to be able to do the same.

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Estate Planning, Superannuation

Intestacy may block super benefits

The lack of a will may require someone administering an estate to make their own application for super benefits given the direction of recent case outcomes.

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Pensions, SMSF

NowInfinity adds UK pension deed

NowInfinity, UK pension, Recognised Overseas Pension Scheme, ROPS, deed, UK tax authority, Kate Anderson,

NowInfinity has released a deed to assist UK pension holders to roll benefits into an SMSF and upgraded its pension documents.

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Auditing

Audit work concentrated in hands of few

SMSF auditors, audit fees, ATO statistics, statistical overview, self-managed super fund

A few hundred practitioners audit the lion’s share of SMSFs each year, but continue to charge relatively low fees for their work.

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Legislation, Tax

Div 296 bill remains in limbo

Better Targeted Superannuation Concessions and Other Measures, Division 296 tax bill, Institute of Financial Professionals Australia, Michaelia Cash, unrealised capital gains

The Division 296 tax bill has proceeded no further in the Senate after the government did not include it in the order of business for the current sitting period.

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Investments, SMSF, SMSFA

SMSFs outperform APRA funds

SMSF, performance, APRA, Australian Prudential Regulatory Authority, SMSF Association, University of Adelaide, International Centre for Financial Services, rate of return, Dr George Mihaylov, SMSF balance, Peter Burgess, financial advice, ATO SMSF statistics, returns

New research has found SMSFs outperformed APRA-regulated funds over a five-year period and balances continue to shape individual returns.

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ART, ASIC, ATO, Auditing, Regulation

Adviser and auditor banned

Financial Services and Credit Panel, FSCP, SMSF auditor, ASIC, Administrative Review Tribunal, ART, Glenn Paul Meilak, Terence Murphy

Two separate actions have led to an SMSF adviser and a qualified auditor being banned from practising for failing to maintain the standards expected of them.

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Contributions, Insurance, Superannuation

Clarity needed on insurance benefits status

Clarification is needed on the treatment of life insurance benefits inside superannuation after a draft tax ruling stated they could be viewed as income or contributions.

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Education, financial advice, Financial Planning, Regulation

SMSFA welcomes expanded pathway

The SMSF Association has welcomed an expansion of the pathway for new entrants into financial advice, but wants to ensure current quality standards are retained.

The SMSF Association has welcomed an expansion of the pathway for new entrants into financial advice, but wants to ensure current quality standards are retained.

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