Articles by Jason Spits

Documentation

Director ID extension available

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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Residential Property

Builders keen on SMSF investors

SMSF property development builders

Builders are keen to engage with SMSF investors who are less prone to interest rate hikes to undertake new property development work.

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Financial Advice

Tax deductibility of advice to be reviewed

tax deductibility financial advice

The ATO will review the tax deductibility of financial advice fees and revise its 27-year-old stance on the matter.

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Business news

Director ID deadline extended

Director ID deadline

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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Auditing

Six SMSF auditors penalised

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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ETFs

Examine ETF holdings closely

ETF shares

ETF investors should examine what is in each fund to avoid concentrations of shares with other directly or indirectly held investments.

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Business news

Risk low with LRBAs

LRBAs low risk

A group of government regulators have found LRBAs do not pose any significant risks to the superannuation sector.

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Cryptocurrency

Crypto exchange failure will aid transparency

Cryptocurrency exchange FTX

The collapse of the FTX cryptocurrency exchange will spur other exchanges to prove they are stable and investors’ funds are held safely.

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ETFs

JP Morgan launches its first ETFs

JP Morgan ETF

JP Morgan Asset Management has released its first exchange-traded fund products into the Australian market with two active ETFs available on the ASX.

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Superannuation

Double round of indexation likely

TBC indexation

The budget has flagged ongoing high levels of inflation will continue into 2023 and will drive the transfer balance cap up to $1.9 million.

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