Articles by Jason Spits

Auditing, Cryptocurrency

Crypto increases audit risk

cryptocurrencies SMSF auditors

The non-tangible nature of cryptocurrencies is creating risk areas for SMSF auditors concerned at the lack of physical assets and accurate records.

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Investments

Focus on quality stocks needed now

quality stocks

Investors should seek quality stocks instead of cash if economic growth slows, with history pointing to the sectors to consider.

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Business news

SISFA merger with TSA endorsed

SISFA merger TSA

SISFA will merge with Tax and Super Australia after its members unanimously agreed to the move at a recent general meeting.

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Superannuation

Budget cleans up reporting oversight

SMSFs information

The budget has corrected an administrative oversight removing a requirement for SMSFs to report fund information only relevant for retail and industry superannuation funds.

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Pensions

Volatility drives pension reduction

minimum pension drawdown

The 50 per cent reduction in the minimum pension drawdown will remain in place until mid-2023 due to market volatility.

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NALI/NALE

Share scheme expansion needs NALE clarity

NALE share schemes

An expansion of access to employee share schemes puts more weight behind the need for clarity in the operation of non-arm’s-length expenditure rules.

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ATO, Documentation

SuperStream relief for SMSFs

superstream relief

SMSFs struggling to obtain an electronic service address for SuperStream rollovers will be able to use paper forms to action them under temporary relief from the ATO.

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NALI/NALE

Government to review NALE rules

NALE review

The federal government has responded to concerns about the impact of non-arm’s-length expenditure provisions and will move to ensure they do not go further than intended.

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Investments

Unadvised SMSFs lack investment insight

investment unadvised SMSF

SMSF trustees running their own investments lack the depth of knowledge to make the best investment decisions and should steer away from do-it-yourself solutions.

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ATO

New detailed ATO alerts not scams

ATO alerts scam

New detailed text alerts from the ATO regarding changes in an SMSF are legitimate and part of an upgraded anti-fraud system.

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