Articles by Jason Spits

Compliance, financial advice, Financial Planning

ASIC flags poor establishment advice

ASIC has found the majority of SMSF establishment advice is not in clients’ best interests, but its review is not representative of the sector.

ASIC has found the majority of SMSF establishment advice is not in clients’ best interests, but its review is not representative of the sector.

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Compliance, Contributions, Legislation, Regulation, Strategy

Likely EOFY retiree contribution issue

A specific interaction between super and tax law means a small group of retirees may face a narrow window of time in which to make contributions.

A specific interaction between super and tax law means a small group of retirees may face a narrow window of time in which to make contributions.

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BDBNs

Law can undermine deed intention

Even a minor reference to super law in an SMSF deed can undermine the trustees’ intentions in regards to death benefit nominations.

Even a minor reference to super law in an SMSF deed can undermine the trustees’ intentions in regards to death benefit nominations.

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Compliance, Division 296, Legislation, Regulation, Tax

Avoid Div 296 reduction strategies

The Division 296 tax liabilities are unlikely to be significant enough to justify deliberate efforts to avoid the applicable threshold.

The Division 296 tax liabilities are unlikely to be significant enough to justify deliberate efforts to avoid the applicable threshold.

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Auditing, Compliance, Investments, Valuations

Niche assets raise valuation difficulty

SMSFs investing in niche assets should expect an ACR each year due to the difficult nature of providing clear valuation evidence.

SMSFs investing in niche assets should expect an ACR each year due to the difficult nature of providing clear valuation evidence.

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NALI/NALE

Minor costs will trigger NALE

Small non-arm’s-length expenses will trigger sizeable problems for SMSFs, with auditors flagging issues as they see them.

Small non-arm’s-length expenses will trigger sizeable problems for SMSFs, with auditors flagging issues as they see them.

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Division 296, SMSF, Superannuation, Tax

Div 296 will still segregate tax bills

The treatment of capital gains under the Division 296 impost will not change, with individuals unable to offset personal tax with that paid by their fund.

The treatment of capital gains under the Division 296 impost will not change, with individuals unable to offset personal tax with that paid by their fund.

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Pensions

Commutations can create pension failure

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

SMSF members adhering to pension payment rules may still breach them by failing to properly commute an income stream.

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