Articles by Jason Spits

Legislation, Tax

Senate urged to reject Div 296 bill

Treasury Laws Amendment (Better Targeted Superannuation Concessions and Other Measures) Bill 2023 Senate Division 296 tax SMSF Association Unrealised capital gains

Independent senators have been called on to reject the proposed Division 296 tax bill, with the SMSF Association reiterating concerns over the taxation of unrealised gains.

read more
Pensions

Consider legacy pension exits now

SMSF self-managed superannuation legacy pension market linked pension reserve allocations DBA Lawyers Bryce Figot

Legacy pension holders can take action now to exit them under proposed future changes, but should be aware of any linked arrangements that could be jeopardised.

read more
Tax

Division 296 bill passes lower house

The Division 296 bill will progress to the Senate after the government voted down amendments in the lower house.

read more
Compliance, Regulation, Tax

Tax agent code changes finalised

Code of professional conduct for tax agents Tax Agent Services (Code of Professional Conduct) Amendment (Measures No 2) Determination 2024

The proposed changes to the code of professional conduct for tax agents will be tabled in parliament after the government and industry agreed to a final round of changes.

read more
Pensions, Regulation, SMSF

Pension exit improvements proposed

Legacy pensions Commutations Reserve allocations Contribution cap

Draft plans to allow SMSF members to exit legacy pensions can be improved by removing any timeframes and allowing partial commutations without contribution caps being applied.

read more
Auditing, Investments

Most complex audit files targeted

Unlisted entities SMSF Auditors ATO

The ATO will home in on the most difficult files created by an auditor, especially where unlisted assets are involved, ramping up the evidence that should be on file.

read more
Contributions, SMSF, Strategy

Revaluations can allow carry forward rule use

Concessional contribution Unused concessional contribution Total super balance

Revaluing the assets of an SMSF can ensure the members will be able to utilise the carry forward concessional contributions provisions.

read more
financial advice, Financial Planning, Technology

AI to free up client servicing

SMSF Self-managed superannuation administration SMSFAI Olivia Long artificial intelligence

Artificial intelligence will take over routine work in the SMSF space but practitioners should prioritise their focus on its client outcomes.

read more
financial advice, Financial Planning

Advice only for wealthy myth dispelled

FAAA Financial Advice Association Australia David Sharpe Financial advice Cost of advice Value of advice

The FAAA has released research that refutes claims financial advice is a service that only delivers benefits for wealthy Australians.

read more
Compliance, Contributions

Strategic classification can null NCC issues

SMSF Self-managed superannuation Heffron Lyn Formica non-concessional contributions personal super contribution bring forward period

An accidentally triggered non-concessional contribution bring forward provision may be reversed by following a particular course of action.

read more

Copyright © SMS Magazine 2024

ABN 43 564 725 109

Benchmark Media

Site design Red Cloud Digital